Paying off loan from parents
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 39% |
| Lender Rate: | 22% | Borrower: | ByteJockey |
| Finished | State: | IL | |
| Funded: | 100% | Group: | FINANCE & INVESTMENTS |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-06-19 | EricsCC ROI: | -45% |
| Status History | |
|---|---|
| Jun 19, 2007 | Current |
| Mar 06, 2008 | Late |
| Mar 20, 2008 | 1 month late |
| Mar 28, 2008 | Current |
| Apr 04, 2008 | Late |
| Apr 20, 2008 | 1 month late |
| May 24, 2008 | 2 months late |
| Jun 20, 2008 | 3 months late |
| Jul 20, 2008 | 4+ months late |
|
Purpose of loan: Pay off a loan I have from my parents and improve my cashflow My financial situation: I have been an Information Technology professional for over 25 years. 2001 through 2005 were very rough. The IT market in the mid-west was terrible and family illnesses precluded moving elsewhere. I was employed, but due to budget cuts with my then employer and a depressed IT market; over a 2 year period, 55% of our net income walked out the door and my wife and I were living on our credit. It got bad enough that I had to borrow from my parents. Since 2005, things are looking better. I am in a stable full time job with 2 part-time jobs and all of our debts are finally up to date. I have finally managed to bring all of my accounts current and I would like to refinance the loan I have with my parents. I can then pay the prosper loan off over the next 3 years, free up an extra $140 each month and get the outstanding loan off of my parents card (@29.9%)!! I would much rather pay a fxed rate to the Prosper community and know the loan will be gone in 3 years than play rate roulette with my parents bank! I asked for a little more than the current loan balance to insure it is paid off. Any additional funds will be used to pay other loans down. DQ?s have ben resolved. As of 5/23, all of my accounts are now current. I have established an account with my bank specifically to handle my Prosper payments. My Prosper payment will be direct deposited from my paycheck to this account (50% of payment every 2 weeks). My monthly budget: Net Monthly Income: $5000.00 Current budget: Item in Bold will be paid off with this loan. Mortgage: $635.00 Home Equity: $235.00 Utilities/etc: $600.00 Insurance: $150.00 Food/trans/etc: $800.00 Secured Loan: $500.00 Car: $385.00 HFC: $250.00 Chase Visa: $250.00 [29.9%] Chase MasterCard: $105.00 [29.9%] Circuit City: $90.00 [30.9%] Capital One MasterCard: $25.00 [29.9%] Personal loan: $500.00 [29.9%] ($8000 to pay off) ----------------------------------------------------------------------------------- Total monthly expenses: $4525.00 Here is the budget I will have with the prosper loan: Mortgage: $635.00 Home Equity: $235.00 Utilities/etc: $600.00 Insurance: $150.00 Food/trans/etc: $800.00 Secured Loan: $500.00 Car: $385.000 HFC: $250.00 Chase Visa: $250.00 Chase MasterCard: $105.00 Circuit City: $90.00 Capital One MasterCard: $25.00 Prosper Loan $360.00 (could be less, depending on final interest rate) ----------------------------------------------------------------------------------- Total monthly expenses: $4385.00 The current mortgage and Home equity loan on my house combined have a balance of $121,000 and the house appraised in 2006 at $139,000. We have 2 vehicles, valued at about $6,000. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 124687 | Consolidating the cards | D | $25,000 @ 22% | Apr 17, 2007 | Withdrawn |
| 124846 | COnsolidate the unsecured debt | D | $25,000 @ 22% | Apr 17, 2007 | Withdrawn |
| 126160 | Consolidate and payoff debts | D | $25,000 @ 25% | Apr 20, 2007 | Expired |
| 127801 | Consolidate and Payoff Debts | D | $25,000 @ 29% | Apr 24, 2007 | Expired |
| 132936 | Relist: Consolidate, payoff and bring current | D | $14,000 @ 24% | May 04, 2007 | Withdrawn |
| 136622 | relist: Consolidate and catch up | D | $14,000 @ 25% | May 12, 2007 | Expired |
| 142112 | Consolidate CC - All DQs Resolved, DTI 34% | D | $15,000 @ 29% | May 23, 2007 | Withdrawn |
| 257244 | Getting Back on Track After Injury | D | $10,200 @ 30% | Dec 28, 2007 | Withdrawn |
| 258449 | Getting Back on Track After Injury | D | $5,000 @ 35% | Jan 01, 2008 | Withdrawn |
| 260235 | Getting Back on Track After Injury | D | $7,500 @ 35% | Jan 04, 2008 | Expired |
| 265543 | Getting Back on Track After Injury - Relist | D | $5,000 @ 35% | Jan 14, 2008 | Expired |
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