Payoff/consolidate payday loans to reduce monthly debt by 2K
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 24% |
| Lender Rate: | 35% | Borrower: | korel01 |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-10 | EricsCC ROI: | 34% |
| Status History | |
|---|---|
| Sep 09, 2008 | Current |
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Purpose of loan: consolidate payday loans My financial situation: Several years ago I borrowed heavily to invest in a family member's business which evidently failed. Typically I could have absorbed the loss and paid the debt however soon thereafter my employer was acquisitioned by another and our bonus stucture was changed which caused a significant reduction over a three year period in my income. Eventually my income increased and then surpassed pre merger levels and I was able to payoff most of what I had borrowed and save enough for a down payment on a home earlier this year. Unfortunately soon thereafter I borrowed money and used my cash reserves to lend my sister money to continue to pay her divorce attorney until a divorce settlement was finalized a couple of months later. When it was eventually finalized the settlement left her with the home which was fully leveraged and little else since the husband had ran up a signficant amount of debt after their separation which the court choose to include in the settlement so that she did not receive the expected funds. I was left in a situation where I was unable to pay a much larger than expected tax liability as my income had increased substantially last year and my withholdings where not properly allocated. To pay my income tax I turned in desperation to a payday loan which escalated into multiple loans over time as the huge impact of the fees affected my cash flow. With the consolidation of these payday loans I will free up over 2K in month income. I have never defaulted on a debt and will not. I work roughly 70 hours a week at my full time job and have recently rented one of my bedrooms to generate additional cash flow. Monthly net income: $ 5300 base salary 550 rent from roommate Approximately 16,000.00 in annual bonuses paid in jan/feb/march of each year. I get approximately 200 per month for cell phone and mileage reimbursement from my employer. Monthly expenses: $ Housing: $2200 (1800 mortgage PITI and 400 condo fee) Insurance: $100 Car expenses: $700 (includes car payment, gas, oi,l changes, etc) Utilities: $150 Phone, cable, internet: $180 (cannot reduce as my cell and internet is often used for work) Food, entertainment: $300 Clothing, household expenses $50 Credit cards and other loans: $1000 Other expenses: $2100 payday loan payments which would be exchanged for this loan payment. |
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