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Finance · active duty
Ask creditors for the SCRA 6% cap
The 6% cap is not automatic. You send each creditor a written notice and a copy of the orders. It covers debt you took on before active duty.
01
Confirm the debt is from before active duty
Creditors must reduce interest to 6% on liabilities incurred before you enter active duty. A new loan you take while you are already serving is not this cap.
02
Write each creditor. Attach the orders.
One letter per account. Mortgage, car, credit card. Say you are requesting the SCRA interest-rate reduction and include a copy of the orders. Keep the sent copy.
03
Mortgages can run past the uniform
On the same page: if the debt is a mortgage, the reduced rate extends for one year after active military service. Other debt is while you are serving. Read the letter they send back.