Eric's Credit Community

This is my second real attempt at getting 100% funded. The other listings were trial and error as I had no idea what I was doing when I first signed up for prosper. I'm not trying to get a quick fix to my credit/debt problems. Regardless if I get funded or not, I have obligations that I need to continue paying. This loan would merely speed up the process.

1. Purpose of loan-To repay outstanding accounts, bring delinquent accounts current.

2. Brief explanation of how you dug the hole and plans for future-
Spending money frivolously. Eating out every night. Car problems. I've been working aggressively in the last year to improve my credit score and pay off old debts. I've managed to raised all 3 of my reports 100 each in the last year. I am currently in the process of paying off two collections accounts and working out a payment plan to pay all the other ones as well.

3. Income-I've been with my company for a little over 3 and a half years now. I'm a support consultant. I make 41,000 a year base pay, with a quarterly bonus which equals to 5,000 a year.

Current Budget:
Total Monthly Income: $ 2338.66
Total Monthly Expenses: $ 1835.04
Difference (Income - Expenses): $ 503.62


Monthly Income: Step 1
Salary/Wages (after taxes): $ Interest/Dividends: $2338.66
TOTAL INCOME: $ 2338.66

Monthly Expenses - Housing: Step 2
Mortgage/Rent: $512.50
Heat/Electricity: $70.00
Telephone: $95.00
Cable: $25.00
Miscellaneous: $
TOTAL HOUSING: $ 702.50

Monthly Expenses -
Insurance and Food:
Auto Insurance: $ 101.00
Supermarket: $ 150.00
Eating Out: $ 40.00
Miscellaneous (food): $
TOTAL INSURANCE: $ 101.00 TOTAL FOOD: $ 190.00

Monthly Expenses: Step 4
Debt Payments (credit card, loans): $ 25.00
Transportation (car loan, gas, repairs, ...): $359.94
Education: $ 150.00
Alcohol/Tobacco: $ 110.06
Miscellaneous: $ 196.54
TOTAL OTHER EXPENSES: $ 841.54

The extra $503.62 has been going to several things the last few months. I've settled a couple of old collection accounts (1 time payments), yes I've blown some of it on unnecessary things, and I've vowed not to do this any longer.




5. List of debt you intend to payoff (amount + corresponding interest rate)Everything on my credit report minus my student loans.-Car Loan Balance: $3,428 Numerous charge offs and collection accounts totaling: $2,181(see below) $1,873.97 to my corporate credit card.(used it to repair my car this month and I have 60 days to pay it in full)

6. List and explanation of delq's
*This is all collection accounts. These have been sitting on my credit report for a few years. I'd like to pay them off and move on.
SAN BERNARDINO COUNTY LIBRARY: $83.00- Unreturned books. Silly I know because it's only 83 dollars but I just keep forgetting take care of it. MED1NO NEVADA EMERGENCY PHYSICIANS: $352.00: ER bill I incurred while not covered by health insurance.PLAINS COMM: $254.00- Credit card I've been trying to pay off.CASH ADVANCE: $430.00- The name say's it all, worst mistake I ever made. ADELPHIA: $123.00- Old cable bill, over 4 years old. BOSTON EDISON ELECTRIC: $222.00KAISER FOUNDATION HEALTH: 395.00- Another medical bill. Tough to have a disease like Myasthenia Gravis and not have health insurance for a year. GEMB/MERVYNS: $322.00- Credit card @ 17= Trouble
AMEX CARD: $1873.97

7.Final words:This loan will completely wipe out all my old debts and allow me to start fresh. It will immediately improve my score and for once I will not have any bill collectors after me. My car will be paid off, so the payment I was making can go directly to this loan.