My name is Gavin [LAST NAME DELETED], and I am an account manager for a major tier one automotive supplier. I served in the U.S. Army for eight years, followed by nine years of service as a civilian contractor. In 1994, I changed careers, and moved back to my home state of Michigan. I enjoy my job greatly, and am making plans to return to school, to pursue a degree in accounting and finance.Shortly after purchasing our home, my wife was laid off from her job. I could elaborate at length about circumstances beyond our control, which forced us into debt. The honest truth, however, is that we failed to take the situation seriously enough. As a result, we did not make any decisive changes to our spending habits. Because of this failure, we found ourselves falling further and further behind on our bills. Desperate to keep up, we made the terrible decision to take out a short term, high interest payday loan. This was the single worst decision I have ever made! This quick fix resulted in a heavier burden on each subsequent paycheck, as we got deeper into debt. In a few months, I turned what was a passable (albeit, not great) credit score into a horrible score.Two weeks ago, my wife and I finally decided that we had had enough. While we have never been very savvy about finances, we had always had just enough to get by. With this no longer being the case, we finally decided that we needed to straighten out our financial situation once and for all. Over the course of the next few days, we devised a budget that would allow us to bring our mortgage up to date, pay down our car, and close out all of our credit card accounts. The only obstacle to this plan is the short term debt that is constantly sucking up hundreds of dollars every two weeks.Given a loan of three thousand dollars, we feel that we would be able to pay off all of our short-term debt, as well as our credit cards and some medical bills. Spreading this debt out over three years, rather than two weeks, would enable us to become solvent, and re-establish our credit. As embarrassing as it may be, we currently have no liquid assets. Even my 401K account has been borrowed from. My net salary is $3,400 per month, while my wife nets about $600 per month (she is hourly), for a total of $4,000 per month. I can substantiate my pay with more than two years of pay stubs, and my wife?s with about one month?s worth.Our mortgage is $1,600 per month, and our car payment is $450. We also have about $1,000 in credit card bills. While this in no way covers our entire budget, space in this narrative is somewhat prohibitive. I can, however, gladly provide a detailed breakdown of our monthly budget.My only goal in seeking a loan is to enable my wife and I to escape this constant cycle of short-term, high-interest pay advances. I will not make any promises, except that I will not utilize this money to go on a vacation, or buy a new television, but to become financially healthy, and that we will pay back any loan anyone sees fit to offer us.I know that we have caused this problem, through our own foolishness and naivete, and do apologize for having to ask anyone for a loan for this purpose. I also thank you for taking the time to read and consider my request. |
