Stand on my own for the first time
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 6% |
| Lender Rate: | 11% | Borrower: | Fujita5 |
| Finished | State: | AL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-31 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Aug 31, 2007 | Current |
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Purpose of loan: I want this loan to achieve financial freedom from my soon-to-be second ex-husband. We have a high interest loan on a minivan we bought last year to haul around my 3 kids (the youngest one is ours.) We are totally upside down in it; the thing is worth less than half the loan payoff. With this loan, I will be able to shop for an inexpensive mechnically sound older vehicle that is worth more than the asking price. Once I have another vehicle, the soon-to-be ex is taking the minivan, loan and all, in the divorce. I am asking for more than I think I will need to allow for tag/title/insurance. Any money left after that will be put in savings as a financial cushion for emergencies. My financial situation: I finally have decent steady employment after 12 years of mainly staying home raising babies and earning my bachelor's degree. I believe in paying my bills first, even if it means a lot of Ramen noodles for me. I am taking steps to apply to law school and hope to be accepted for fall of 2008. I also have opportunity for some overtime. I use this extra money for splurges like toys for the kids or dinner out. Monthly net income: $ 2253 (plus 433 child support when the divorce is final in October) AS OF RIGHT NOW Monthly expenses: $ 1560 Housing: $ 640 (inc cable) Insurance: $ 0 (stbx pays) Car expenses: $ 487* (stbx pays in lieu of support so not inc in total above) Utilities: $ 220 Phone, cable, internet: $ 50 (net; stbx pays cell) Food, entertainment: $ 150 Clothing, household expenses $ 150 Credit cards and other loans: $ 50 (will be paid off with loan) Other expenses: $ 300 (gas & child care) Assuming 18% tax, that currently leaves me with a net income of roughly $1850. That already doesn't leave much to save toward a car, but in addition in September my deferment on my student loan will end adding a payment of $143 a month. EXPECTED EXPENSES COME OCTOBER Monthly expenses: $ 1763 Housing: $ 730 (inc util, cable, net) Insurance: $ 100 (overestimating; great driving record) Car expenses: $ 0 (incl in Prosper loan) Utilities: $ 0 (incl in rent) Phone, cable, internet: $ 50 (stbx has offered to keep cell plan; want own for privacy though) Food, entertainment: $ 150 Clothing, household expenses $ 150 Credit cards and other loans: $ 143 (student loan) Other expenses: $ 300 (gas & child care) Prosper loan: $ 140 In October when the divorce is final, monthly income will go up to $2283 with the addition of child support. That leaves just over $500 a month for emergencies/savings and paying off the loan early. In addition, I have taxes taken out at the highest rate, so I should get a decent return in the spring. Ideally I'd like to have this loan paid off by the time I enter law school. Please help me cut the financial ties that bind! Standing on my own two feet is the best balm I know for the emotional trauma that comes with divorce. Thank you for considering my request! I hope to be on the other side investing in others one day soon. |
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