Now Not-Starving Scientist Seeks Debt Consolidation (rev 9b)
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,100.00 | Status: | Withdrawn |
| Grade: | A | DTI: | 0% |
| Lender Rate: | 17% | Borrower: | DrScience |
| Finished | State: | CO | |
| Funded: | 4% | Group: | Debt Consolidators |
|
19% debt to income ratio 12% after replace 1st loan REVISED – Reduced loan amt (& APR), about as low as can still leave cushion & pay down more credit debt. Total of both loans is now less than original 1st loan amt. CREDIT RECORD My credit is excellent, with NO delinquencies (DQs) outside the bankruptcy (BK – see below). In fact, I have paid more than the minimum, NEVER LATE, on all accounts before & after BK. And since 1st loan: • 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 that ended Feb '05. All DQs are from the BK only, when existing accounts default and a “charge-off” is reported. Of the DQs, 8 were card accounts for me & my wife; the rest were medical accounts from health emergency in 2004. Prosper shows a change in number of DQs in BK; Experian shows no change. Regardless, both Prosper & Experian confirm no DQs since Feb '05. Perfect payment history prior to BK; perfect history after. And BK is forbidden for at least 7 years (for me, never again). 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, the detailed calculation using the Prosper formula of monthly credit debt over net income (see I & E) is: DTI = (517 + 443 + 253 this loan) / 6250 = 19%. PURPOSE OF LOAN Debt consolidation. REPAYMENT Immediately pay off 1st Prosper loan; new lower pymt replaces old one, reducing monthly outflow $190 or more, depending on final APR. My Story Due to deferred income as 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 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 (soon). We have been unable to build significant savings. New loan replaces 1st Prosper loan at lower payment & APR, provides savings cushion, and allows faster pay-down of high-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 |
| 396106 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 8) | A | $8,100 @ 19% | Sep 10, 2008 | Withdrawn |
| 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 |
| 410148 | Now Not-Starving Scientist Seeks Debt Consolidation (rev 10) | A | $6,500 @ 16% | Oct 08, 2008 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|