Now Not-Starving Scientist Seeks Debt Consolidation (rev 3b)
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,875.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 23% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 9% | Group: | Debt Consolidators |
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22% DTI REVISED -- Corrected expenses, as taxes now included in Net Income. Prosper not showing my DTI is a potential problem, but I have no choice, as I have both W-2 & self-employment income. However, as advised by some Lenders, here is the detailed calculation of the above DTI using the Prosper formula of monthly credit debt over net income (see Income & Expenses): DTI = [517 + 443 + 383 (this loan pymt, 23% starting rate)] / 6250 = 22%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Old loan to be payed off immediately. New lower loan payment replaces old loan payment, for which I've had a perfect Prosper history (23 months). My Story Due to deferred income as an officer of a technology company, I had to file for Chapter 7 bankruptcy in 2004. Since then, I have been successfully working as a Science consultant, IT contractor, and professional tutor. First Prosper Loan Used for transitional expenses while seeking full-time position. Financial Situation Mission accomplished. I now have a full-time consulting contract as Chief Scientist at my former company, and also a large & growing stream of income as professional tutor, which together provide a much more stable & substantially higher income; I am no longer a starving scientist. So why the new loan? Simply, we still run too close to the margin. Debt consolidation will enhance our monthly savings rate, and create a cushion against unexpected expenses. This new loan will pay off my first Prosper loan, and also pay down a sizeable portion of remaining high-APR credit debt, thereby reducing total monthly debt payments. CREDIT RECORD My credit is excellent (an A), and as before, there are NO delinquencies outside the bankruptcy (see below). In fact, I have paid more than the minimum, and NEVER LATE, on all accounts, before and after the bankruptcy. And, since my first loan, I now have: • fewer credit lines (8, down from 14) • bankcard utilization of 60% (down from ~100%), and • DTI only 22% (down from 64%). Review of Bankruptcy The 1 public record in my profile is the bankruptcy (BK), which ended over three years ago. The 29 delinquencies are only from the BK, in which all existing accounts go into default, and then a ?charge-off? for the creditor is reported. Of the 29 accounts, 8 were card accounts for me & my wife, and the rest were all medical accounts, due to a health emergency in 2004. Perfect payment history prior to filing for Chapter 7, and perfect payment history afterward. All 29 delinquencies are only from the BK. And one cannot file for bankrupty again for at least 6 years. MONTHLY INCOME & EXPENSES Gross Income Full-time Contract $4000 Freelance Tutoring 2500 Spouse income 400 Total $6900 Net $6250 Expenses Health Insurance $1155 Prosper Loan 1 443 Credit Card Pymnt 517 Mortgage, Household, Insurance 3250 Total $ 5365 Questions Welcome! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 31978 | Tester | A | $12,000 @ 18% | Aug 16, 2006 | Withdrawn |
| 32226 | Starving Scientist Needs Transitional Loan | A | $14,200 @ 18% | Aug 17, 2006 | Withdrawn |
| 34011 | Starving Scientist Needs Transitional Loan (revised) | A | $11,900 @ 20% | Aug 25, 2006 | Loan created |
| 343394 | No Longer Starving Scientist Seeks Debt Consolidation | A | $12,750 @ 17% | Jul 17, 2008 | Withdrawn |
| 369609 | Now Not-Starving Scientist Seeks Debt Consolidation | A | $12,750 @ 17% | Jul 18, 2008 | Withdrawn |
| 370383 | Now Not-Starving Scientist Seeks Debt Consolidation (rev) | A | $12,750 @ 22% | Jul 20, 2008 | Withdrawn |
| 372969 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 2) | A | $9,875 @ 20% | Jul 25, 2008 | Withdrawn |
| 375631 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 3) | A | $9,875 @ 23% | Jul 30, 2008 | Withdrawn |
| 375761 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 3a) | A | $9,875 @ 23% | Jul 30, 2008 | Withdrawn |
| 377662 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 4) | A | $9,875 @ 26% | Aug 04, 2008 | Withdrawn |
| 378338 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 5) | A | $7,900 @ 20% | Aug 05, 2008 | Withdrawn |
| 381048 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 6) | A | $6,900 @ 11% | Aug 11, 2008 | Withdrawn |
| 381957 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 6a) | A | $6,900 @ 19% | Aug 13, 2008 | Expired |
| 387695 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 7) | A | $8,600 @ 20% | Aug 27, 2008 | Withdrawn |
| 391521 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 7a) | A | $8,600 @ 20% | Sep 01, 2008 | Withdrawn |
| 391524 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 7a) | A | $8,600 @ 20% | Sep 01, 2008 | Expired |
| 396106 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 8) | A | $8,100 @ 19% | Sep 10, 2008 | Withdrawn |
| 399040 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 9) | A | $7,800 @ 19% | Sep 17, 2008 | Withdrawn |
| 399651 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 9) | A | $7,800 @ 19% | Sep 17, 2008 | Expired |
| 403703 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 9a) | A | $7,400 @ 18% | Sep 24, 2008 | Withdrawn |
| 406640 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 9b) | A | $7,100 @ 17% | Sep 30, 2008 | Withdrawn |
| 410148 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 10) | A | $6,500 @ 16% | Oct 08, 2008 | Withdrawn |
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