SERVICE MEMBERS CIVIL RELIEF ACT OF 2003
Source: Bill Hardekopf, CEO, www.lowcards.com
The Service Members Civil Relief Act requires lenders to drop credit card and mortgage rates to 6 PERCENT OR LESS for all active duty military members. Hardekopf says the lower interest rate would apply to any debt accumulated BEFORE the person started his or her military service. The service member must submit a written request to creditors, including a copy of military orders. Creditors may recalculate the interest after the member's active duty status ends.
For military members who rent property, the act SHIELDS THEM FROM EVICTION while on active duty. They can even BREAK A LEASE if they can prove that maintaining the lease while on active duty presents a hardship.
The law also allows the service member to POSTPONE ANY CIVIL ACTION, including bankruptcy and divorce, while they're serving our country.
Here are some helpful government links that outline policies and procedures for service members looking to take advantage of the law's protections:
Service Members Civil Relief Act Public Law: http://www.usdoj.gov/crt/military/scratext.htm
HUD Service Members Civil Relief Act Q&A: http://www.hud.gov/offices/hsg/sfh/nsc/qasscra1.cfm