Eric's Credit Community

ABOUT ME:

I am 44 years old, married for 14 years, with 3 children ages 9, 6 and  5. I have been with my current employer for 2 years and have worked in the building products industry for over 20 years. I was with my previous employer for 9 years. My wife watches several children in our home to earn extra income. We are active in both our church and community.

EXPLANATION OF BAD CREDIT:

I have always been responsible with my finances but after 9/11/01 my credit scores slipped to E because my pay and commissions were cut by approximately 25%. We spent through our savings and things continued to worsen. Late in 2004 we hit bottom. Faced with the decision of declaring bankruptcy vs. losing my home and family, we reluctantly declared bankruptcy. We reaffirmed and continue to pay on our home mortgages and cars.

Things have improved significantly since then.  Two years ago, I was fortunate to land a job in my field (engineered lumber/building products) with a great company.  A year later the company was purchased by the largest retailer of building materials in the country. I was promoted, and now earn approximately 40% more than I did at my previous employer.

Additionally, there a few other positive things on the horizon. In January, I will be issued a company vehicle. The sale of my personal vehicle will allow me to pay off the truck note and eliminate $210/month in payments. Also, I will have approximately $1000 worth of company stock available. And, since half of my compensation is commission/bonus taxed at almost 50%, we are expecting a sizeable tax refund, as we have received in the past.

 We are steadily climbing out of our financial hole, and I'm asking for a chance to prove myself and get my credit scores back up to where they should be. If you bid on my listing I will not let you down. Making my payments on time will be my top priority each month. I sincerely promise you that. As we build positive momentum and raise our credit score, we eagerly look forward to the day when we can lend, and help others get back on their feet.


WHAT I WILL DO WITH THE MONEY LOANED TO ME:

$800 will go to pay off  pay day loans, $1720 will pay my youngest daughters tuition in full for her last year of preschool. The remaining $481 will be paid on my truck to reduce principal. As mentioned above, I will sell the truck in January  That will lower my monthly payment commitments on loans to approximately $6197 by eliminating the pay day loans, and further to $5987 after the sale of my vehicle in January. This will leave us sufficient funds to pay back the Prosper loan as well as begin to build an emergency fund for rainy days.


HERE ARE MY MONTHLY FINANCIAL DETAILS:

Net income after payroll deductions from all sources: $ 6500
Spouse's Income: $ 300+ (conservative, varies)
Total monthly family Income $ 6800+

Mortgages: Primary $ 2210  Second $608
Phone: $ 160
Gas: $ 100
Electricity & Water: $ 400 + $75
Car Loans and Operating Expenses: $ 669 Payments + $175 Insurance + $ 500 gas/oil/maintenance
Food: $ 1000
Insurance:  Included in mortgage (homeowners) and through payroll deduction medical/dental/life etc.)
Cable/Internet:  included in phone bill
Clothing, school expenses for children, etc. $ 100
Credit cards and loans that won't be paid off with my Prosper loan: NONE
Credit cards and loans that will be paid off with my Prosper loan: $160
Other: $215 preschool tuition
Misc: $200 (school trips, doctor visits, medicines, haircuts etc.)
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Total Monthly Expenses: $ 6572
I will have $813/month left to make the payments on my Prosper loan after the payment plan outlined in the ?WHAT I WILL DO WITH THE MONEY LOANED TO ME? plan is implemented.

Than