Eric's Credit Community

This is our second Prosper listing, our first one was apparently a tad too aggressive for our credit grade. So on the advice of several seasoned Prosper lenders, we've decided to tackle this situation a couple of steps at a time.

We have 2 priorities with this Prosper loan:

• Pay down our Grand Cherokee so we can sell it and remove $20,000 in debt from our life. We are upside-down about $4500 in this loan, and we do not need this vehicle. I have another, much older jeep that I can fix up for about $1500 and drive with no payment. (see photos above)  This will save me $545 a month, plus $70 a month in insurance.
  
• Pay off the rest of a CashCall loan. Times got rough last summer, and we got a $2500 CashCall loan at about 96% interest. We've worked extra hard to pay this down as fast as possible, we still have about $700 left to go. This will save me $216 a month.

With these 2 efforts in place, our overall debt and monthly debt payments will decrease, allowing us to pay the Prosper loan very aggressively. We would like to see this loan paid off before the year is up. Then we'll pursue the next step in our debt consolidation/elimination plans.

Our endgame with all of this is to clean up all our debt within the next 3 years or so, putting us in a position to buy a home.

BEFORE Prosper Loan
Jeep Payment - $20,166 balance - $545 payment at 18%
CashCall - $671 balance - $216 payment- 96%
Auto Insurance - Approximately $70 of my monthly insurance premium will drop after selling the jeep
TOTAL PAYMENTS: $831 per month

AFTER Prosper Loan
About $4500 will go to make up the difference when I sell the Jeep, so I can pay it all off. 
About $700 will go towards paying off the CashCall loan.
The rest will go to fix up the old jeep so it's road worth and legal.
Prosper Loan - $7000 balance - $293 payment at 29%
Monthly savings of $538

By selling the Jeep and paying off the loan, I will be removing over $20,000 in debt from my life.  This is very very important to our family, as we take steps to get completely out of debt

Our ability and commitment to repay the Prosper loan:

• I have a secure job and have worked in the printing industry since 1993.
  
• I work a ton of overtime, and earn about 50% extra over my base wages.
• I pick up occasional freelance jobs that provide extra money.
• With this Prosper loan, we'll have over $500 per month extra cash flow, allowing us to pay very aggressively on the loan, as well as paying down our other debts.
• We are heavily motivated to secure this loan and execute it perfectly. We want to prove ourselves worthy of a larger, complete debt consolidation loan in the near future, and we want to be able to own a home in the next 3 to 4 years.
• Please feel free to contact me or view my profile if you have any questions or concerns!  I will be happy to post any requested information there as the listing goes on.
  

• My credit shows 2 DQs in the past 7 years.  They were both house payments (different lenders, we had refinanced in between.  The first was July of 2001, and I honestly don't remember the story there, it was several years ago.  The 2nd was in 2003 when our first son was born and we lost my wife's income.  I wasn't as prepared for that as I thought I was, and we got behind for a couple of months.  We took care of it promptly, and we have worked hard to stay current with things ever since. 
  

Thank you so much for giving our listing your consideration!