My husband is now active military. I know this act requires creditors to lower you interest rate to 6%. Can someone tell me how I go about getting them to do this? Thanks in advance.
2007-03-22 07:58:02 · 6 answers · asked by dolphincutie 3 in Politics & Government ➔ Military
Most places you can just call and they will take care of it. There was no special number to call, just customer service. They were pretty cooperative that way, some would even drop the APR to zero, at least mine did. Others are going to want a copy of your husbands orders.
2007-03-22 08:04:58 · answer #1 · answered by Judge Dredd 5 · 3⤊ 0⤋
It doesn't actually require them to lower the rate except in very specific situations. Mostly it's to protect service members who are called to active duty from the loss of income in the job change so the loan has to predate the person joining for a rate drop to be required.
However, a number of companies do honor the interest rate change for any service member. The people I know who invoked it with their creditors simply called up and talked to the people in customer service. I don't think anyone had many problems doing it except with smaller local type loan and then usually asking to talk to a military liaison or a manager got some action.
2007-03-22 15:14:07 · answer #2 · answered by Critter 6 · 0⤊ 0⤋
We were advised to invoke the the Soldier's and Sailors Relief Act when my husband was deployed to Iraq. It was a little bit of hope in a sad and difficult situation for our family. It was not a matter of NOT paying our bills, it was a matter that many military persons (especially Reserves and Guards) do not make the money they do on the civilian jobs. With this program it helps families not to deal with a hardship while the loved one is serving our country. In many cases, they dropped our rates to 0%, while some to 6%. Your husband is serving his country and entitled to this benefit. I called the companies we dealt with and was treated very well and respectful. Good Luck and God Bless your family.
2007-03-22 15:12:33 · answer #3 · answered by A Soldiers Wife 2 · 2⤊ 1⤋
Call your creditors and ask them. Each one will probably have a different policy. They will probably give you a fax number or address to send a written request and a copy of his orders. If your name is not on the accounts, you will also need to send them a copy of your power of attorney.
2007-03-22 15:11:20 · answer #4 · answered by Cloth on Bum, Breastmilk in Tum! 6 · 2⤊ 0⤋
actually, they can deny it if the accounts were already in arrears or if entering military service doesn't involve a huge reduction in income. It also does NOT cover any debt you accrue after going in.
you have to contact each creditor individually.
2007-03-22 15:43:04 · answer #5 · answered by Mrsjvb 7 · 1⤊ 1⤋
I don't think it does that at all. I have never needed to use it as I pay my bills in full.
2007-03-22 15:03:52 · answer #6 · answered by persiandiva77 3 · 1⤊ 3⤋