Class Action Investigation
Were you overpaying interest while on active duty with the military?
What is the SCRA?
The SCRA (Servicemembers Civil Relief Act) caps interest rate charges at 6% while service members are on active duty.
SCRA applies to:
Student Loans
Credit Card Debt
Car Loans
Mortgage Loans
Medical Bills
Installment Loans
Joint Loans With Spouse
During active duty, any interest charged over and above 6% must be forgiven. All lenders are required to reduce their rates to 6% back to the first day of active duty, and to permanently forgive anything charged above 6% while on active duty.
For mortgage loans, the interest rate must be reduced for the duration the servicemember is in the military plus one year.
The SCRA interest rate reduction does not happen automatically. To be eligible for the interest-rate reduction of the SCRA you must:
Notify each lender in writing that you are on active duty.
Understanding Your Rights
Lenders are not allowed to change the terms of your loan when you ask for a SCRA adjustment. For example, they are prohibited from accelerating payment schedules or changing the terms in any other way for their benefit.
Once a lender has been given notice of your active duty status and request for SCRA adjustment, the lender must decrease interest rates to 6% for the remainder of your active duty status.
Lenders also cannot add the amount of interest above 6% back into the loan later after you leave active duty.
FIND OUT IF YOU HAVE A CLAIM AND MAY BE ENTITLED TO SUBSTANTIAL COMPENSATION:
About Siri & Glimstad LLP
Siri & Glimstad LLP has been at the forefront of helping the military and their families for many years. During the peak of COVID, Siri & Glimstad fought to protect religious freedoms against vaccine mandates. Marking historical wins in several states, Siri & Glimstad has ensured that all service members now have the right to choose.
Siri & Glimstad also prioritizes the hiring of military personnel. Many of our staff members have served decades in the United States Military serving in several different capacities, including but not limited to Army Judge Advocates, Airborne Logistics Leads, and Nurse Corps Officers.
We greatly value your service and the freedoms members of the military afford us, which is why we are proud to once again help defend yours! If you were charged more than 6% interest by a lender or creditor during your time on active duty, we want to help you and your family secure compensation. Fill out the form above or call us directly at 212-532-1091.