Debt Annihilation
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,735.00 | Status: | Loan created |
| Grade: | AA | DTI: | 37% |
| Lender Rate: | 13% | Borrower: | FrdmNow |
| Finished | State: | KS | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-02 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 30, 2008 | Current |
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Purpose of loan: I would like to pay off two high-interest loans; one for $16,570 and the other $3,165. At this time (due to the interest rates) it will take me 6.8 years to pay them off. With this loan, I will be able to pay them off in 3 yrs or less. I will be setting up automatic deduction for this loan, as well as paying slightly more than the minimum payment. The larger of the two amounts was due to being laid off from a previous job. Having no savings but good credit at that time, I used my credit to pay all my bills (mortgage, food, gas, utilities) till I could get another job. In addition to covering my daily/monthly expenses, it also includes an engine re-build for my car. The smaller amount is a balance transfer from a very high interest credit card onto a slightly lower interest loan. That card was closed (by me), after the transfer was complete. My financial situation: I am a good candidate for this loan because even though my debt is high, I pay my bills on time, and usually slightly more than what they call for. I am a full time employee, and have been with my company for almost 7 years. If my company does well, I receive a quarterly bonus that I can put towards my debt. The bonus money is not included within the information below because receiving the bonus is not guaranteed. I am currently paying $700 per month for both loans at this time. This loan is a replacement of the existing two, and will not add to my current budget, but will provide some space. Monthly Net Income: $4,000 (mine only) Husband 1,900 Monthly Expenses: $3,592 (without utilizing Husband?s income) - Home: $1087 - Car Expenses: $592 (one car paid off; one car new ? pay off in 2011) - Utilities: $100 to $275; Phone/Cable/Internet: $113 - Savings: $150 for car insurance, gifts, holidays - Credit (not credit card): $475 pay off 11/2009 - Credit (not credit card): min due $70/ pay $100* (Replacement of this loan) - Credit (not credit card): min due $534/ pay $600* (Replacement of this loan) - Food: $200 supplemented w/ garden veggies Regarding revolving credit: There are two credit cards I use when needed. Amex (which requires the balance to be paid off every month), and one Visa card. If the Visa card is used, the balance is also paid off every month. What is out lined above is my budget. I have been living with this budget for almost 2 yrs now. Please notice that after Nov 2009 $475 will be freed up from my budget. Every other month after that date, an additional $475 will be placed on this loan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 366381 | Paying of in 3 yrs two credit accounts | AA | $20,500 @ 12% | Jul 13, 2008 | Expired |
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