Paydown delinquent account
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 9% |
| Lender Rate: | 14% | Borrower: | paajl2007 |
| Finished | State: | NJ | |
| Funded: | 38% | Group: | The Loan Group |
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Purpose of loan: The purpose of this loan is to pay down my one remaining delinquent account. My financial situation: We are in the final stages of our recovery (see below) and once we complete this we will feel a great sense of relief. We learned a hard lesson. Financially, my wife and I are very optimistic about our financial future. I recently received a big promotion at work and after 5 years - my wife's real estate business is doing well. We have developed detailed expense budgets and we will make sure our reserves and assets will cover any future unexpected event. Upon my repatriation back from an overseas assignment to the US in 2001, my wife and I had to deal with a family medical emergency. From 2001 through 2002, in addition to the emotional distress; we also experienced major financial stress. We did not have enough cash reserves to cover the major medical and housing expenses that had to be paid which caused me to become delinquent on all my credit cards. As you can see from my credit profile I have a large number of delinquencies. The majority of these delinquencies are older than 3 years and have minimal effect on my credit grade. I have worked extremely hard over the last 4 years to payoff most of my older credit and have taken on very little new credit. As of today I have one delinquent account which I would like to pay down, I have a home that has equity but unfortunately my current FICO score is preventing me from taking out a home equity loan. While we are definitely in a much better position now; it is taking longer than expected for my FICO scores to increase. I have learned a very difficult lesson regarding credit and while it was difficult I am a more educated consumer and person and better for it. If I am successful in obtaining funding to complete my recovery I plan to become a lender through this network to assist others that are experiencing a like situation. If you have any additional questions please do not hesitate to ask. Thank you in advance for your consideration and assistance. Monthly net income: $ 9500 Monthly expenses: $ Housing: $ 4500 Insurance: $ 200 Car expenses: $ 1350 Utilities: $ 400 Phone, cable, internet: $ 350 Food, entertainment: $ 1500 Clothing, household expenses $ 1000 Credit cards and other loans: $ 500 Other expenses: $ 500 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 251510 | Paydown delinquent account (Take 2) | A | $5,000 @ 13% | Dec 16, 2007 | Loan created |
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