Eric's Credit Community

About me
I?ve been married for 26 years and have two teenagers. I am employed as a paraprofessional in the Special Ed Dept at a large high school near Atlanta.

What this loan is for
This is a straight forward debt consolidation loan. We purchased a new home in a suburb of Atlanta two years ago. We lived in our previous home for 19 years. We sold the previous house on a self-financed, lease-to-purchase contract. This lessee defaulted on the loan and this has caused us to be late our credit cards (CC).

My DTI is WRONG!
First of all we will be paying off accounts with monthly payments of about $1000. Second, the DTI calculated by Prosper is based on my income alone, but it's our joint income that really matters. If I take both factors into account, our monthly payments will be about $800 after the Prosper loan, against a total household gross income of $8400/month (before taxes and deductions). This means our DTI, correctly calculated, is about 10%.

My credit rating
My credit rating has dropped because of the situation above, shooting our interest rates up.

My income
I am a county employee and I get paid once a month. My monthly gross pay is $2478, my net is $1701. I get paid all 12 months out of the year.

My total Household Income
My husband?s weekly gross pay is $1400 with a net of $5021 monthly. We have one checking account and pool all our joint income into the one checking account. Our total joint monthly net income is $6723.

Ongoing monthly expenses
My current CC payments total $1700, but we will be paying off accounts with total monthly payments of $1000. So in the list below, I show $700 for the CC payments

Total Net Monthly Income: $6723

• Tithe: $800 (we tithe on gross income)
• Mortgage: $2200, (which includes all taxes and insurance)
• Credit Cards $700
• Car Payment: $205
• Insurance $240
• Groceries $800
• Meals $400
• Utilities $340
• Gas $240

Total Expenses: $5925

My ability to pay this loan back
By getting this loan, we will save CC payments of $1000, and the loan will only cost about $500/month, max. So we should save $500 per month overall on our CC/Prosper payments. Our total monthly cash cushion is about $800, which is well over the amount required for the Prosper payment. Making the Prosper Loan payments will present no problems. We thank you in advance for our support.