Relist: Pay Off Remaining Debt - 100% Commitment to Lenders
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 6% |
| Lender Rate: | 29% | Borrower: | GospelMusicGirl |
| Finished | State: | GA | |
| Funded: | 100% | Group: | FUTURE FINANCIAL FREEDOM 1 |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-10-25 | EricsCC ROI: | 28% |
| Status History | |
|---|---|
| Oct 30, 2007 | Current |
| Apr 16, 2008 | Payoff in progress |
| Apr 19, 2008 | Paid |
|
Purpose of loan: Thank you to the lenders who posted 80 bids during my first 3 day listing. Since my first listing, the bankruptcy court gave us a 45 day extension on October 8, 2007 to make one lump sum payment of $25,000 in order to complete our 100% repayment commitment of which over $50,000 has been paid into the plan. My husband and I married right out of college and soon had 3 children. Credit cards and loans were used to make ends meet. Our 1st home purchase became a rental property when we moved from our hometown to advance my career (located near a military base) and our second home was financed at a high interest rate with an early pay-off penalty (due to high DTI ratio and 1st home ownership). Shortly after our second move, the military base was downsized and our renters moved leaving us unable to sell or rent this home (equal to the payoff or mthly payment) requiring us to make two mortgage payments. We were unable to refinance our 2nd home at a lower interest rate due to this penalty. Initially we sought credit counseling and then decided to file Chapter 13 bankruptcy protection in 2002 agreeing to pay 100% of our outstanding debt. Our payment was set by the bankruptcy court at $905 mth, too low to achieve the required 5 years repayment. Late April 2007, the bankruptcy court notified us that a min. payment of $4,500 mth would be necessary to complete the plan on time. As of January 2007, my bonus plan increased significantly but moved from a quarterly to an annual plan payable March 2008. The current balance of $25,000 must be paid no later than Nov 20th to prevent case dismissal - putting us back at square one owing accrued interest for 5 years and having what few assets we have potentially liquidated. My financial situation: I am 100% committed to paying off this loan in March 2008 when I receive a bonus of over $30,000 take home. My monthly take home pay is $11,800 (does not include commission) and expenses equal $8,155. Our bankruptcy payment the past 6 mths has been $1,000 to $3,500 mth. We are prepared to pay a maximum interest rate to secure this loan. All bills remain current post bankruptcy with zero delinquencies (Prosper shows $1,760 delinquent and 6 current delinquencies which I disputed b/c they are included in the bankruptcy and show corrected per my 10/15/07 report). My work related T&E is included in my mthly expenses (reimbursed by the company). After all mthly expenses, including the Prosper loan payment of $1,100 mthly on a $25,000 loan at 29%, I will have over $3,000 mth available. Thank you for investing in my family?s future and helping me achieve my goal of financial freedom by March 2008. My appreciation will be shown by making on-time mthly payments until paid in full March 2008 giving you a worry free ROI. Housing: $2,650 Insurance: $400 Car - gas/maintenance: $300 Utilities: $500 Phone, cable, internet: $ 400 Food, entertainment: $2,500 Clothing, household expenses $500 Bankruptcy: $ 905 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 210544 | Pay off remaining debt | C | $25,000 @ 29% | Oct 03, 2007 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|