? for military people (ret, res or AD) - soldier and sailors act

[daveleau]

Has anyone here implemented or known of people who implemented the soldier and sailors act for their interests rates on unsecured, non-student loan debt?

Info: http://usmilitary.about.com/library/.../aa111201a.htm

I am planning on doing this for some debt I incurred before joining the military. What were your experiences?

Thanks
Dave

[RADAR1797]

I did it with my credit card back in 1998. They reduced my rate from 19% to 5.9%. Not only did they do it on my debt before commissioning, they applied to all of my present and future charges for over 4 years. Of course with business not being as good as it was in the late 90s, the upped to 12% now, but that is fine with a zero balance

-RADAR

[daveleau]

Thanks, RADAR.

Did you have any problems getting this done?

[RADAR1797]

None at all. I sent my credit card company a letter requesting relief under the SSA and they sent a reply applying the interest rate. Easy as pie.

-RADAR

[daveleau]

Did they back date it to when you were commissioned?

[RADAR1797]

No, just from the date the recieved the letter.

-RADAR