Deferring Debts

[JWulff]

Hello,

I was just wondering if it is possible to defer debts as a Pool(ee) and while at Boot Camp. I owe some money in a franchise contract. I do not think that I will be able to pay it off on time, and am afraid that they might file a lawsuit for it.

Is there anything in place that allows me to defer this debt?

Any help on the matter would be great. If anyone has any advice on getting out of a lease, that would also be appreciated.

Thanks,
JWulff

[Lisa 23]

Contact your Recruiter and he/she should be able to give you the info you need on the Soldiers & Sailors Relief Act. Don't know if it covers anything like this, but give it a try.

[rvillac2]

ugh..well, that sort of contract does not necessarily fall under the protection of the Soldiers and Sailors Act.

You are definitely not protected as a Poolee so get that notion out of your mind.

If you ship out and default on the contract, they can sue you and seek the debt + interest. They may be forced to delay proceedings against you while you are on Active Duty and certainly when you are deployed. However, that doesn't stop the clock on the debt, interest, and penalties.

Your best course of action is to inform whomever you owe of your situation and work out a settlement. If necessary, consult a lawyer.

[Zulu 36]

ugh..well, that sort of contract does not necessarily fall under the protection of the Soldiers and Sailors Act.

You are definitely not protected as a Poolee so get that notion out of your mind.

If you ship out and default on the contract, they can sue you and seek the debt + interest. They may be forced to delay proceedings against you while you are on Active Duty and certainly when you are deployed. However, that doesn't stop the clock on the debt, interest, and penalties.

Your best course of action is to inform whomever you owe of your situation and work out a settlement. If necessary, consult a lawyer.

It also doesn't stop them from sending a letter of indebtedness to his unit. That can be a promotion brake right there.

[Supersquishy]

If and when you do find out the answers to your question, please post the results back here so other Poolees and Marines can find this info. Thanks, and good luck to you!

[JWulff]

Thanks for the advice Marines. I have a meeting with my VP of the company around 20:00. I will post letting you know how it goes. I don't know if I will have an answer, but I will be able to post an update on the situation

-JWulff

[BR34]

Take out a personal loan to pay it off. Unless it's for like 300k or some crazy amount.

What kind of business was it?

[Fubar5812]

hmmm...i owed some money to a company that I was in the process of paying them back, all I did was call them..explain that I was leaving for Marine Corps bootcamp and wouldn't be done until such and such a month (god willing) and they just had me fax them some paperwork from my recruiter proving I was shipping to boot and gave me a deferment until that particular month then I continued the payments. actually got it all payed off in 1 swoop with the money I came out of bootcamp/MCT with. just explain the situation to them and MAYBE they'll cut you a break, not promising anything though.