Help Navy Officer Torpedo Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 28% |
| Lender Rate: | 11% | Borrower: | LTDan03 |
| Finished | State: | VA | |
| Funded: | 100% | Group: | United States Military / Veterans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-08-01 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Jul 31, 2006 | Current |
|
The interest rate is capped for the state of Virginia at 12%. The max Prosper will let me ask for is 11.00% in case I ever need to use a bank draft - believe me - I tried to ask for higher rate! Purpose of loan: To pay off high interest credit card debt. I have accrued a lot of credit card debt, most of it from a previous marriage, and most of it ($17K) with a very high interest rate (29.99%) with AMEX. I intend to use all of the loan to put toward the AMEX debt. Income: My net income (after taxes) is $6490/mo. I am an O-4 in the US Navy currently serving as the Executive Officer on a Norfolk, VA based ship. I have over 17 years of active duty and intend to stay in for at least 8 more years. Basic military pay tables can be viewed at www.militarypay.com. Added to my basic pay are allowances for housing ($1684/mo) and subsistence ($187/mo). Also added to my basic pay is an annual bonus of $12K ($8520 after taxes), which I distrubuted across 12 months to calculate my monthly net. Lastly, I expect pay raises in Jan 2007 (cost of living as determined by Gov't), May 2007 when I go over 18 years ($65/mo), and in 2008 ($700/mo) when I get promoted to O-5. Expenses: Rent/utilities - 1684.00 Child support (one 7-year old daughter living with ex-wife) - 939.00 Car payments (2 cars) - 830.00 Insurance (2 cars, life, home) - 285.00 Cable/internet - 110.00 Phone (land + cell) - 80.00 Food - 500.00 Gas (I live and work on military base, so gas is minimal) - 100.00 Credit Cards - 858.00 (3 credit cards, required minimum payment) Total - 5386.00 That leaves $1104/mo for discretionary funds. The amount allocated for credit cards will go down over time as the balances are lowered (and eventually zeroed!) If I am able to get the loan, my minimum monthly payment on the AMEX account will be reduced by $149/mo and the Prosper payment will be 196/mo. I plan to use the interest savings ($4250 over the life of the loan) to further pay down that account. Credit: Report is self-explanatory - B rating with high DTI - which I am trying to fix by paying down/eliminating the credit card debt. Other: I intend to set up a military allotment for the monthly payment should the loan get funded. The monthly payment will be taken out of my pay monthly and deposited directly into the account that I designated for Prosper transactions. There will be no issues making the monthly payments. I thank you, in advance, for your consideration. - Dan |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 23109 | Paying off AMEX | B | $17,000 @ 12% | Jul 05, 2006 | Withdrawn |
| 23714 | Paying off old Credit Card Debt | B | $17,000 @ 12% | Jul 09, 2006 | Expired |
| 24916 | One more try - paying off high interest AMEX | B | $10,000 @ 12% | Jul 16, 2006 | Expired |
| 27076 | Help Navy Officer Torpedo Debt | B | $6,000 @ 11% | Jul 27, 2006 | Withdrawn |
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