Paying off arrears so I can buy a home

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Listing Information
Amount: $10,000.00 Status: Loan created
Grade: AA DTI: 6%
Lender Rate: 13% Borrower: payoff20
Time Left: Finished State: AZ
Funded: 100% Group: (No Group)
Loan Information
Loan Status: Current Origination Date: 2008-10-08 EricsCC ROI: 12%
Status History
Oct 07, 2008 Current
 Hi, I went through a few years of hard times and was not able to pay the full amount on my child support. At the time I didn't know that I could have the monthly amount reduced. I thought that we had a binding contract in our divorce decree. I owe approximately 60k. My ex wife says that she will accept 20k. I will use $10,000 from a credit card and I would like to get the remainder here, hopefully at a lower rate. I am currently paying her $666 per month toward the arrears but I am paying 10% interest on the 60k. I can pay off a $60,000 debt with $20,000 and boost my credit rating. The arrears are on my credit report. I have a steady job with decent pay and over 20 years experience in the same field.  I am a tester / troubleshooter on dense wavelength division multiplexing fiber optic communication systems. Basically what I do is turn up the systems that make it possible for the major phone companies like QWEST and Verizon to provide very hi speed internet / television / phone services. I travel with my job 5 days a week. All of my expenses are paid by the company when I travel. My rent is $350 per month including all utilities. My internet is paid by my company. My weekend meals approximately $200 per month. I spend about $100 per month on vitamins. My health insurance is $71 a month. My car and bike insurance is less than $100 a month. Gas for car and bike approximately $75 per month. Child support now is only $400 per month. I pay an additional $666 per month in arrears. This loan will make the arrears go away and the $666 will go toward paying this loan and what I will use from credit card for this. My finances won't change except that I will save $40,000 plus interest. My vehicles are paid in full.  I owe $529 on the credit card that I will use for this. That amount will be paid in full on 9-26-08. I have 2 other credit cards. One that I don’t use and the other I use for company expenses which they reimburse. I have a 401k and investments in stock that I don't want to touch. My income is $7100 month gross, $5200 net. My expenses are approximately $1962 per month. In addition I contribute 15% of my gross to a 401K. I have also been investing 10% of my gross in stocks. I plan to add that 10% of gross to pay down what I add to the credit card that I use for this. When that is paid in full the 10% will be added to this loan payment. My ex wife and I have both talked to the people at D.E.S. child support division. In Arizona she can waive the arrears. She has never been on welfare so the state does not have that control.  I think that I have proven that I pay my bills. I had a few really bad years but I was still paying as much as I could on my child support. I was turned down for a home loan earlier this year because the arrears are on my credit report. The report shows that there haven't been any late payments but the amount is high.  Thank You
P.S. I used the picture of the bike because it is much better looking than I am. 
Borrower's Other Listings
402368 Paying off arrears AA $20,000 @ 18% Sep 22, 2008 Withdrawn
403649 Paying off arrears so I can buy a home AA $10,000 @ 11% Sep 24, 2008 Withdrawn

 

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