High Interest Business Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $22,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 22% |
| Lender Rate: | 13% | Borrower: | Leader44 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | JBR & Co. |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-26 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Oct 30, 2007 | Current |
|
If this loan is funded, I will be 100% out of revolving credit card debt. I carried no debt for years and always said I would never go into debt beyond the $12K I borrowed to help fund my college education, which I re-paid in full years ago. The reason I am in debt is because after 15 years working for a Fortune 500 company ? 12 of those years in management ? I took the risk of starting my own business. The business started as a sole proprietorship which provided professional trades to the community in which I live. The business grew and I found myself bidding on, and ultimately winning, a project to frame 8 residential town homes/condominiums in light gauge steel. In retrospect, I did not have the wherewithal or expertise to take on a project of this size, but I did, and I am proud to say it was completed on time ? but not under budget. I realized in the middle of the project that I had gotten myself into something bigger than I was able to do on my own, but I felt I had no choice but to finish the project ? funding for tools, equipment, labor, workman?s compensation, insurance, materials, etc. were on my shoulders and my pride and integrity would not allow me to turn my back. In addition, the cost of steel was on the rise due to new governmental quotas that did not benefit the small business. I was also not prepared for some of the unforeseen expenses associated with a construction project like this. I worked hard to complete the job and immediately went back into the work force in the industry I had left ? transportation and supply chain logistics. My personal business started in 2000 and I closed it after almost two years in late 2002. I have been working full-time since October 2002. Two of those years were with a Fortune 500 Logistics and Transportation company and the last 3 ½ years with a Fortune 100 enterprise as a manager of business development in the high tech and medical device vertical markets. I have been married for almost 24 years and together we have owned three homes since 1987. We have four children ? two are full-time college students, one is in high school, and one in junior high. I have re-structured my debt recently through the use of a home equity loan. I paid off the balance of a $10K Prosper loan, two credit cards, and a Workman?s Compensation debt I incurred while in business and had been making monthly payments. By paying off these debts, and the lower monthly payment of the home equity loan, I increased my available cash by $786.00 monthly. These additional funds will be used to pay the new Prosper loan. We will be able to easily make the payment on this loan. My wife is also a school teacher and the money she earns is, of course, not considered in this loan application. I encourage you to invest in my loan. I have every intention and expectation that you will be well pleased with your investment. As well, I will be grateful for your helping me stop the stress associated with high interest credit card debt and the feeling of not being able to dig my way out. With your help through the vehicle of Prosper.com, I will be free of this burden in three years. Thank you so much for your consideration. Leader44 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 40104 | Business Debt Reduction | B | $10,000 @ 12% | Sep 18, 2006 | Loan created |
| 207199 | Business Debt Reduction | B | $22,000 @ 15% | Sep 27, 2007 | Expired |
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