Undecided Question: Complicated Military – Involuntary Separation Question?
william k Asked: Undecided Question: Complicated Military – Involuntary Separation Question?
If I remember right, you can't get Involuntary separation pay and get VA disability. You have to choose. has anyone taken the pay and then gotten disability and paid the lump sum back and how do they take it back, is it in monthly payments or all at once where you just don't get a check until it's paid off. I'm wondering because if you can pay it back in monthly installments the separation pay is looking like a nice little interest free loan which could save thousands on a mortgage.
Answers:
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You cannot pay it back in monthly installments.If you get sep pay and then get VA disability, you will not receive a check until the sep pay is completely paid back.
Some are confusing answers.
You will take your separation pay from the Military. Then apply to the VA for disability payments.
Once you claim is approved and a rating given.
The VA will hold payments, until your benefits exceed the amount you got in severance pay.
Example: You receive $5000 in severance and awarded a 30% disability rating, that pays $396 a month.
You will start receiving VA payments after 13 months.
You get one choice and stick with it. You either take the lump sum or the monthly payments, once you decide there is NO changing your mind