Now Not-Starving Scientist Seeks Debt Consolidation (rev 7)
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,600.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 20% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 10% | Group: | Debt Consolidators |
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21% debt to income ratio 13% after replace 1st loan REVISED -- Requested amount was as low as sensible, given the whole point is to replace 1st Prosper loan and still have a cushion ($2000+) for unexpected expenses, with some $ to reduce other high-APR debt. So, I'll try this amount. Apparently, at higher loan amounts the numbers didn't fly for many lenders, due perhaps to doubt regarding my intention to replace 1st loan. In reply, I note the new payment is at least $123 lower, and offer my perfect Prosper history and the transparency & consistency in my listings as assurance. Questions Welcome! Prosper not showing my DTI is a concern, but I have no choice, with both W-2 & SE income. However, as advised by Lenders, here is the detailed calculation using the Prosper formula of monthly credit debt over net income (see Income & Expenses): DTI = (517 + 443 + 320 this loan) / 6250 = 21%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Immediately pay off 1st Prosper loan; new lower payment replaces old one (perfect history), reducing monthly outflow by $123 or more, depending on final APR. 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 a 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. This new loan will replace my 1st Prosper loan at a lower payment (and hopefully auctioned-lower APR), provide a savings cushion, and pay down a portion of my higher-APR credit debt. CREDIT RECORD My credit is excellent, and as before, there are NO delinquencies (DQs) 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 the 1st loan, I now have: • fewer credit lines (8, down from 14) • bankcard utilization of 59% (down from ~100%), and • DTI only 15% (down from 64%). Bankruptcy (BK) The 1 public record in my profile is the BK, which ended Feb '05. The 29 DQs are all from the BK, in which existing accounts 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 from a health emergency in 2004. Perfect payment history prior to BK; perfect history after. MONTHLY I & E (updated) Gross Income Full-time Contract $4000 Freelance Tutoring 2500 Spouse income 400 Total 6900 Net after taxes $6250 Expenses Health Ins $1155 1st Prosper Loan 443 Credit Pymt 517 Mrtge, Ins, Living 3445 Total $5560 |
| 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 |
| 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 |
| 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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