Great Income, high interest cards are all I have left!
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 26% |
| Lender Rate: | 19% | Borrower: | mmatos |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-10-02 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Oct 02, 2008 | Current |
|
Purpose of loan: Simply pay off high interest credit cards. I have attempted to negotiate with the banks, but only one was willing to work with me (Capital One). My financial situation: A couple of months ago, I realized it was going to take me 10 years to pay off my debt at the rate I was going. I decided to do something drastic: I moved in with a friend who has graciously recommended I stay as long as needed to pay off my debt. This arrangement means I have no rent or utility bills, and am paying my friend $500/mo (at my insistence) to stay. Over the last few years, I have managed to bring my debt from $27,000 to around $16,000. I am motivated to pay the rest of this off within the next year. I am an IT Program Manager for fairly large company. I have been with the company for 4 years and have received a promotion each year. I am actually being promoted again in 2 weeks and the paperwork is being processed for a salary raise. I currently make $62,000 and my promotion will bring me to a minimum of $75,000 (possibly more pending President approval). As part of my deal, I have received a company vehicle and gas card, so I am now in the process of selling my personal vehicle, which eliminates a car and insurance payment (as well as gas expenses!). Additionally, I have stopped contributing to my 401K and have banned myself from all unnecessary discretionary expenses. I have a beautiful 4 year old daughter that I travel to see once a month, and depending on whether or not I can combine it with a business trip, this sometimes costs me around $500 a trip (depending on gas/plane ticket prices). The reason my credit is damaged right now is due to high balances (I have been shutting off credit cards as I pay them off) and because about a year ago I was affected by identity theft (my bank account was wiped clean, and I was unable to pay bills for 2 months until it was resolved; this also affected my Prosper account). As you can see, I am doing everything I can to pay off my debt. I just sent a $1700 payment to one of my credit cards a couple of days ago. Monthly net income: $3552 (based on 4.3 weeks/mo) Paycheck deductions include Health, Life and Disability Insurance. Monthly expenses: $ ~1850 Housing: $ 500 Insurance: $ 0 Car expenses: $ 0 Utilities: $ 0 Phone, cable, internet: $ 0 Food, entertainment: $ 100 Clothing, household expenses $ 50 Credit cards and other loans: $ 700 Other expenses: $500 (Daycare, Clothing, etc) Debt: The debt that I intend to pay off is as follows: HSBC: $1685.66 (29.99%) Wamu: $3500.60 (29.99%) Capital One: $2252.61 (12%) Dell: $1686.50 (24.99%) Prosper: $900 AGF: $1500 (17%) With this loan, I will be paying off and closing down my credit cards, and only keeping one open for emergencies (Capital One, since they are the only company who was willing to work with me to reduce my interest rate). I definitely have the income and means to pay back my Prosper loan. I can and will upload scans / screenshots / etc of anything needed to verify the above. Thank you so much for considering my listing. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 32109 | Hurricane Preparation & Reinvest into Prosper | D | $2,000 @ 17% | Aug 17, 2006 | Withdrawn |
| 32112 | Hurricane Preparation & Reinvest into Prosper | D | $2,500 @ 15% | Aug 17, 2006 | Loan created |
| 225543 | Prosper Lender in hard times - debt consolidation | D | $15,000 @ 16% | Nov 03, 2007 | Expired |
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