Military Personnel & Credit

I am in the Marines and have posted before. Thank you for all of your advice.

I still have one question since I am in the military my home of record is iowa i am a resident of Iowa and pay taxes in Iowa, but live and have a South carolina drivers license and live in base housing.

What statue of limitations would I follow and what advantages/disadvantages would I have for straitening all my credit woes out with having 2 states that I live in technically

John

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Hello John,

Which statute of limitations is it? 

If a creditor sued a debtor and the debtor didn’t appear in court, then the plaintiff may be awarded a default judgment.  It’s important to note, that all active duty military personnel are protected by the Servicemembers Civil Relief Act (SCRA).  The SCRA provides powerful protection including giving the court authority to vacate a default judgment that was entered while the servicemember was on active duty or up to sixty-days after the servicemember was released from active duty.

There are many other protections offered by the SCRA, including a mandatory interest rate reduction to 6% for any obligations (i.e. auto loans, credit cards, mortgage, etc.) that were incurred prior to the servicemember’s active duty. 

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.