Lesson Learned - No more payday loans
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | HR | DTI: | 48% |
| Lender Rate: | 27% | Borrower: | marlin40 |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 1 month late | Origination Date: | 2007-03-20 | EricsCC ROI: | -4% |
| Status History | |
|---|---|
| Mar 17, 2007 | Current |
| Oct 06, 2008 | Late |
| Oct 21, 2008 | 1 month late |
|
About Me: I am married to my wonderful second husband of 2 years and have a 14 year old son from my previous marriage. I am civil service employed by a suburban municipality as a Police Records Clerk and have been there for 13 years. My husband is a journeyman carpenter for 17 years. My credit rating: I was shocked to see my Prosper rating shows me to be an HR. Due to my ex-husband failing to pay his child support, I am ashamed to admit that I did file and was discharged from Chapter 7 bankruptcy in 4/2004. My ex-husband is currently $30,000 in arrears and has been in jail 6 times for non-payment. My credit report shows no delinquency since prior to my bankruptcy. What this loan is for: In June, 2006 we purchased our current home. We didn?t close until over week later leaving us homeless with all of our possessions in a 21foot rental truck costing an extra $600 bucks. Four days after the closing, my husband got laid off forcing him to take a $15.00 per hour pay cut just to pay the bills. Due to the unforeseen pay cut, we have been utilizing our low limit/high interest credit cards and with no other option available, we turned to payday loans. We have two loans at $1000 each. The prosper loan would payoff the two payday loans and the additional $1000 will be paying off another high interest loan. My income: My gross monthly income at base pay without overtime is $3,672. Our monthly net household average is approximately $5300.00. My husband?s income is expected to increase within the next couple weeks as the weather improves and he is able to put in more hours. Our expenses: Mortgages: $1,418.00 + $482.00 Vehicles: $1,151.00 (2 vehicles) Insurance: $171.54 Utilities: $450 (includes gas, electric, phone, satellite etc.) Credit cards: $300 Food: $400 Gas: $400 (for both vehicles) Miscellaneous: $50 Personal loans: $210.00 High interest personal loan: $107.00 (Will be paid off with Prosper loan) Total monthly expenses: $4739.54. Paying off this loan: We used all of our savings to move. The move was followed almost immediately by a drop in household income-a situation we were not prepared for. We have been paying $900 monthly in pay day loan renewal fees since November. We have remained current on everything, but have not made any progress in getting the loans paid off. Eliminating the payday loans will enable me to make more progress in paying down our other debts and preparing for the future. The Prosper loan will add less than $40 to our household budget - and allow us to be free PERMANENTLY from pay day loans. That is a mistake we will NOT make again. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 106188 | Help duct tape our nest egg. It cracked! | HR | $9,000 @ 26% | Mar 04, 2007 | Withdrawn |
| 106228 | Help duct tape our nest egg. It's cracked!! | HR | $9,000 @ 24% | Mar 04, 2007 | Withdrawn |
| 106709 | *relist* lower amount to prove myself & debt consolidate | HR | $5,000 @ 25% | Mar 05, 2007 | Expired |
| 355962 | 2nd Loan Consolidation needed to refinance home | E | $3,500 @ 35% | Jun 23, 2008 | Withdrawn |
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