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Va Debt Consolidation - Eligibles for VA Debt Consolidation

loan served service veterans

Financial debt can be the source of great stress and anxiety. The bills start to pile up, and it can seem that the situation is hopeless. This does not have to happen. A VA debt consolidation can provide the relief that you need. Credit cards and revolving accounts have rising interest rates; this prevents the person in debt from being able to make a dent in the principle. A consolidation loan can eliminate the different interest rates, and this loan can simplify your life.

Veterans that own a home can enjoy the benefits of a VA debt consolidation loan. Those who are active duty military personnel can also reap the benefits of this loan program. The mound of bills can be reduced into one monthly payment. There is then one interest rate instead of many. Car loans, second mortgages, lines of credit, and credit cards are all eligible for the consolidation. Lenders often attach variable and adjustable interest rates to these debts; this makes it difficult to stick to a monthly budget. The debtor never knows how much the payments are going to be from month to month.

Furthermore, the program is a lifeline to Veterans that qualify for the program. There are many people that can qualify for the VA consolidation loan. For instance, someone that has served in World War II or in a later war is eligible if the person received an honorable discharge. Veterans that were active during a time of peace can be eligible if they have 181 days or more of consecutive service. Veterans that served in the military after September 7, 1980 are eligible if they have served 24 months of continuous service. They have to also have a honorable discharge. Veterans that have a compensable disability that is service related are also eligible for the VA consolidation loan. Those that were released for convenience of the government after 181 days of service are also included in the eligible group.

Additionally, someone that has served in a military that was allied with the U.S. during World War II may also be eligible to receive a VA loan. Those who have served in the National Guard or Reserves for six years or more are also eligible to receive a VA loan. If less than six years was served, eligibility can be determined based on a service related injury. Also, the spouse of a Veteran can be eligible if that spouse has not remarried.

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