Help rate-capped situation with debt consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Expired |
| Grade: | D | DTI: | 34% |
| Lender Rate: | 11% | Borrower: | reedog117 |
| Finished | State: | VA | |
| Funded: | 0% | Group: | Have Money - Will Bid |
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Purpose of loan: I recently got married to a foreigner and as a result, spent a lot of money on the wedding, immigration documentation, and other items. In addition, she was not able to work until receiving work authorization. The added debt and financial burden brought me into negative cashflow until finally obtaining a job with a $30K/yr increase in salary, so I am trying to consolidate and eliminate as much debt as possible using low interest loans and my assets to help my situation. In addition, my wife has just accepted a job where she will be earning $37K/yr, to further aid in loan repayment. My credit score was killed because of max'ing my credit cards to support myself and my wife while she was unable to work. I used to have a credit score above 700 less than 2 years ago! However, I have never missed a payment or been delinquent on any type of credit. My low credit score is singly only because of the utilization of my credit cards. Please note that about $92,000 of my revolving debt is actually a HELOC on my investment property. I understand that this loan is very heavily rate-capped due to it originating in Virginia. Please contact me if you have questions, or if you want additional documentation before funding this loan. My financial situation: I am a successful IT consultant in a job market where I am in high demand due to my qualifications (Master's Degree from top 10 university, security clearance, etc.). The monthly net income below takes into account my current job which has a gross annual salary of $115,200/yr. I also receive $150-600 per month in reimbursed work expenses (telecom and mileage). I also tutor or teach continuing education classes, and take on various web design jobs as I can find the time to do them; I will be using this to help with my debt as well. In addition, my wife just accepted a job with an income of $37,500/yr. Also, I am expecting a tax refund for 2007 of about $4,000 I've never missed a payment, and have a decent amount of assets that I am also using to flush out as much debt as possible. I have listed the debts and assets below that I will consolidate to pay off debt as quickly as I can. I expect to repay this loan in fewer than the 36 months given normally to Prosper loans. Thank you very much for reviewing my loan request, and I hope you can help my wife and I through this situation so we can get ourselves back on track. Monthly net income: $8750-9350 = $ 7000 (from first job) + $1600 (investment property income) + $150-600 (variable from reimbusements + odd jobs) Supplemental monthly net income from wife = $2400 Monthly expenses: Housing: $ 2800 (1st and 2nd mortgage + HOA) 2nd investment property: $2170 (mortgage + HELOC + HOA) Insurance: $ 200 Car expenses: $ 911 (refi'ed from $1250!) Utilities: $ 120 Phone, cable, internet: $ 400 Food, entertainment: $ 300 Clothing, household expenses $ 200 Credit cards and other loans: $ see below Other expenses: $ 275 - Vinyl Siding loan for Investment Property ($16900) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 173041 | Consolidating debt | C | $25,000 @ 11% | Jul 20, 2007 | Withdrawn |
| 173189 | Consolidating debt | C | $25,000 @ 11% | Jul 20, 2007 | Expired |
| 360227 | Help with debt consolidation - 3rd relist! | C | $25,000 @ 35% | Jun 30, 2008 | Expired |
| 374709 | Help with debt consolidation - 3rd relist! | C | $15,000 @ 35% | Jul 29, 2008 | Expired |
| 381362 | Help with debt consolidation - 4th relist! | C | $7,500 @ 25% | Aug 11, 2008 | Loan created |
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