HIGHER RATE RELIST: Family Man Plans to Pay Off CC Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 68% |
| Lender Rate: | 14% | Borrower: | familyman50 |
| Finished | State: | MO | |
| Funded: | 100% | Group: | FINANCE & INVESTMENTS |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 1 month late | Origination Date: | 2007-05-11 | EricsCC ROI: | -20% |
| Status History | |
|---|---|
| May 11, 2007 | Current |
| Oct 26, 2008 | Late |
| Nov 12, 2008 | 1 month late |
|
Purpose of loan: (explain what you will be using this loan for) We will use the Prosper.com loan to pay off an especially nasty credit card that has a balance of about $19,000 and an interest rate of 30.24%. Our Prosper payments will be nearly $200 a month less than the minimum on this card, and we will actually be out from under in three years! We will put that $200 each month to knocking out a couple of other cards on which the balance has accumulated, with a plan to pay them off as well. My financial situation: (explain why you are a good candidate for paying back this loan) Have been steadily advancing in my field since completing grad school nearly thirty years ago. Have been in the top rank ? executive director ? for the last several years. My annual salary is in the $75,000 to $85,000 range. My wife, also a professional, makes $40,000 to $50,000 annually. Equity in our home is $27,000 ($170,000 value with $143,000 mortgage) and equity in our two vehicles is $8,000 ($26,000 value with $18,000 pay-off). DTI is in high range for these reasons: I was unemployed for more than 1 ½ years, due to a change in administrations and the very limited job market at my level; several unexpected medical bills, including an illness that caused my wife to miss work (and income); parents on both sides of the family who live far away and are in declining health; and two school-aged children who did not become less expensive just because I was out of work. My current position ? executive director ? is with a well-financed agency involved with government relations, but does not depend on which party is in power. The average tenure of my immediate predecessors was 15 years. I have been here nine months and have a very reasonable expectation of a lengthy stay. Our monthly take-home is generally over $7,500 while our normal expenses average $6,750. Despite our financial setbacks ? which are behind us ? I have an ?A? credit rating, because I always pay my bills. Even when I was unemployed, I always paid my bills. We have been homeowners for nearly 15 years, and have never missed a mortgage payment. I am at Propser.com because I would rather pay you 15% to 17% than pay the credit card companies 25% to 30%. My monthly budget: Mortgage/rent: $1176.00 Insurance: $80.00 Car expenses: $800.00 Utilities: $250.00 Phone, cable, internet: $150.00 Food, entertainment: $500.00 Clothing, household expenses $300.00 Credit cards and other loan payments: $3300.00 Other expenses: $200.00 --------------------------------------- Total monthly expenses: $6756.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 125692 | Family Man paying off credit cards | A | $25,000 @ 13% | Apr 18, 2007 | Withdrawn |
| 125914 | Family man seeks to reduce credit card debt | A | $20,000 @ 13% | Apr 19, 2007 | Withdrawn |
| 126983 | 15% Plan by Family Man to Pay Off High Rate CC | A | $20,000 @ 15% | Apr 22, 2007 | Expired |
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