Eric's Credit Community

Let me say thank you for considering my family for your assistance. We are a small family, made up of myself, my husband, our 2 1/2 year old son, 2 dogs and 2 cats. I currently work in mortgage collections. My husband is a full time student in medical transcription and a stay at home dad. He will graduate and go to work full time October 2008.

This is being considered a business loan due to the fact that my husband cannot enter the field he is training in with out current credit. He must qualify for $1M in E&O insurance, which requires a certain credit rating for both him and me, since it is contracting from home.

Our credit is struggling. I declared individual bankruptcy in 2004 due to credit card and medical bills. I reaffirmed roughly half the credit card debt, and have paid off all but one of mine ($11800 paid, $673 to go) in just under 3 years. We also got into the payday loan system when my husband was laid off in 2004, the majority of which are still outstanding.

I would use the Prosper Loan to pay off the following:
$350 - CRS (United Cash Payday Loan opened 10/2004)
$410 - CRS (Preferred Cash Payday Loan opened 10/2004)
$305 ? Interstate Credit (Check N Go Payday Loan opened 10/2004)
$410 ? CRS (United Cash Payday Loan opened 11/2004 - husband)
$410 ? CRS (Preferred Cash Payday Loan opened 11/2004 - husband)
$673 ? HSBC/Orchard Bank (credit card)
$326 ? Continental Finance (credit card ? husband)
^_________
$2884 - Total amount of Debt to pay off with Loan

I have 2 other outstanding delinquencies showing on my credit, both for medical (insurance dispute), both of which have been paid as of 5/15/07.

I have been working in mortgage collections for 2 ½ years. The company I work for finances and services mobile, manufactured, and now modular home mortgages. Our pay schedule is set up a little differently than most; we all get our normal hourly pay rate, plus available monthly bonus. We also get a quarterly bonus determined by net collected amount for the previous quarter.

My current monthly net income is $2450-3100 ('06 Gross $39068).

Here's my monthly budget with the prosper loan in place:
$620 ? Mortgage/Land Payment
$150 ? Power
$90 ? Telephone/Internet
$240 ? Car Payment
$66 ? Insurance
$200 -Gas
$350 ? Groceries
$25 ? Recreation
$75 - Medical
$130 ? Prosper Loan Payment
^_________
$1946 - total monthly expenditures

As you can see, I have over $504 left over to be used for emergencies and to put into savings. I learned my lesson from the first go round with the payday loans. The reason they have not been paid yet is because, as you can see, they are all with the same collections company, who is requiring they all be paid in full at the same time, which we simply have not been able to do.

The payments to Prosper will be my top priority each month. I am going to set the payment up on auto-draft so that there is never any question that the payment will be made. I'm not about to make a mistake with this opportunity to start rebuilding my credit.

Thank you again for viewing our listing and considering us for your bids.