I'd rather pay you than the banks
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 19% |
| Lender Rate: | 18% | Borrower: | scottishlily |
| Finished | State: | AL | |
| Funded: | 100% | Group: | FUTURE FINANCIAL FREEDOM |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-03-12 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Mar 10, 2007 | Current |
| Aug 31, 2007 | Payoff in progress |
| Sep 06, 2007 | Paid |
|
I am seeking a $7500 loan to get me thru a cash crunch. The funds
will be used to paydown some credit cards and to just geta little
breathing room. I've recently purchased a house from my mother's estate. The house required a lot of work. I've gone thru several sets of contractors. The last builder died before the project was half complete. He left his family with a financial mess. No cash, no insurance, nothing. His family filed a lien against the property in an attempt to coerce more money out of me. As sorry as I am for their loss, this 50% equity I had in this house was my inheritance. He was paid for the work he completed. My attorney felt that these folks were misinformed and bluffing. Because I had so much evidence to prove my case he advised me that the least litigious and costly route would be to cash out some equity and post with the title company. This allowed me to get out from under the 9.5% construction loan and into a perm mortgage @ 6.125%. I posted $12487.50(150% of the lien amount with the title company). These people have until 05/28/07 to perfect their lien or they lose their rights to this claim forever. Even though they didn't get any extorted funds from me, they have cost me a fortune. My mortgage is a 90% ltv with PMI instead of the 80% I was planning on. I've also had to pay more than I had contracted with them for to have the work completed. It's just a cash flow problem that will work itself out over time. I don't understand the credit grade of D. It must be because of utilizing 96% of my credit cards. 4 cards These scores can change on a daily basis. I've had a lot of activity of late. MSCU - $5300 - 12.99% Compass - $200 - 14.35% - This card used to be $3250, but because I closed the MSCU card with a balance on it because I thought the interest rate was too high, it skewed my debt to available credit ration. They cut my limit immediately to $1600. I check my accounts daily. It was so drastic I thought my identity had been stolen. Well them cutting my credit limit only further skewed the ratio. I have kept ahead of them and haven't been late or delinquent with any accounts. This is one reason I don't like banks. This felt less like risk management and more like an attempt to profit from human fallability. Limit is currently $200 and I try to pay it off each month. Use their money and pay no interest. Sweet. : ) Lowes - $725 - 0% interest til 10/07 Home Depot - $6100 - 0% interest til 12/07 I am guessing these amounts are skewing the ratio, but I am taking advantage of a 0% offer. These two items will be repaid with the funds from the title company once they are returned in 06/07. Income 1245 *26 = 32370/12 or $2697.50/mo really 1345*26 = 34970/12 or 2914.17/mo I had taken a pay advance from my employer when some of the issues with the house arose. This is being repaid $100 a pay period and should be paid in full in 07/07. I could probably get some assistance here again, but there is a point where too much personal info is not good for business. Mortgage - $805.17 Car - $302 Gas -$200 (104 r/t commute to work) Car Insurance - $60 Power - $125 (all electric) Water - $30 (septic system) Gym - $30 MSCU - $150 (I think - I never pay minimums) Compass - $200 (covers entertainment and eating out) Lowes and Home Depot to be repaid with funds from title company. Food - $200 (includes cat food and litter0 this totals about $2102 leaving $595 to repay a prosper loan. thanks for considering my loan, |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 103752 | I'd rather you prosper than the banks | D | $7,500 @ 13% | Feb 26, 2007 | Withdrawn |
| 197655 | Me Again - DTI is not right | B | $15,000 @ 17% | Sep 05, 2007 | Withdrawn |
| 198967 | Request for 2nd Loan | B | $15,000 @ 16% | Sep 07, 2007 | Loan created |
| 295609 | 3rd loan - 0 lates/0 DQs | D | $10,000 @ 20% | Mar 19, 2008 | Withdrawn |
| 296076 | 3rd loan - 0 lates/0 DQs | D | $5,000 @ 22% | Mar 20, 2008 | Loan created |
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