Executive paying off credit cards -in short term cash crunch
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 16% |
| Lender Rate: | 15% | Borrower: | amati |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-06 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Jun 10, 2008 | Current |
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Greetings and thank you for considering my loan request. A note about my last listing: I had a listing about 2 weeks ago that got funded but I was overseas on business when the site requested information which I could not access remotely. I am relisting my original request. Purpose of loan: I am in a short-term cash crunch and want to pay off two credit cards and close them. The issue has come about from three factors: first, I recently moved from New York City to take a job as VP Online, running a $100+ million business for my employer. The move has caused some short-term cash challenges, what with apartment and auto deposits and simply getting settled in in Los Angeles. Second, my old employer, Solidus Networks, dba Pay By Touch, filed for Chapter 11 bankruptcy in December and owes me $69,000 which I don't expect to see as the debt of the company is too great and hedge funds are now holding the assets. This was for a month's payroll, three quarters guaranteed bonuses, accrued vacation pay, and travel expenses which were on these credit cards. Finally, last year I went through a divorce and my ex-wife would hold my invoices until they were late and then send them to me, so I was late on 2 payment periods last fall. This increased my previous interest rate which was a managable. 5.99%. As they say, it's been a perfect storm that has gotten me in to a bit of a pinch. My financial situation: I am a good candidate for this loan because I have a good paying job, I have a long track record of success in business, having been involved in the launch of several successful companies, and I work diligently to repay my debts. I used to be a homeowner but gave the house to my ex-wife in the divorce so that my children could stay in their childhood home. I am focused on work and my employer has been in business 9 years. I am running the 2nd largest revenue business unit for the company, providing almost half their revenue with the intention of tripling revenue in the next three years. I simply need to get these two VISA cards paid off as they hold mostly expenses incurred when working for Solidus Networks, and have the accounts closed. The interest rates on these cards are $12,000 at 25.99% and 13,000 at 16.99%. This will leave me with one VISA (credit limit $2,000) and my American Express card, which is what I normally use as I pay it off every month. In short, I am a senior executive, who through a couple unfortunate events, has found himself in a cash crunch situation that I never anticipated. Thank you for considering my loan request. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 325354 | Executive paying off credit cards -in short term cash crunch | A | $25,000 @ 17% | May 04, 2008 | Cancelled |
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