Eric's Credit Community

ABOUT ME:

I?m 44 years old and recently divorced. I have worked for the same company for the past 8+ years and I make a reasonable amount of money (80+K year).

My debt to income ratio is actually 15%, because all monies from this loan will go to paying off EXISTING debt. Therfore, debt will not be INCREASED, but rather, will remain at a 15% level.

I very much want to start a new life with my girlfriend, Cherri, and her two boys Nick (7) and Dante (3)...and to do that I must get this debt left from my first marriage under control. There is no way anything permanent can be built on such a weak financial foundation.....I've got to get things back under control, and be able to save and invest for our future.

EXPLANATION OF BAD CREDIT:

I?m struggling with credit card debt incurred by my ex-wife prior to our divorce. As part of the decree, I agreed to assume half of this debt, which equals close to $15,000.00. 

I didn?t want to see my ex-wife homeless, and I agreed to give her our house, rather than sell it and split the proceeds (as my lawyer urged me to do)  ? so after 20 years of making house payments, I can?t get a home equity loan to get rid of this crippling credit card debt.

My credit information shows that I have 1 Public Record. This stems from a bankruptcy in 1998. The best way to explain this is I took bad advice. Even though my ex-wife and I went through the bankruptcy procedure, I paid off the notes on two cars and a motorcycle, and made all payments on our mortgage. When it was all over, there was very little that I gained relief from, this being credit card debt. I learned my lesson then, and did not use credit cards in any amount that I could not pay off within 2 months thereafter. However, when married, there are two people that can access your credit.

I am seeking a way to be free of credit card debt ? forever.  If you bid on my listing I promise that I will not let you down. Making my payments on time will be my top priority each month, I sincerely promise you that and as you can see from my financial details, I will have the money to do it.

PURPOSE OF THE LOAN:

The loan will be used to pay down three (3) credit card accounts, and the accounts will be permanently CLOSED. These accounts are with Capital One (2 accounts) and Washington Mutual (1 account)

MONTHLY FINANCIAL DETAILS:

Net income after payroll deductions from all sources: $ 4,200.00 average
Total monthly family Income $ 4,200.00 average
Mortgage/Rent: $ 930.00
Phone: $ 76.00
Electricity & Water: $ 155.00
Car Loan and Operating Expenses: $ 430.00
Food: $ 500.00
Insurance: $ 200.00
Cable/Internet: $ 15.00
Clothing, expenses for children, etc. $ 100.00
Credit cards and loans that won't be paid off with my Prosper loan: $ 371.00 ? Motorcycle Payment
Other: $ 450.00 savings
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Total Monthly Expenses : $ 3227.00

I will have $973.00 left to make the payments on my Prosper loan.

As you can see, I am simply trying to reduce interest on debt, and pay it off as quickly as possible.