Paydown delinquent account (Take 2)
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 9% |
| Lender Rate: | 13% | Borrower: | paajl2007 |
| Finished | State: | NJ | |
| Funded: | 100% | Group: | 1st and BEST for Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-18 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Dec 19, 2007 | Current |
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Purpose of loan: The purpose of this loan is to start to pay down my one remaining delinquent account. My financial situation: My current financial situation is very good. I am gainfully employed by a very successful global financial services firm and recently received a nice promotion. My wife is in her fifth year as a real estate agent and is concluding her best year ever. So professional and financially we are in a good place. You may be asking so why am I looking to borrow money on prosper? Well the answer is simple: 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. I have worked extremely hard over the last 5 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 scores are 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 a better person for it. We are in the final stages of our credit recovery plan and once completed we will feel a sense of relief and satisfaction. We learned a very hard lesson. We are making sure that we have sufficient reserves to handle any future event. 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 | |||||
|---|---|---|---|---|---|
| 242489 | Paydown delinquent account | A | $8,000 @ 14% | Dec 09, 2007 | Withdrawn |
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