Question about active duty military and the Relief Act that lowers interest rates?
Anonymous asked:
I know this only applies to debt incurred before joining, but we have a high interest car loan and a few credit cards. We could save a lot if our interest rates were knocked down to 6% (this is the number I keep seeing while researching). My question is how do I go about putting this into effect with his/our debts? Do I need paperwork from the finance office? Or just contact the offices individually with a copy of his contract or something? Any help appreciated. Thanks!
I was not aware that he had to have a deployment. Is this true?
Kim
I know this only applies to debt incurred before joining, but we have a high interest car loan and a few credit cards. We could save a lot if our interest rates were knocked down to 6% (this is the number I keep seeing while researching). My question is how do I go about putting this into effect with his/our debts? Do I need paperwork from the finance office? Or just contact the offices individually with a copy of his contract or something? Any help appreciated. Thanks!
I was not aware that he had to have a deployment. Is this true?
Kim
Bruce
You can get the forms at Finance. If he served in Iraq and is active duty, you can still apply.
Laura
the debt must at least have the SM name.. if it is in your name alone it will not qualify. if you are in arrears, it will not qualify. as for having to have deployed as part of OIF/OEF/NE..that is open to interpretation. some lenders do require deployment orders, others do not. the Act was designed originally for RESERVISTS and GUARD who were called up and lost a significant portion of their civilian income. extending the Act to cover AD is a courtesy that does not have to be done.
Generally speaking: if you qualified for the loans on his military pay, they are not obligated to lower the interest rate.