SSCRA Notice

Posted By: Anonymous

SSCRA Notice - 02/26/03 10:36 PM

I thought we had the SSCRA figured out. In most cases the customer on us on their behalf completes a form with their name, activation dates, loan numbers, adjusted payment amounts or a statement they would like their payments to remain the same. A customer called in and left a message that has been called to active duty and wants to keep his payment amount the same. The phone number he left is disconnected.
* I know we do not need a copy of the orders, but how are others documenting their activation?
* I know the intent of the SSCRA is for the payment amount to be lowered during time of active duty. Some customers want to leave the payment amount the same, so I just have them sign a statement this is their request.
Question: Would you lower the rate and keep the payment amount the same based on the message?
Posted By: Andy_Z

Re: SSCRA Notice - 02/26/03 10:41 PM

Lower the rate and I would either lower the payment and allow prepayment, or get something from the customer in writing as to wanting to keep the payment the same. Because that is out of the norm, I'd want something in file.

It sounds like this is not the customer needing the protection, but certainly ready to collect on it.