Debt Free in Three

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Listing Information
Amount: $15,000.00 Status: Loan created
Grade: D DTI: 45%
Lender Rate: 20% Borrower: aaronds72
Time Left: Finished State: CA
Funded: 100% Group: Super Clean Credit
Loan Information
Loan Status: Late Origination Date: 2007-05-23 EricsCC ROI: 15%
Status History
May 23, 2007 Current
Sep 07, 2008 Late
Sep 19, 2008 Current
Oct 08, 2008 Late
Oct 16, 2008 Current
Nov 07, 2008 Late
Purpose of loan:
The purpose of this loan is to consolidate high interest debt and get on a 3 year plan to be debt free.  I currently have $21,097 in high interest (25-33%) credit cards and loans.  The minimum montly payments on these is $900/month.  The balance only declines by about $100/month.

My plan is to take the $15,000 (as well as contribute $4,000 myself) and pay off everything, except for a loan that I have with Citifinancial which has a balance of $5,923.  My Discover Card offers a 6 mo. balance transfer rate of 9.9% which I will use to pay off the Citifinancial Loan.  That will lower my minimum monthly payments by about $175 (prosper loan $600 + Discover $125) and I can see that in the loan calculator the balance will drop so much faster.  Even more so as I can still put the extra cash towards the Discover payment.

My financial situation:
I am currently employed full-time training Financial Advisors and Relationship Managers in referring managed money cadidates to our firm.

In my 14 year credit history I have never had a delinquency and have only made two 30 day late payments ever.  In 1998 I made a car payment late and in 2005 I made a loan payment late, which I take full responsibility for but has an explanation.

Monthly net income: $ $4250
I'm paid bi-weekly $1358 (net), and receive quarterly commission which nets me approx. $1500-2000/month.  I do have a minimum guaranteed level of $5000/quarter which I cannot make less than.  I have verified my W-2 and income with my group leader.

Monthly expenses: $ 3887
  Housing: $ 1475
  Insurance: $ 21
  Car expenses: $ 616 (I also expense mileage with my company and drive approx. 800-1000 miles/month).
  Utilities: $ 50
  Phone, cable, internet: $ 100
  Food, entertainment: $ 400
  Clothing, household expenses $
  Credit cards and other loans: $ 1225
  Other expenses:
Borrower's Other Listings
123858 Debt Consolidation D $25,000 @ 24% Apr 15, 2007 Withdrawn
129586 Debt Consolidation D $15,000 @ 25% Apr 27, 2007 Withdrawn

 

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