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03-28-2005, 12:01 PM | #2 |
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Good...
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03-28-2005, 12:17 PM | #3 |
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Them bastards have been preying on military members for decades. When I was stationed at Ft. Benning there were places all over willing to give any military member credit at outlandish % rates. There was one place, I forget the name of it, Easy loans, Payday Loans, something along those lines. If a military member went in there for $1000 dollar loan they would end up paying off that loan in $150 payments for 10 months. Car lots were just as bad. A green soldier just out of basic doesn't know jack shit. They go down buy a car, take a loan, set up a AAFES credit account and max it out. And before they know it they are in debt up to their ears with interest rates that would kill a millionaire. Those bastards take advantage of military members because they know the money comes every 1st and 15th.
It was no surprise all these shady places are 95% in one area. With the tittie bars, car lots and check cashing places. |
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03-28-2005, 12:27 PM | #4 |
What time is it?
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The act in the article, the Servicemember's Civil Relief Act (formerly the Soldier's and Sailor's Relief Act of 1940) protects those who have been called up to active duty.
Basically, any debt incurred prior to military service can be reduced to a max interest rate of 6%. There are also a number of rules governing foreclosures and legal actions. The key is that the service member must invoke hisher SCRA protections and prove that his/her ability to pay has been "materially affected" by military duty. Lenders do not have to just give the rate to anyone who serves. Trust me ... I've read the law and written several articles on it. Also, Sam Grabes (R-Mo.) has put forth H.R. 97, a bill that seeks to limit the interest rate for service members to 36% (most payday places charge as much as 700% when factored as APR). If anyone wants to know more, just let me know. MM ~~
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03-28-2005, 12:42 PM | #5 | |
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03-28-2005, 12:44 PM | #6 |
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I'll never forget the carlots just off-base that would sell cars 10-15 times each. Sell car @ 25-50% interest. Repo car. Sell again.
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03-28-2005, 12:45 PM | #7 | |
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Our company (or, rather, I) wrote an article for the Georgia Industrial Loan Association, have composed several letters to the editor and a white paper about the SCRA. Hell, at this point I know more about it than our legal staff. MM ~~
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03-28-2005, 12:55 PM | #8 |
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When I've been deployed I've always gotten my bills taken care of. After I got married it was no problem obviously. This problem runs amuk with young single soldiers. They don't have someone at home paying the bills.
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03-28-2005, 02:03 PM | #9 | |
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03-28-2005, 02:10 PM | #10 | |
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03-28-2005, 02:14 PM | #11 | |
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The numbers are really frightening, and not just around military bases. Poor areas are also huge targets for predatory douche bags. The saddest part is that these places prey on those with little fiscal knowledge. They're so good at it that Americans paid $3.4 billion in payday loan fees last year alone. MM ~~
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03-28-2005, 02:33 PM | #12 | |
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03-28-2005, 02:38 PM | #13 |
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I used the SSA for a divorce. Well, I used it to make that biatch wait until I got home.
15 months. |
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