jrocs00z28

iTrader: (1)

First, sorry for the long post and if i confuse anyone. I was wondering if anyone on here knows anything kinda in-depth about the SCRA mainly asking for legal department personnel. My main question about it is the 6% interest cap. I have been paying on a totaled vehicle (long story) for the past 3 years at my normal payments per month based on the contract. Now i found in the SCRA that i honestly never heard about before in my 3 years of service until now, that they have this interest cap. My question is, If i apply for this through my financial institution and they change my rate to the 6%. Do they have to retro back all the extra interest above the 6% that they took out of the monthly payments the past 3 years and apply that money to the principal of the loan? It states in the SCRA under the 6% interest cap that, "The interest rate cap will apply from the first date of active-duty service". So with that being said, am i correct with my question and that the extra interest the past 3 years above the 6% needs to go towards the loan and not the financial institution.

DietCoke

iTrader: (18)

Yes, it is backdated by law. I got a hefty check once upon a time when I was a junior soldier because of that interest relief. So long as you had the debt before you joined the army, or were activated in case of NG/reserves.

jrocs00z28

iTrader: (1)

Thank you and is there any legal paperwork or anything i would need just in case the financial institution tries to fight the back pay? I bought the car in 2007 and joined AD Air Force in 2009, so yes i had the debt of the vehicle before i joined.

DietCoke

iTrader: (18)

Most JAG/legal offices have form letters for you to fill out / will help you send out what you need. I'd start there.

bones_c

iTrader: (3)

What is scra?

jarheadtex

iTrader: (2)

Service Members Civil Relief Act. Every one had it explained to them when you joined...its in your enlistment package.