Consolidating credit card debt from troubled biz venture
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 27% |
| Lender Rate: | 26% | Borrower: | SocNetWizard |
| Finished | State: | CT | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 1 month late | Origination Date: | 2008-06-16 | EricsCC ROI: | -53% |
| Status History | |
|---|---|
| Jun 14, 2008 | Current |
| Oct 02, 2008 | Late |
| Oct 15, 2008 | Current |
| Oct 31, 2008 | Late |
| Nov 18, 2008 | 1 month late |
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Purpose of loan: This loan will be used to consolidate credit card debt I amassed from a business venture that did not go as planned. I spent over $500,000 on the venture out of my own pocket that is now sunk cash, however I still have lingering American Express bills that I need to clean-up and consolidate. My financial situation: I am a good candidate for this loan because I have been and am a successful entrepreneur. Things don't always work as planned so I am just reorganizing. In addition to taking a full-time job to cover my regular living expenses, I have just agreed to take on a consulting job to help get my situation into recovery. Because my current extra debt is on American Express accounts, I have less leeway on floating the money so I wanted to try Prosper as a means of getting the situation under control. I expect to take care of the loans in a timely basis, and get my situation back to even keel. Monthly net income: $ 8,333 in salary+ $2,000 from a new consulting engagement started in 06/2008. Monthly expenses: $ Housing: $ 1275 ($600 mortgage + $675 property tax) Insurance: $ 197.25 (home & personal term life) Car expenses: $ 847.72 ($647.72 for two cars + $200 in gas) Utilities: $404 ($120 electric + $254 oil + 30 trash/recycle) Phone, cable, internet: $ 379 ($190 phone/cable/internet + $189 cell) Food, entertainment: $ 900 ($700 food & $200 entertainment) Clothing, household expenses $ 220 ($120 for misc activities, children activities, church + $100 budget for clothing etc) Credit cards and other loans: $ 519.45 (319.45 home equity loan + $200 misc personal credit cards) Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 337433 | Consolidating credit card debt from troubled biz venture | C | $15,000 @ 32% | May 22, 2008 | Expired |
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