Need Help Getting Out of Payday Loans
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,750.00 | Status: | Loan created |
| Grade: | E | DTI: | 11% |
| Lender Rate: | 20% | Borrower: | blopezi |
| Finished | State: | CO | |
| Funded: | 100% | Group: | High Risks that should not be |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-01-29 | EricsCC ROI: | -49% |
| Status History | |
|---|---|
| Jan 26, 2007 | Current |
| Sep 14, 2007 | Late |
| Sep 21, 2007 | Current |
| Oct 14, 2007 | Late |
| Nov 01, 2007 | Current |
| Nov 23, 2007 | Late |
| Nov 30, 2007 | 1 month late |
| Dec 30, 2007 | 2 months late |
| Jan 31, 2008 | 3 months late |
| Mar 01, 2008 | 4+ months late |
|
ABOUT ME: I am 32 years old, married for 7 years and have one wonderful son aged 2 ½. I have been with my current employer for 2 ½ years and also work part-time 16 hours per month for the discount at a children?s clothing store. EXPLANATION OF BAD CREDIT: I have always been responsible with my finances; however, in 2003 we had to file bankruptcy due to me losing a $100k+ job and my husband losing his job at the same time. Soon thereafter, I got pregnant with our first child and could not find a job. In two and a half years, I was unemployed for 13 months. WHAT I WILL DO WITH THE MONEY LOANED TO ME: I make a good salary; however, cannot get out from under these loans that I unfortunately got myself into. I have been in these payday loans for two and a half years trying to keep us afloat and keep our house (since we did not want to lose that in the bankruptcy). I am now financially at a position where by paying off these loans, I will have sufficient money to pay back my Prosper loan because getting rid of these loans will free up a large amount of cash each month. DETAILS OF MY PAYDAY LOANS: Unfortunately, I have 4 online loans totaling $2k, 1 have 8 local loans totaling $4k, and 7 defaulted local loans totaling $2700 (because I couldn't make my bills and pay the fees) that I am paying off in monthly payments. Therefore, my debts of this type total almost $9K. Currently, my loan payments total $1,840.35 a month without paying anything down on the principal. After doing analysis on these to determine the most efficient way to approach this with a prosper loan, I found that if I borrowed $3,750, I would be able to pay off my 7 most expensive current loans immediately. This would provide me with $1,078 in monthly savings a month and enable me to pay back my Prosper loan (and the other payday loans) without any problems. HERE ARE MY MONTHLY FINANCIAL DETAILS: I am a Branch Manager at a staffing company. My net income after payroll deductions from all sources is $3,800. (My husband and I have separate accounts and separate bills and he handles the mortgage payment.) Phone: $ 200 Insurance: $ 130 Gas & Electricity: $150 Water, Trash and Sewer: $40 Car Loan and Operating Expenses: $550 Daycare. - $600 Credit cards and loans that won't be paid off with my Prosper loan: $ 150 Payments on defaulted payday loans: $350 Other payday loans that will remain: $762 ----------------------- Total Monthly Expenses: $ 2,932 This leaves a cushion of over $850 per month. This is many times what I need to fund the prosper loan, and I plan to use the additional cushion, over the next few months, to pay off the remaining payday loans, one at a time, further increasing my available monthly cash. By June, I expect to have all of them paid off, including the old ones that are defaulted. As you can see, I am finally in a place where with just a bit of help I could get out of this situation and not have the stress of living paycheck to paycheck anymore. I would greatly appreciate any help you would be willing to provide me and would be forever indebted to you. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 84264 | Payday Loan Insterest Killing Me - Need to Pay off | E | $10,000 @ 20% | Jan 12, 2007 | Expired |
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