relisting for lower$, higher CR, lower DTI
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 19% |
| Lender Rate: | 24% | Borrower: | Texasteach41 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | P2P Financial |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-01-02 | EricsCC ROI: | -64% |
| Status History | |
|---|---|
| Dec 31, 2006 | Current |
| Feb 17, 2007 | Late |
| Mar 03, 2007 | 1 month late |
| Apr 03, 2007 | 2 months late |
| May 04, 2007 | 3+ months late |
| May 12, 2007 | 2 months late |
| Jun 03, 2007 | 3+ months late |
| Jun 09, 2007 | 3 months late |
| Jul 03, 2007 | 4+ months late |
| Aug 28, 2007 | Default |
|
I?m relisting my loan at a more reasonable amount. I realize based on my credit, I need to adjust my priorities and start smaller. This amount will still allow us to pay off/down the more urgent debts and also help our credit. To explain our situation, we're doing okay until my husband got sick and this loan would allow us to pay off some of his medical bills and other associated bills. By paying some those bills off, it would get us started on building a solid financial foundation to become independent in the future. We're currently working to improve our credit. In November, we refinanced our car at a 2.5% lower rate. We do have credit issues. In 2000, we declared bankruptcy. We were trying to do too much and didn?t take care of ourselves. We had been helping my folks with their debt and were also trying to buy their house. When that didn?t work out, we had to move; so bought another house and also a used car to replace our wrecked one. This was working great, until our jobs were downsized. Suddenly, we had $1200 less to cover our expenses. The ends just didn?t meet! The bankruptcy was discharged last March after we paid off almost $40,000 in debt. That put $1000 back in our pockets! In May, we bought a new car because our old one was finally unfixable. We were starting to put some money back and things were looking up. That didn?t last long, because my husband got sick and incurred a lot of medical expenses over the summer. Currently, there are some medical related delinquencies that we are trying to pay off. We also have other inaccuracies from the bankruptcy that we?re contesting. I have recently consolidated my student loans and with the refinancing of our car at a lower rate we are making some positive strides; it just took longer for the new company to pay off the old car loan. So, that?s where we?re at right now. We are asking for $6,000 to pay down my husband?s medical expenses and other related bills. Currently, I bring in extra money by painting murals in private homes and businesses. My husband is going back to finish his degree this spring. He should graduate in the summer and start teaching in the fall of 2007. He already has a teaching position waiting for him after he graduates. This would greatly increase our monthly income and allow us to pay off our loan earlier. Which is what we are going to do. Here is my Budget of Monthly Income and Expenses: Monthly Income Base-3777 Spouse Base-1815 Other(Misc.Monthly Art Jobs)-400 Total-5992 Debt Payment Mtg/Rent-750 Car-442 Credit Cards-200 Prosper Loan-251 Loans-581 Expenses Utilities(gas,water,&ele)-251 Insurance(health,life,vision,&dental)-409 Car Insurance-161 TV-76 Cell Phone(includes online)-200 Gas(car)-250 Food-500 Other(Child Care)-201 Other(Pets)-63 Misc(15%pay)-754 Total Expenses & Debt=5439 *Total Cash Flow=903 *(income after expenses and debt payments) This loan would pay off $581.00 in current loans with higher intrest than what I can currently get here. With that done, it will bring our cash flow up to $1484.00. This will allow us to save more for a rainy day and pay off some medical and other bills to bring up our credit score. Some of our efforts have already helped my score. By looking at this you can see I am becoming a better credit risk than when I first listed. My DTI is also lower because my husband's income is not included in my rating. This loan will help us in two ways: 1) it will increase our current cash flow, and 2) help us pay off some current debt. I realize we have had some credit issues in the past; and we will continue to correct them by making responsible choices from now on. If you want to look at more personal information about my family and I, please go to my Prosper site. Thank you very much f |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 65465 | Teacher ready to swim needs temporary kickboard! | HR | $15,000 @ 27% | Nov 23, 2006 | Withdrawn |
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