Help with debt consolidation - 3rd relist!
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | C | DTI: | 31% |
| Lender Rate: | 35% | Borrower: | reedog117 |
| Finished | State: | VA | |
| Funded: | 11% | Group: | (No Group) |
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Purpose of loan: The main reason for this loan is to reduce as much as possible revolving debt while paying less interest and increasing my credit rating. I have relisted many times due to VA's old rate cap of 11%. I recently got married to a foreigner and as a result, spent a lot of money on the wedding, immigration documentation, and other items. In addition, she was not able to work until receiving work authorization. The added debt and financial burden brought me into negative cashflow until obtaining a job with a $30K/yr increase in salary, so now I am trying to consolidate and eliminate as much debt as possible using low interest loans and my assets to help my situation. In addition, my wife is now working at a job where she earns $42K/yr to further aid in loan repayment. My credit score was killed because of max'ing my credit cards to support myself and my wife while she was unable to work. I used to have a credit score above 700 2 years ago! I have never missed a payment or been delinquent on any type of credit. My low credit score is only because of the utilization of my credit cards. Please note that ~$92,000 of my revolving debt is a HELOC on my investment property. Please contact me if you have questions, or if you want additional documentation before funding this loan. Also send me a public question about my current debts, as I ran out of room here in the description. My financial situation: I am a successful IT consultant and am in high demand due to my qualifications (BS & MS from top 10 university, security clearance, etc.). The monthly net income below takes into account my current job with a gross annual salary of $115K/yr. I also receive $150-600 per month in reimbursed work expenses (telecom and mileage). I tutor or teach continuing education classes, and take on various web design jobs as I can find the time to do them. A new fairly steady side consulting gig I just became involved in pays $50/hr and averages 30-40 hr/month also resulting in additional repayment funds. I've never missed a payment, and I have listed the debts that I will tackle first. I expect to repay this loan in fewer than the 36 months given normally to Prosper loans. Thank you very much for reviewing my loan request, and I hope you can help us through this situation so we can get ourselves back on track. Monthly net income: $8750-9350 = $ 7000 (from first job) + $1600 (investment property income) + $150-600 (variable from reimbusements + odd jobs) + Supplemental monthly net income from wife = ~$2600 (targeting at least $1000 and ideally $1400 to aid in repayment) Bills to consolidate Back of the envelope calculation: Approx $42K in revolving debt, Total Monthly $1300, Total APR ~21.9% |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 173041 | Consolidating debt | C | $25,000 @ 11% | Jul 20, 2007 | Withdrawn |
| 173189 | Consolidating debt | C | $25,000 @ 11% | Jul 20, 2007 | Expired |
| 274601 | Help rate-capped situation with debt consolidation | D | $25,000 @ 11% | Feb 01, 2008 | Expired |
| 360227 | Help with debt consolidation - 3rd relist! | C | $25,000 @ 35% | Jun 30, 2008 | Expired |
| 381362 | Help with debt consolidation - 4th relist! | C | $7,500 @ 25% | Aug 11, 2008 | Loan created |
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