I am on active duty and want to get the SCRA interest rate cap benefit for some of my debt. I have not had any trouble paying my debts while in the service, can I still get this rate reduction?
Untitled
Yes, but you have to keep in mind one limitation of the SCRA when it comes to the interest rate cap on outstanding debt. Title III, Section 527 (c) gives a court the discretion to limit the protections of the SCRA with regard to the interest rate cap if the court decides that your ability to pay is not materially affected by military service. If your service has not impacted your ability to pay, you may have to watch out for this provision.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.