Paying off tax bills
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,700.00 | Status: | Loan created |
| Grade: | A | DTI: | 3% |
| Lender Rate: | 9% | Borrower: | NextStep |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-11 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jul 11, 2008 | Current |
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Purpose of loan: This loan will be used to pay off 2 outstanding tax bills. The first is owed to the IRS and I have been making payments as agreed for about two years. In addition, my latest year's tax refund was applied to the bill, taking it down to it's current level of about $3,700. The surprise in paying off this bill is the way the interest and penalties have continued to climb, to the point where now these add-ons are running at about 25% per month or 300% per year. Even if pay $1,000 per month, I could not achieve paying it off as it would accrue too fast. The second tax bill is owned to the state of Colorado for under $1K. Both tax bills are 2005, when I received some company stock outright that triggered paper profits. I'd like to pay this bill off in a lump sum asap, and then make my payments at a fair interest rate. My financial situation: I'm a good candidate for this loan because I am well employed as a marketing professional, I own a home, my debt to income ratio is very good, my credit is in the "A" range, and cash flow is positive and reliable. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 102188 | Tiding over during exec. job hunt | B | $15,500 @ 16% | Feb 21, 2007 | Withdrawn |
| 359285 | Paying off tax bill | A | $3,800 @ 11% | Jun 29, 2008 | Withdrawn |
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