Military members! Check this out!!!

[daveleau]

The Soldier and Sailors Act caps active duty interest rates for many at 6%. This is for debt incurred before going on active duty, but does not pertain to student loans.

More info here:
http://usmilitary.about.com/library/.../aa111201a.htm

Dave

[jman01pa]

Wow. Great info. This is almost worth re-enlisting for.


J

[F/A-18 MechDood]

Actually............

If you are already active duty you do not qualify.

The soldier sailors act is for Selected Reservists (SELRES) or National Guardsmen/women who are called back to active duty.

You have to send a copy of your orders to the compays that you need to have the changes made to. It then terminates the moment you come back off of active duty. Also the soldier sailor act allows you to break lease agreements with no penalties. If lease payments are paid in advance, then the landlord must return the money.

The only company I have found that hooks military members up on interest rates is Sears. If you are active duty military, then they give you a fixed rate of 6%. I did not know this about sears until recently. I called them up, sent the info they needed to prove that I have been active duty since 1991, and they credited my sears account the difference in interest that I have paid since 1991. I got back just over $1000 in credit refund.

[daveleau]

Hmm. We have people in our flight that received lowered rates b/c of this as long as the debt was before coming to service. I gotta read more...

Dave

[F/A-18 MechDood]

Hmmm is right then.....

The only one that worked for me is Sears. First USA and Amex said I couldn't because I am already active duty and have been for 10 years at the time I tried.

Qualifying debts are debts that were incurred prior to the service member coming on active duty. The service member must be on active duty at the time of the request, and the service member’s military career must have materially affected the service member’s ability to pay on the debt. This provision does not apply to federally guaranteed student loans

Maybe the quote is the kicker in my postion? All my debt has been acquired while I have been active duty. Not before.

I guess a good example is, the debt of a Reservist military member was acquired prior to getting re-activated. That is why almost all companies would require a copy of orders stating a re-activation.

[daveleau]

yep, exactly. If it is acquired while on active duty, it does not apply. We have loads of debt from being young and stupid. I have not taken on any more in the past couple of years, so we are golden, I think.
Dave

[Thud]

Heh, I had neither money nor credit before I came in.

This ones for Warty.