Business & Finance Debt

Servicemembers And Debt Collection: Different Rules May Apply

If you're an active servicemember, you know that you have other things to worry about than a debt that needs to be paid. You've got a tough job and if you're focused on doing it well, it's unlikely that you're going to be worrying about your debts. Inevitably though, so many service members come home to find that their families are at risk of being put out on the streets due to bills that couldn't be paid, or that they are facing other really big financial difficulties.

There is a way that you can offset the debt collection process if you are an active duty servicemember so that you can focus on doing your job and don't have to worry that your family is at risk of having problems while you are away.

Servicemembers Civil Relief Act (SCRA)

The Servicemembers Civil Relief Act (SCRA) will protect you and your dependents from having to worry about being evicted, having your home foreclosed upon, or dealing with other types of debt collection. It was created in 2003 and it replaces the SSCRA, which was created in 1940. This Act states that you and certain dependents are protected from financial issues that might involve housing, insurance, taxation, and interest rates.

In fact, if you find that your family is struggling to meet their financial obligations while you're away, you might discover that there is help for you and certain dependents through this Act. You might find that debt collections stop and that you can even qualify for an interest rate reduction.

Get the help you need

If you're an active duty servicemember and you're dealing with debt collection problems, you might find that the SCRA can help you. The right advice can help you choose the course of action that will not only protect you, but can help give your family the peace of mind that they need while you're doing your job.

Consider consulting a fair debt attorney who specializes in helping servicemembers and see if you might qualify for an interest rate reduction or if you can get relief from debt collectors while you're away. This type of attorney is well versed in the laws and how they affect people just like you, so you can feel confident that you're getting the best help possible.

When you're an active duty servicemember, you don't have the time to worry that your family will go homeless or that you're going to return home to a mountain of debt. Take the necessary steps to ensure that your investments and family will be secure while you're gone.

Find out about the SCRA and how you might benefit from it. Whether you're falling behind on your mortgage payments or you have old credit card debts, you don't need to be worried about it right now. The SCRA was put in place to ensure that you're able to focus on the task at hand and do so effectively, so why not find out how it can help you and your family?
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