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Greetings Prosper Members,
First, what a wonderful idea & community here. Ironically, had I known about Prosper not more than 30 days ago I could have avoided turning to a hard money-lender (see below). This is my third listing (second really as the first was withdrawn the same day). I have lowered the loan amount from $18K to $16 for this listing. I'd like to thank all the Proper lenders who bid in my previous listing and thank you, in advance, if you choose to bid again here.
Requested: $ 16,000.00 @ 29%
About Me:
Hi, my name is Wayne (pictured not the Golden!). I am self-employed and have been for over 20 years. Approximately 3 1/2 years ago I added media consulting to my business profession ? Video/New media producer - that doubled my income overnight. Prior to that time I had been involved with two media start-ups that I participated in financially as well as provided services for. As a result, I leveraged personal cash and debt financing (credit cards) to sustain these projects. The ventures were successful for outside investors (it made over 55% on their original investment), but left me with approximately $25K in debt. Due to unforeseen issues (family death), I had to choose between personal bankruptcy, and negotiating my debt. I chose the latter through Consumer Credit Counseling Service (CCCS ? now Money Management International, MMI) I have been with MMI now for over 3 yrs and have faithfully never missed a payment and thereby reducing my original indebtedness from $25K to $ 7,400 today.
In November ?06 I had an emergency Dental needs that amounted to over $12K (for two procedures) that my health insurance would not cover. I paid two thousand and needed another five to initiate the first procedure. When I applied through conventional avenues I was turned down. At that point, sadly, I accepted a $5K loan form a hard-money lender at 59% APR! Double ouch!
The purpose of my Prosper Loan:
1) Retire my $5000.00 hard loan @ 59% APR;
2) Wipe out remaining negotiated MMI debt of $7,400; and
3) The balance of $3,400 to complete 2nd Dental procedure.
My income is $6,500 per month. My expenses are $4,934 -- includes all personal and business related, as well as $661.00 to MMI and $224.57 to CashCall (HML). Currently, other than these two payments, I have no open credit cards/revolving accounts (use visa debit/bankcard), or lines of credit for personal or business.
Use of proceeds from Prosper Loan:
1) $160: Prosper Lending Fee;
2) $12,400.00: to retire existing debt;
3) $3,400.00: to finish additional dental procedure.
Income Monthly Gross/Net: $ 6,500.00
Monthly Expenses (before Prosper Loan):
Current Rent: $1,475.00
MMI payment (CC?s): $661.00
CashCall: $224.57 (HML)
Food: $350.00
Health Insurance: $257.00
Medical/prescriptions: $135.00
Car Insurance: $157.00
Gas: $140.00
Phone/Cable: $156.00
Utilities: $92.00 Cell: $127.00
Business: $1160.00 Sub
Total: $4934.57 Misc.
Contingency 10%: $493.45
TOTAL: $5428
Available for personal & business: $1072.00
Conclusion:
To summarize, by restructuring this debt I will lower my debt payments - now $885.57 to approximately $670.49 w/Prosper (at 29%) - and not only will I reduce monthly costs but I will be able to complete the second Dental procedure. With securing a loan with Prosper lenders this should, in the future, help improve my current Credit Experian Score of 627. I intend to repay the loan within 12-18 months.
Thank you all! Happy New Year! ~ Wayne
PS ~ If for any reason more information needs to be obtained or references, I would be happy to provide this. ThX! |
