Air Force – HELP!!! Reducing Debt with the Servicemembers Civil Relief Act (SCRA)?

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This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 5 months ago.

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    Anonymous

    Hi, I’ve been in the Air Force for about 6 months and I’m currently in Tech School. I have the following issue: I’m buried in debt, mostly credit card debt. I had this debt before I joined the Air Force.

    I was aware of the Servicemembers Civil Relief Act (SCRA, but didn’t really pay much attention to it until now. Also, I haven’t told my creditors that I’m in the military because I dont want them to know. I was scared for my creditos to find out, that I’m in the Air Force, because I heard that I could be punish here if I become deliquent in my accounts (reduce rank, loss of pay for some time, etc), so they dont know that I joined the military. Not to mention that I was behind in some of my credit cards. Therefore, in order to get my creditors to lower the interest, I told the creditors that I was unempolyed and that I was going through a financial hardship. As a result, some of my creditors lower my APR, which, in reality, wasn’t much. Others agreed not to reduce my interest. Now, I’m up to date, but I’m wasting most of my paycheck.

    My point is that I lied to the creditors telling them that I was unemployed and that I was going through a financial hardship instead of telling them that I’m in the military.

    This is my question: If I use the Servicemembers Civil Relief Act (SCRA) NOW, would my creditors hold me liable for lying? or do you think that my creditos would have to comply with the law and reduce my interest?

    I’d really love to use theis act becuase all of my credit card’s interest would be reduce to 6 %

    Thanks

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