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Active Duty Deployed Military Member Needs to Deal With Debt to Retire. – Sawlin

Written by Steve Rhode

“Dear Steve,

Personal Loan : 9,000 (Paid all on 18/10/2012) Interest Outstanding : 41,000

Need Good Credit Record documents from the bank to process military retirement (will be retired on 06/01/2013)

Credit Union at first agreed to process when the principal amount paid by after payment of the 9,000 (on 18/10/2012), the officer said its the bank policy to pay all together with the interest only they will issue the GOOD CREDIT RECORD. Was told that the GOOD CREDIT RECORD DOCUMENTS will be ready in 3 days if paid 41K

Any other bank or credit union would give a loan of 41K to settle the previous loan. So that they will issue the document of Good Credit Record for processing my retirement.

Can only pay the 41K when the retirement fund is released.

Please advice, still on deployment in overseas. Have not been home since 2009.

Sawlin”

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Dear Sawlin,

First off, thanks for serving.

Your message is a bit cryptic to me but what I think you are saying is that the credit union has some cross collateralized debt and won’t release the statement you need unless you pay the full amount due.

I’ve read through the military retirement process documents in researching your question and I can’t find anything that references the requirement for a retiring military member to present a statement of good credit.

Do you have something you can send me that would help me better understand the situation or a link that describes the process you are going through.

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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