Eric's Credit Community

AMAZING HOW QUICKLY THINGS CHANGE!

I am 48 yrs old, married with three children and a grandchild. I have been married for 20 years, and also worked for my current employer for almost 20 years. Our family has been renting our home from the owner for 5 years. I have found myself in a very difficult position as of late. My 17 yr old son was arrested for burglary, and we have been ordered to pay $5,435.55 in restitution in 12 monthly payments of $452.96. Before the court hearing, we had obtained a Cashcall loan for $2600 to catch up on bills. The interest rate is 99%, with payments of $216.55 a month. I am asking for $7,000 to pay off these two debts. I have recently looked at my credit report.
 
I currently have 3 negative items, one of which I am disputing, and two are credit cards, that unfortunately, I have no excuse for not paying other than poor money managment. I also have a lot of inquiries on my credit where I have been trying to obtain an unsecured loan through traditional methods. I would like to take control of my finances and get my family on the right path.
 
USE OF LOAN: To pay off remaining balance on restitution, and pay off high interest loan with Cashcall, for a total of $7,000.

REPAYMENT: As set forth in monthly installments by Prosper.
 
INCOME: $2335.48 paid once monthly. My wife receives $240 cash monthly for home health care. Total is $2575.48.

CURRENT EXPENSES:
 
Rent            $850
Electric          350
Water              30
Phone              80
Nautilaus          36
HSLDA             10
Credit Union     220
Attorney            50
Court costs       40
Credit Card       20
CashCall         217 to be paid off w/Prosper loan
Restitution      455 to be paid off w/Prosper loan
 
Total $2358 with $217.48 remaining

EXPENSES WITH PROSPER LOAN:

       $1980.34 with $595.14 remaining 

As you will notice, I do not show a gas expense above. My mother- in-law provides our family with a gas card to help alleviate some of our expenses. She also contributes with groceries for our family. Our family is learning a hard lesson, but an important one.

My son did take full responsibility for his crime. I know some people would like to see him work off this debt, but I believe his education at this point is very important. My wife homeschools him now and his grades are soaring and his reading has gone from a 3rd grade level to a 9th grade level. He still has much more to learn, but does now know there are consequences to actions.