Did you know there is an act that provides some financial protections to service members when they are deployed?
The Servicemember Civil Relief Act (SCRA) can reduce your interest rate on mortgage payments and credit card debt to at least 6%, Protect you from eviction if your rent is less than $1200 a month, and delay any court actions, like bankruptcy, foreclosure or divorce. You may also be able to break leases or agreements do to the absence of the account owner, like an alarm system.
You are required to notify any lenders, landlords, or court officials about your deployment. Some may require a copy of the service members military orders and/or a letter stating your account number and signature.
Some lenders may even drop your interest below 6%.
To note this only applies to debt acquired prior to deployment, you cannot purchase a home or get a loan while on a deployment and have this protection.
Please check out the following link if you have further questions or contact your unit.
http://www.hud.gov/offices/cpd/about/hudvet/library/scra.cfm
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