Department of Veterans Affairs

Cut costs on loans against insurance

Limit the amount of loans veterans can take out loans against their Disabled Servicemembers Veterans Insurance. Currently the system is bogged down by a very small percentage of the overall amount of veterans who have SDVI. By law the government cannot deny a veteran their money, yet, out of the over million who have it, a few hundred per year take small loans out every month in the area of less then $10 to $20. The process requires the time that specialists process, approvals, internal audits, taking their daily phone calls in which they keep calling about the status of their loan, etc.

The cost to process these loans exceeds the amount. I understand that we have to help those in need, but the people in this situation are just people who don't have their affair sin order and never will, and bog the system down for the rest of their lives.

Instead of giving them loans every month or two, limit that access to a less frequent number of 3 to 4 times a year.

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Idea No. 14501