Eric's Credit Community

A friend and coworker is moving into a smaller house and cannot keep her piano.  She wants it to have a good home and I want to give it a good home.  The purchase price is about $11,000.  I've had a good piano tech look it over and he agrees that this is a fair price.  An $8,000 loan (less Prosper origination fees) will help me do this.  I'll pay approximately $3,000 from savings and pay the piano tech and the piano movers from my regular income.

My financial situation:

I don't make late payments. I rely whenever I can on automatic payment systems.

Monthly net income: $ 4,434 (only my base salary after deductions)

Monthly expenses: $ 6,991 (total household expenses)
  Housing:                                  $ 1,805 (primary mortgage and line of Credit)
  Insurance:                                $ 1,180 (Life, Health, Auto, Home)
  Car expenses:                          $    477 (gas, maintenance, license ? cars are paid for)
  Utilities:                                   $    210 (electric, gas, water/sewer, garbage)
  Phone, cable, internet:              $    201 (house phone, cell phones, internet)
  Food, entertainment:                 $ 1,145 (groceries, eating out, entertainment)
  Clothing, household expenses   $    248
  Credit cards and other loans:     $    369 (student loans and one credit card)
  Other expenses:                       $ 1,356 (investment, furnishings, gifts, health care)

All expense figures are monthly averages over the most recent twelve months from our family accounting system.

Prosper is clear that the income stated for the loan is to be mine alone. The $4,434 net income after deductions is my base pay. I have other income as well. Then there is my husband's income which is much more variable than mine. Total family monthly income from all sources is at least $8,000 per month and as much as $12,000 per month. Our monthly expenses are approximately $7,000 (detailed above). If I consider half of those expenses to be mine, then my expenses alone would be about $3,500. That leaves $934 per month for paying off a Prosper loan, putting into savings, or getting some piano music.

And, yes, I do play piano. So do all three of my kids. My husband is a guitar player.

Please let me know what questions you have. I welcome your bid.