I'm enlisting in the marine corps and go to boot camp for 13 weeks starting may 5th I won't be back till july so during that time I won't be making any payments till I get back where ill most likely pay them off. But anyway do you think the credit card companies will let me postpone payments till I get back. theres no way I can pay them in boot(no internet, phone etc.....) so I won't be able to do anything till july. I heard about the soldiers and sailors relief act but do you think they will just let me post pone the payments till then or what?
And I can't do direct withdrawal because the Marines makes u set up a acct through them and I'd have no way of knowing routing or anything like that. so ur thoughts?
2007-03-26 15:16:50 · 5 answers · asked by banner_man08 1 in Business & Finance ➔ Credit
They don't care if you don't pay them on time. That will make them more money in the long run. Finance charges, late fees, and other related charges will be posted to your account. And each payment that goes overdue will only compound your problem. Once you get behind as the months go by makes it more difficult to get back on track. You'll start to recieve nasty phone calls at all times of the day and night. Your payment requirements will rise significantly, and you will find that you are falling farther and farther behind until you either consider consolidation, or bankruptcy. It's quite depressing really.
Do everything possible to not fall behind. Because they do get pretty nasty.
2007-03-26 15:41:32 · answer #1 · answered by Schona 6 · 0⤊ 0⤋
I would make sure you have the money in your bank and set up an automatic payment system of the minimums with the card company and your existing account. The marines may make you open an account with them for your training pay, but they can't make you close the other one. Get the money together and get in your bank and call the CC companies, explain your situation and that you want automatic payments...just the minimums...until you are out.
Hope that helps.
2007-03-27 09:14:36 · answer #2 · answered by cknoce 4 · 0⤊ 0⤋
The Soldiers’ and Sailors’ Civil Relief Act (SSCRA) regulates the maximum interest rate on pre-active duty service loans when the service member is materially affected by reason of such service. The Act imposes an interest rate limit of 6 percent per year on any debt incurred by a serviceperson (or jointly with the serviceperson’s spouse) prior to entering military service. The limit applies during the period of military service. It does not allow enlisted men to postpone their payments.
Good advice for you will be to ask one of your family members or friends to make payments. You can always try to call the bank. You can also look for a credit card offer with low interest rates and 0% Apr and use the balance transfer option to transfer your account. Check out the low rate credit card offers http://www.yourcreditoptions.com/Low-Rate-Card-Offers-870379-page.php They will be easier to pay off.
2007-03-27 00:11:13 · answer #3 · answered by Shirrwood 2 · 0⤊ 0⤋
set it up with someone to make your payments and send the money to them. This is what I did for my son when he was in boot camp.
Also if it isnt possible for someone to do it, call the companies anyway. They may agree, but I bet they still will add the accurring intrest.
2007-03-26 22:46:39 · answer #4 · answered by reneem1954_2000 6 · 1⤊ 0⤋
Pay your debt's now, Borrow from your family and pay them back from boot camp.
The Card companies will charge you heavy interest and not paying will effect your credit rating. Why are you using credit cards when you can't pay them back? Stop Spending.
2007-03-26 22:28:44 · answer #5 · answered by bob shark 7 · 0⤊ 0⤋