Now Not-Starving Scientist Seeks Debt Consolidation (rev 5)
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,900.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 20% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 12% | Group: | Debt Consolidators |
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20% debt to income ratio REVISED -- Starting interest-rate was at max to be financially prudent, especially given my A credit and loan amount. Anything higher was not likely to auction below 20%, which is the whole point in reducing high-APR debt. So instead, I've reduced loan amount & rate, and thus the monthly payment. Questions Welcome! Prosper not showing my DTI is a concern, but I have no choice, with both W-2 & self-employment income. However, as advised by 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 + 294 (this loan)] / 6250 = 20%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Depending on final APR, first Prosper loan is payed off, with new lower loan payment replacing old one, or I pay down a large piece of revolving credit debt, in either case reducing monthly outflow. At this lower amount, I can now comfortably handle the new payment. I'll also bank some portion of the loan as cushion. 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, & 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. 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/or also pay down a large portion of remaining high-APR credit debt, thereby reducing total monthly outflow. CREDIT RECORD My credit is excellent, and as before, there are NO delinquencies outside the bankruptcy (see below). In fact, I have paid more than the minimum, NEVER LATE, on all accounts, before & 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 20% (down from 64%). 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. MONTHLY INCOME & EXPENSES Gross Income Full-time Contract $4000 Freelance Tutoring 2500 Spouse income 400 Total $6900 Net $6250 Expenses Health Ins $1155 Prosper Loan 1 443 Credit Card Pymt 517 Mort, Ins, Household 3250 Total $5365 |
| 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 |
| 376277 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 3b) | A | $9,875 @ 23% | Aug 01, 2008 | Withdrawn |
| 377662 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 4) | A | $9,875 @ 26% | Aug 04, 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 | Open |
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