Im joining the air national guard soon, if I get the job I would like. Im wondering will I be able to take part in the SSCRA? (soldier and sailor civil relief act).
Would really like to lower my auto loan interest rate. Let me know what you think.
Does that count even if it is a voluntary deployment?
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6% Interest Rate. If a service member’s military obligation has affected his/her ability to pay on financial obligations such as credit cards, loans, mortgages, etc., the service member can have his/her interest rate capped at 6% for the duration of the service member’s military obligation.
Qualifying debts are debts that were incurred by the service member, or the servicemember and their spouse, jointly, before coming on active duty. Debts entered into after going on active duty are not so protected.
Notice that this particular provision of the act only applies if a servicemember’s military service affects their ability to pay. However, the burden is on the creditor to seek relief in court if the creditor believes that the service member’s military career does not materially affect his/her ability to pay. The creditor must comply, unless he/she gets a court-order stating otherwise.
In order for an obligation or liability of a servicemember to be subject to the interest rate limitation, the servicemember must provide to the creditor written notice and a copy of the military orders calling the servicemember to military service and any orders further extending military service, not later than 180 days after the date of the servicemember’s termination or release from military service.
Upon receipt of notice, the creditor must reduce the interest rate to a maximum of 6 percent, effective the first day of active duty (even if the servicemember makes the request at a later time).
The law unambiguously states that no interest above 6 percent can accrue for credit obligations while on active duty (for debts incurred before going onto active duty), nor can that excess interest become due once the servicemember leaves active duty (that was a “trick” some creditors tried under the old law) – instead that portion above 6 percent is permanently forgiven. Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.
You have to be actived ( Federal ) Title 10 to use SSCRA in the Guard..
You CAN NOT use it for going to Basic training and AIT, because this is title 32 state orders–ie Active duty for training….
so unless you go to the middle east, you CAN NOT use it..
yes you can use it for voluntary deploment, but the deployment MUST BE FEDERAL TITLE 10…
I don’t think the border mission counts since it is title 32