Now Not-Starving Scientist Seeks Debt Consolidation (rev 9)
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,800.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 19% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 0% | Group: | Debt Consolidators |
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20% debt to income ratio 13% after replace 1st loan REVISED -- Lower loan amount, and updated Credit section. 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. All DQs are from the BK only, in which existing accounts default and then a ?charge-off? for the creditor is reported. Of the DQ accounts, 8 were card accounts for me & my wife, and the rest were all medical accounts from a health emergency in 2004. Prosper shows a change in the number of DQs from the BK; Experian shows no change. Regardless, both Prosper & Experian confirm there are no DQs since Feb 2005. Perfect payment history prior to BK; perfect history after. Questions Welcome! Prosper not showing 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 + 286 this loan) / 6250 = 20%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Immediately pay off 1st Prosper loan; new lower payment replaces old one, reducing monthly outflow by $157 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 expenses are less than income, large out-of-pocket medical costs arise fairly often, along with car maintenance (two ancient cars), and business (quarterly) & property taxes (due soon). We have been unable to build any significant savings. This new loan will replace 1st Prosper loan at a lower payment & APR, provide a savings cushion, and allow more rapid pay-down of higher-APR credit debt. MONTHLY I & E Gross Income Full-time Contract $4000 Freelance Tutoring 2500 Spouse income 400 Total 6900 Net Income (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 |
| 396106 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 8) | A | $8,100 @ 19% | Sep 10, 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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