Relist: ACTIVE DUTY - 0/0/0 - Debt Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 38% |
| Lender Rate: | 17% | Borrower: | navyfam1 |
| Finished | State: | CO | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-20 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Aug 27, 2007 | Current |
|
Purpose of loan: DEBT CONSOLIDATION. My wife and I have made some bad decisions with regards to credit cards and loans. We are trying to combine everything into one payment. The credit card accounts will remain open (though I will cut the cards up). This way, I am able to build my credit rating over time. My financial situation: I have been serving proudly in the Navy for over 8 years. I do not plan on getting out of the military until I have at least 20 years of service behind me. I will be transferring to Hawaii in 3 months (which has a MUCH higher cost-of-living). The property that I purchased in 2005 will be used as rental property to better my financial ground. We have spent a LOT of money on renovations over the past two years. This is why we are in financial peril now. The house is not completely ready and we do not have the money to finish it due to loan and credit card payments. This loan would go to pay off the credit cards and loans; allowing us to finish our projects in the house. As for me, I was recently advanced to E-6 and will start getting paid in September ($400 extra per month). I can assure you that this loan will be paid back in full prior to the 3 year deadline. The loan payments will be made using a direct allotment. Additionally, any further bonuses will be deposited to pay off the loan even quicker. Monthly Net Income: $3319.20 Monthly expenses: House 793.51@5.625% (130,535.88 left) Food 400.00 (estimate) Car 294.65@7.24% (15,615.00 left) Gas for Cars 250.00 (estimate) Car/Home Insurance 121.87 Internet 60.00 Utilities 159.00 NFCU Loan 97.04@12.00% (643.00 left) [will pay off with this loan] RFCU Loan 82.68@12.00% (987.66 left) [will pay off with this loan] USAA Loan 216.83@15.35% (6,765.69 left) [will pay off with this loan] Home Depot CC 50.00@21.00% (918.12 left) [will pay off with this loan] Home Depot CC (wife's) 50.00@21.00% (525.00 left) [will pay off with this loan] Military Star Card 120.00@12.00% (2,808.24 left) [will pay off with this loan] Capital One CC (wife's) 50.00@28.15% (550.00 left) [will pay off with this loan] Good Year CC 50.00@22.71% (536.56 left) [will pay off with this loan] JC Penney CC 50.00@22.00% (450.00 left) [will pay off with this loan] TOTAL : $2845.58 Free cash flow after bills: $473.62 Once I pay off the loans and credit cards above, my cash flow will go up to $1240/mo. Additionally, I start getting paid for E-6 in September, which will raise my free cash flow up to >$1600. I have made some financial mistakes in the past and am determined to recover from them. Please help me get out of this hole and be able to live a better, more Prosperous life. Thank you for your time. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 174277 | Made some financial mistakes and need help recovering. | C | $15,000 @ 19% | Jul 22, 2007 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|