Eric's Credit Community

I am a Sergeant First Class (Pay Grade E7) in the US Army.  I have retirement orders placing me on the retired list 1 MAR 07.  11 DEC 06 my terminal leave begins. 

In anticipation of my retiring from active duty and beginning a second career, I applied to; was vetted and interviewed; and was offered employment by the Law Offices of the Public Defender, in the position of Public Defender Investigator II in the Indio office.  I accepted the offer.  I sought government employment (local/state) so that I may remain in one place, be a steady and active member of the community I live in, enjoy the employment security that I?ve had in the military and earn another retirement (I am 47 years old).  I am currently 19 hours short of a bachelor degree in Legal Studies with the University of Maryland.  I intend to complete it next year.

The purpose of this loan is to assist in initial relocation expenses (first month?s rent, security deposit, bond, utilities start up, etc) to Riverside County.

My credit reports reflect my lack of attentiveness to credit issues, my constant absence from home due to military duty and undisciplined spending in my absence.  While the debts are my ultimate responsibility, the majority were incurred in my absence and mismanaged because of my absence. As the realities of retirement, seeking a second career, my desire to settle in one place, be apart of the community I live in and buy a home ? for the first time ? I?ve become mindful and attentive to credit issues and how I got into the HR category in the first place.  I cannot fix my reports overnight; however in the coming short-term (and long-term) I will have more income and the required time than I have ever had to devote to my outstanding debts and to save.  The ultimate goal is to methodically eliminate my consumer debt and create a circumstance that allows me to purchase affordable housing.  The first step in this journey is moving to Riverside County and to my next career.

Between now and 1 MAR 07, I will be receiving my full pay and entitlements as an E7 with 24 years of service:
Base Pay:  3840.60 (a 2.2% raise is scheduled for JAN 07)
BAS:  272.26 (entitlement ? not taxed, I did not include in total income)
BAH:  1039.00 (entitlement ? not taxed, I did not include in total income, starts NOV 06)

Mid to late DEC 06 start new position as Public Defender Investigator II, Step 1, 4149.00 a month.  There are 11 pay steps for this position with a maximum cap at $5412.00 a month.

Military retirement was estimated at 1740.00 a month, VA disability percentage, if any, would increase this; it has not been determined yet.

I have the desire and intent to fully and on time repay this loan.  This is my solemn pledge to do so; along with substantive methods to automatically insure that it happens.  This is most easily done through a payroll allotment from my active duty pay and then from my retirement pay, as I transition; the lender gets paid before I do, the lender is paid off the top by EFT.  It is also relevant to consider that I am required to have direct deposit of my active duty pay, retirement pay and my pay from the County, when it begins (have already filled out the paperwork).