Consolidating Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $21,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 25% |
| Lender Rate: | 18% | Borrower: | AZSWAG18 |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-26 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Oct 30, 2007 | Current |
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Purpose of loan: I am using this loan to completely eliminate my credit card debt. This will help me sleep at night! My financial situation: I live with my girlfriend in Scottsdale, Arizona. We have a mini Schnauzer named Jasper - He is 10 months old. I play golf (scratch handicap), ski, golf and love sporting events and concerts. I live a fairly modest lifestyle. I drive a 2004 Ford F150 that I paid cash for - Most people drive luxury sports cars here in Scottsdale....Not me. My girlfriend of 2 years has a great career as a commerical designer and makes approximately $60,000 a year. She is out of debt and just paying off the last of her student loans. It is our goal to get out of debt together. We just started another side business and are going to put the profits towards our debts. It is a vacation rental property management company here in Scottsdale, Arizona. We already are cash flow positive in our first month! I invested about $1,000 to incorporate, get licensed, insured and bonded, legal work, design a website, buy initial cleaning supplies and business cards. We already have 30 clients for this winter (the busy season) and anticipate an extra $3,000 a month in profit from this business. We have 2 employees as sub-contractors that have previous cleaning experience. They are both US Citizens. The margins are very high in this business. I am looking to pay off a Bank of America credit card (15K) and some other smaller ones. I am starting off at a high percentage because I know that when people see my credit report they will see that my only blemish is from that card. They reported that I was late 8 months in a row.....I have tried to work with creditors for it to be removed - but they claim I was always one payment behind. I have no delinquent reports or derogatory remarks on my credit report. The only thing beating my score down is this Bank of America card. My goal is to get this Prosper Loan and pay back. It sure would be nice down the road to lend money to people on Prosper and make a solid return. It's a great concept! Monthly net income: $ 5,000 Monthly expenses: $ Housing: $ 1,700 Insurance: $ 150 Car expenses: $ 475 Utilities: $ 200 Phone, cable, internet: $ 150 Food, entertainment: $ 600 Clothing, household expenses $ 400 Credit cards and other loans: $ 700 Other expenses: $ 500 |
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