Starting new business after disability, bankruptcy
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Expired |
| Grade: | D | DTI: | 232% |
| Lender Rate: | 35% | Borrower: | lesfull |
| Finished | State: | CA | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: After becoming disabled in December of last year, I have had to seek out at-home work in order to support my family. I have seven years of experience teaching both in classrooms and at home-schooling programs. Following my background, I am trying to start a home-school consultation service. My service will include: - helping families set up their home-school with their LEA or district - selecting home-school curriculum - creating lesson plans - tutoring - completing assessments and testing I plan on creating and consulting from a home office. In order to do that, I initially incur several expenses. Those include: Business license and EIN: $20 Professional and General liability insurance: $2000 Office furniture: $1000 Testing materials: $400 Business cards, fliers and brochures: $100 Web site and advertising: $500 Miscellaneous expenses such as professional journals, association dues, etc: $1000 Educational consultants can charge between $25 and $45 depending on experience. I plan to charge a rate of $30 an hour with options for families to pay for yearly consultations and testing for up to $400.To be honest, I do not expect to make more than $10K to $15K my first year. My husband makes $3000 a month at his job, so repaying the loan should not be a problem. However, because of the difficulties we have had over the last year, I do not have any savings and cannot obtain a business loan. Any help trying to get my business started would be greatly appreciated. My financial situation: Prior to December of 2006, I had never had a single collection, 30-day late, lien, etc. My credit was perfect. The only black marks on my credit are from December 2006 to March 2007 when I initially fell ill and had to file chapter 7 bankruptcy. Before that and after that everything is perfect. I consider paying your bills on time to be a reflection of your character and found it very difficult to abandon my obligation to pay them by filing bankruptcy. I am very interested in rebuilding my credit and will not do anything to damage it again. My credit says that I have a DTI of 232%. This is not the case. All of the debt on my credit has been included in my bankruptcy. I have a secured credit card with a $200 limit that I have obtained to rebuild my credit. Other than that, I just have the regular monthly bills everyone else has i.e. rent, utilities, etc. I have no car payments, additional loans, etc. Monthly net income: $ 3000 (from my husband) Monthly expenses: $ 2741 Housing: $ 1000 Insurance: $ 36 Car expenses: $ 0 (paid off) Utilities: $ 200 Phone, cable, internet: $ 150 Food, gas, entertainment: $ 750 ( I have seen some people put this as low as $200 but I live in Southern California and I'm being honest, there is NO WAY I could live with that little set aside for food, etc.) Clothing, household expenses $ 50 Credit cards: $ 15 Taxes: $300 Loan: $250 All extra money goes into a combination of retirement accounts, emergency funds, and long-term savings that we have been trying to rebuild. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 160535 | Relocation assistance for better job- low DTI | E | $1,500 @ 18% | Jun 29, 2007 | Withdrawn |
| 163848 | Relocation assistance for better job- low DTI | E | $3,000 @ 25% | Jul 05, 2007 | Expired |
| 263857 | Teacher Starting New Tutoring Business | D | $5,000 @ 35% | Jan 12, 2008 | Withdrawn |
| 263860 | Teacher Starting New Tutoring Business | D | $5,000 @ 35% | Jan 12, 2008 | Withdrawn |
| 264725 | Teacher Starting New Tutoring Business | D | $5,000 @ 35% | Jan 13, 2008 | Expired |
| 271482 | Teacher Starting New Tutoring Business | D | $3,000 @ 20% | Jan 25, 2008 | Loan created |
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