Eric's Credit Community

INTRODUCTION
Thank you for taking the time to read my loan request! I?m a single professional over 40 with no children.  For the last 10 years I was the Interactive Media Account Manager specializing in recruitment at the area's major newspaper. Due to residual effects of a corp. merger and down-slope in the industry my commission structure was changed (cut) and eventually my position was all but phased out. (Income $70k to $90k the past 3 years.)  The past 7 years I was utilizing my expertise to conduct workshops throughout the community.  When the stability and earning potential of my position changed, I resigned to develop my passion for helping people to succeed through my speaking and training. I'm also in the process of studying to obtain insurance agent licenses. I am already accepted as a reserve agent for Farmers Insurance.

LOAN PURPOSE
I will be using this loan to pay off 2 higher balance credit cards to boost my FICO score, living expenses and to pay the Prosper payments for the next 3 to 4 months until steady income is generated.  With at least 2 of the current contract proposals accepted plus expected beginning insurance agent quotas met, income will be $4700 to $6200 per mo. within 3 to 4 mos. My contingency plan is work PT or Temp to bring in enough combined income to meet my financial obligations. Having worked within the recruitment industry for 10 yrs, I have a strong professional network and already have several employment prospects if this becomes necessary.

Distribution of Loan Funds: 
BofA Visa: $3300  
Merrick Bank Visa: $2800 
4 mos Prosper payments: $2980  
Living Expenses for 4 mos:  $8740 (+$1700 per month current income.)

My Financial Situation
I received a tax refund of approximately $9000 this year, liquidated $20,000 of my 401(k) and used cash savings to support myself while transitioning to my new career. My sister rents a room from me at $700 per mo. and I have been doing paid speaking engagements averaging $250 per hour. 2 Proposals are submitted 1) to a major training organization and 2) to a major recruitment industry entity. Another proposal is soon to be submitted to the newspaper network I recently left.   I have completed a portion of my insurance licensing curriculum and plan to complete all licensing requirements and begin working as an agent by July.  In Jan '08, I expect a tax refund of approx. $10,000 due to mortgage interest (1st 6.5% + 2nd 12%. Home originally financed with 1st + 2nd).

I have no delinquent accounts and no late payments. In '05 I accomplished my life-long dream of home ownership.  I have over 28 years of professional experience and many employable skills that will enable me to bring in sufficient income to meet my financial obligations.

Monthly Net Income
Currently approx. $1700/mo. from rent and speaking engagements. (See above regarding combined sources of income for '07.)

Monthly Expenses: $4219  
Housing $2990   
Insurance $99   
Car expenses $80   
Utilities $150   
Phone, cable, internet $200   
Food, entertainment $100   
Clothing, household expenses $50   
Credit cards and other loans $550 (making minimum payments)

Changes after Prosper Loan
Credit cards:  $395
See ?Funds Distribution? above for loan pmt plan.

Thank you for taking the time to consider my request!  Please let me know if I can answe