High-interest loan xfer to prosper
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Expired |
| Grade: | D | DTI: | 21% |
| Lender Rate: | 8% | Borrower: | RightDirection |
| Finished | State: | TX | |
| Funded: | 0% | Group: | Vets helping Vets |
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The purpose of this loan request is to get out from under a high interest rate loan on a credit card. I currently have a prosper loan on file with an excellent payment history and no problems whatsoever. That prosper loan helped me to knock out a substantial portion of my debt ((notice decrease in debt-to-income ratio from then to now)) and this loan will help me to do the same with a credit card that carries a crazy interest rate of 29%. My credit report will show one deliquency. That occurred because of being 3 months behind on my mortgage payment. My home is a rental property and I had serious problems with my last renters not paying rent, which led me to eventually evict them. This not only cost me in monthly rent, but also in lawyer's fees. I now have solid, stable renters and am back on track. I am also paying an extra $700/month for the next 4 months to get caught back up on the mortgage payment. This is what caused the drop in credit grade since my original prosper loan. I have also sold one of our two vehicles, which saves me $550/month in payments, approximately $200/mo in gas and another $50/mo in insurance. The $550/moth truck payment (as shown below) is gone, replaced by a $300/mo car payment. I am in a good position to take out this loan and would much rather pay a group of lenders on prosper.com than this lousy credit card, which will be cut in half and account closed if I am able to close on this loan and pay that card off. I have left my original prosper loan listing below. Also, I should note that I recently got a raise and my annual salary is now $84,500. I will also be obtaining a guaranteed $10,000 bonus (approximately $6700 after taxes) in the spring of 2008 from my current employer.I appreciate your consideration. A brief history/summary follows: I separated from active duty Air Force after serving ten years. All of my service time was spent overseas, so my wife and I had base loaner furniture and appliances. After I got out, we went a little crazy and bought all brand new furniture/appliances on one of those 3-year, no interest plans. Unfortunately, I never paid the balance off and am now stuck with a 24% interest rate on the balance of the loan ($9000). One might not think you could do much growing up in three years, but that experience taught me a lot and I?m bound and determined to get this loan paid off and not get myself sucked into something so stupid, ever again. At the time I bought the furniture, I was making $57K/year. My wife and I bought a house (in Texas) and thought we had our budget figured out until I figured in property taxes and lots of other small bills that seemed to pile up (including gas and fuel costs). Suddenly, we were wracking up debt. I ended up taking a job in Iraq and paid off most of the debt we had accumulated. I am left with the furniture/appliance loan and a credit card. I am also now making $80K/year (about $4400/month after taxes). We also have moved and now have renters in our home, with the monthly rent equaling the mortgage payment. Our monthly bills include: -$800 ? apartment rent and utilities -$270 ? credit card minimum -$550 ? truck payment -$400 ? minimum payment on furniture/appliance loan (Citifinancial loan to be replaced by prosper loan) I appreciate your consideration and welcome any questions. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 106858 | Furniture | C | $9,000 @ 13% | Mar 05, 2007 | Withdrawn |
| 107183 | Furniture | C | $8,000 @ 15% | Mar 06, 2007 | Withdrawn |
| 109021 | Furniture | C | $8,000 @ 17% | Mar 09, 2007 | Expired |
| 113625 | Furniture/Appliance | C | $9,000 @ 15% | Mar 20, 2007 | Loan created |
| 233555 | Credit Card | D | $10,000 @ 8% | Nov 18, 2007 | Withdrawn |
| 233860 | Credit Card loan xfer to prosper | D | $10,000 @ 8% | Nov 18, 2007 | Withdrawn |
| 346895 | High-interest loan xfer to prosper | D | $10,000 @ 9% | Jun 08, 2008 | Expired |
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