Avoid Paying Uncle Sam
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 18% |
| Lender Rate: | 12% | Borrower: | hmfog |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-30 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jul 30, 2008 | Current |
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Purpose of loan: This loan will be used to pay off an early distribution on my 401k and avoid the hefty taxes that I will owe if I can't put the money back in within 60 days. For personal reasons (mainly family conflicts) I decided to relocate my family to Florida for a "fresh start" in January of this year. I landed a position as a sr. financial analyst with an established company and was offered a nice relo package, but they did not purchase our home. We finally sold our home, but were caught in a negative equity situation when we sold. The good news is that I no longer have a home equity payment of close to $600/mo, but now I face the tax penalties if I cannot put the money back into my 401k within 60 days. This was my last resort to take the money out my 401k :(. I could owe upwards of $6,000 to the IRS in April if I dont put the money back in. I don't regret taking the risk of moving, as the job is working out great and my relationship with my husband and children has also thrived without the stress we were living under before. My financial situation: I am a good candidate for this loan because I have a good work history (7 years with my previous employer) and I also have an excellent credit history; but due to the relo I have some cc debt as well - which is why I am turning to prosper. We have cut back on a lot of the "extras" - we got rid of cable, the YMCA, eating out ($350/month savings). My husband also started serving at a high end French restaurant 3-4 nights a week to bring in some extra cash in tips (approx. $200/week). As for my credit worthiness, I have not had a delinquent payment in over 10 years and pay most of my bills online. As I stated before, we paid off our home equity loan which also frees up some cash. It would mean a lot to me to be able to put the $6K towards a loan payment rather than to pay Uncle Sam. I appreciate anything you could send my way! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 367111 | Repay my 401k | A | $15,000 @ 13% | Jul 17, 2008 | Withdrawn |
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