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New Member |
Can you take advantage of the SSCRA (lower interest rate) if you voluntary enlist for active duty army?
Soldiers & Sailors Civil Relief Act (SSCRA) Maximum Rate of Interest Section 206(50 U.S.C. App. § 526) No obligation or liability bearing interest at a rate in excess of 6 percent per year incurred by a person in military service before that person's entry into that service shall, during any part of the period of military service, bear interest at a rate in excess of 6 percent per year unless, in the opinion of the court, upon application thereto by the obligee, the ability of such person in the military service to pay interest upon such obligation or liability at a rate in excess of 6 percent per year is not materially affected by reason of such service, in which case the court may make such order as in its opinion may be just. As used in this section the term "interest" includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) in respect of such obligation or liability. |
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Lead Moderator Finance Forums |
Yes. As opposed to involuntary enlistments.
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New Member |
Roger That!
I thought they might loop hole me into "you have to be drafted" or "Mobilized from a Guard/reserve unit" Thanks, another great benefit to joining our fighting forces PS. I ship to OSUT on 10/1/08 wish my luck say a prayer God Bless thanks for the response. |
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