Debt Consolidation, Collections and Loan Payoff
| Listing Information | |||
|---|---|---|---|
| Amount: | $1,700.00 | Status: | Loan created |
| Grade: | HR | DTI: | 18% |
| Lender Rate: | 31% | Borrower: | Morrison8384 |
| Finished | State: | NC | |
| Funded: | 100% | Group: | BuildingTree |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-08 | EricsCC ROI: | 27% |
| Status History | |
|---|---|
| Jan 08, 2008 | Current |
|
Purpose of loan: The purpose of this loan will be to consolidate my debt into one monthly payment in order to save money for a business trip to Germany next summer. I recently accepted a promotion from the company I've worked 4 years for and had to relocate my family to a different state. The relocation has been very hard on us financially. Over the summer we ran into some financial trouble during and after the move and took out a payday loan and ran up our credit cards. With this prosper loan I intend to consolidate the payday loan as well as a couple collection items. Here is a breakdown of what the prosper loan will cover: Payday Loan - $500 (465% APR) 2 Collection Items - $1100 Unpaid Rent - $900 Medical Bill - $200 Here is a breakdown of my monthly payments to these items: Payday Loan - $206 Collection Items - $100 This loan through prosper will reduce my monthly payments from $306 per month to $76 per month and save me close to $230 each month that I can put towards my business trip. My financial situation: Although my credit rating is poor, I have been working very hard for the past 18 months to improve my rating. My credit score has gone from the low 400's to upper 500's, more than 150 points, over the past year due to paying everything on time and in full. For the past 18 months every credit card, car and loan payment has been on time with no lates. There are 4 current delinquencies on my report which are 4 items in collections. I do make small payments to the items in collections each month but have yet to fully pay them off. The 29 delinquencies in the past 7 years are due to my student loans going into default. Immediately out of college I did not have the money to pay these two student loans and they defaulted after a few months. About 2 years ago I began making double payments to each student loan and brought them out of default within 9 months and now continue to make on-time monthly payments to both student loans. I will be setting up the payments on automatic deduction from my bank account to ensure prompt, on-time monthly payments. I am re-listing at a lower amount since my previous listing had not fully funded. About me: I am a hard working IT Professional that helps design, implement and maintain the IT infrastructure for my company. I am happily married with two children. I will be taking a trip to Germany during the summer of '08 for career training at my company's head office in Germany. This will be my first trip overseas and I am very excited to visit a new country. If you would like to know more about me or my financial situation... please do not hesitate to ask. Thank you in advance for looking and for your support! Monthly net income: $ 3200 Monthly expenses: $ 2821 Housing: $ 900 Insurance: $ 43 Car expenses: $ 320 Utilities: $ 180 Phone, cable, internet: $ 106 Food and household supplies: $ 450 Other loan and CCs: $ 316 Other expenses (gas): $ 200 Debt to be consolidated: $ 306 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 221705 | Taking a Buisness Trip to Germany | HR | $4,500 @ 29% | Nov 16, 2007 | Withdrawn |
| 241139 | Debt Consolidation and CC Payoff at Max Rate | HR | $5,500 @ 35% | Nov 30, 2007 | Expired |
| 248399 | Debt Consolidation and Loan Payoff | HR | $3,700 @ 35% | Dec 10, 2007 | Expired |
| 252672 | Debt Consolidation and Loan Payoff | HR | $3,700 @ 35% | Dec 18, 2007 | Withdrawn |
| 253911 | Debt Consolidation, Credit Card and Loan Payoff | HR | $3,000 @ 35% | Dec 20, 2007 | Expired |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|