Now Not-Starving Scientist Seeks Debt Consolidation (rev 8)
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,100.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 19% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 5% | Group: | Debt Consolidators |
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20% debt to income ratio 13% after replace 1st loan REVISED -- Decreased amount to bring payment under $300, lowering DTI, and still leave enough cushion. Also, as lenders are bidding late, APR is unlikley to be auctioned lower, so reduced the interest rate to below current loan. 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 58% (down from ~100%), and • current 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. 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 + 297 this loan) / 6250 = 20%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Immediately pay off 1st Prosper loan; new lower payment replaces old one (perfect history), reducing monthly outflow by $146 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 (hardest thing I've ever done). 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. Although my expenses are less than my income, large out-of-pocket medical expenses come up fairly often, along with car maintenance (two ancient cars), and business (quarterly) & property taxes (due soon). So, we have been unable to build any significant savings. This new loan will replace my 1st Prosper loan at a lower payment (and lower APR), provide a savings cushion, and allow me to pay down more rapidly a portion of my higher-APR credit debt. MONTHLY I & E 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 |
| 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 |
| 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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