Need to stop PayDay loans cycle and pay off Credit Card
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | HR | DTI: | 11% |
| Lender Rate: | 17% | Borrower: | JonahVT |
| Finished | State: | OR | |
| Funded: | 100% | Group: | Have Money - Will Bid |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-21 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| May 19, 2007 | Current |
|
Hello and thank you for viewing my listing. My name is Jonah and I live in Oregon, where I moved in 2006 after living in most of my life in Vermont. I needed a change and I love it here! I work from home for a company on the east coast and am very satisfied with that situation. I own a Subaru (payments for 1 more year) but I bike everywhere or take the light rail when possible. I also love playing the guitar, sailing, hiking, photography and live music. Things are going well, but as you can see my credit needs work. I ran into problems 5 years ago and they've haunted me since, mostly because I haven't rebuilt my credit score. The problems were two low-limit charge cards which I used to buy clothes and things for my home. There was also a $300 bill from Unicell one month which I did not want to pay. I was a college student and didn't have a good source of income, so I could not repay these debts and still "get by" successfully. The accounts went to collections where they hurt my credit. Two years ago I finally paid off every debt I owed. This was good, but the damage was done and I haven't made a lot of progress on my credit score. To afford the move to Oregon, I got a $1000 limit card which I maxed out due to the price of gas and other expenses along the way. I've paid more than the amount due on that card every month ($50-$200/month) and have never exceeded my limit. I've never missed a car payment, insurance, rent, phone, cable, electric or other recurring bills (the cell phone issue with Unicell not withstanding.) I'm in a much better situation now (got a big raise last year), but I still have problems with PayDay loans. I originally had to get a PayDay loan because my car broke down and I needed it fixed right away. Since the credit card was used for the trip out here, I had to find another source of funding. Unfortunately, since I got into Pay Day Loans, I now need help to get out of them. I would use the Prosper Loan to pay off the following Pay Day Loans and Credit Card. $585 - Rapid Cash Pay Day Loan 1 $234 - Rapid Cash Pay Day Loan 2 $1000 - Washington Mutual Credit Card $400 - Personal debt to others ------ $2,200 - Total amount of Debt to pay off The job I have is wonderful and is a very secure position. It pays well but I'm still having trouble getting out from under these PayDay loans. I've been with my company longer than any other employee except the founder (over 5 years) and I'm the "go to guy" for advanced technical problems. I keep our servers in tip-top shape, build and maintain web sites, write programs, provide upper level support and anything else they throw at me. It's a high paced, many-extra-hours job. I love it! When I told them I was moving, instead of letting me go they gave me a raise and let me work at home. I must be doing something right! My current monthly net income is $2,878. Here's my monthly budget: $670 - Mortgage $42 - Electricity $90 - Telephone $261 - Car Payment $210 - Insurance $150 - Gas $200 - Groceries $400 - Recreation $65 - Internet ------------- $2,088 - total monthly expenditures As you can see, I have $790 left over to be used, not only for my Prosper Payment, but for savings and emergencies so that I never get into this situation again. I can begin to live a normal life free from the stress caused by Pay Day Loans. I have learned my lesson. I promise that my payments to Prosper will be my top priority each month. In fact, I am going to have Prosper automatically withdraw my payments each month so that everyone, including myself, knows that my payment will be made on time, every time. I'm not about to make a mistake with this opportunity to start rebuildi |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 134981 | Consolidating credit card and payday loan | HR | $2,500 @ 18% | May 09, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|