Thread Starter: Anonymous
Title: Re: SCRA Question
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We identified two customers that were/ are on potential active duty. They never informed us of this but their mailing addresses indicate they are possibly overseas. The one loan was for $500 and was charged-off as there was never a payment made. The rate on this loan was 15%. My question is, can the customer (service member) come back to us with active duty paper work during the time frame, are we then liable to rebate the interest for the difference? Also, what happens with the overall charge-off status at that point?
A second customer we identified a mortgage loan which was paid in full, however the interest rate at that time was 6.25%. Again, we were not notified but I am curious if that customer/ service member comes back to us and provides evidence that he was active during the term of the loan, are we required to rebate the excess interest if that is the case?
Thank you in advance.
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