RELIST: 2nd loan - 13 mo history / Family bidding $2200 @ 1%
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,500.00 | Status: | Loan created |
| Grade: | E | DTI: | 41% |
| Lender Rate: | 24% | Borrower: | eandr123 |
| Finished | State: | UT | |
| Funded: | 100% | Group: | Home Buyers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-02 | EricsCC ROI: | 22% |
| Status History | |
|---|---|
| Apr 02, 2008 | Current |
|
This is Phase 2 of our debt plan. Phase 1 was our first loan just over
1 yr ago, which helped us pay off CashCall, and get out from under a
car we were upside-down in. This loan will consolidate the rest of our
high interest debts, leaving us with 2 Prosper loans and 2 small auto
loans at 11%. The amount we are applying for is high for our grade, but we've worked hard over the past year preparing for this, as I will outline below. We also have 7 family and friends, who are investing a total of $2200 (ALL is being bid at 1%) towards our loan. Their endorsements are included below. We know that just shifting debt from one place to another accomplishes very little. We've learned that we needed to change habits, reduce lifestyle, and do all we can to be frugal. We have put tremendous effort into the last year, doing exactly that. I want highlight a few of these efforts so you can get a feel for what we've been doing. Our biggest accomplishment was trading $33k in car debt for $11,500, changing our payments from $870 to $330/mo. Because we were so upside down in both loans, it took our original Prosper loan, and great sacrifice for many months to get it done. To help this happen, we also: - Sold older Jeep: $2800 - Sold camp trailer: $1000 - Canceled cable & Tivo: $80/mo - Downsized telephone svc: $15/mo - Downsized cell svc: $65/mo - Shopping w/ coupons like CRAZY! The cars we replaced them with are late model dual-fuel cars, which run on gas and CNG (Compressed Natural Gas). CNG costs only 64 cents/gal, and we are saving enough to cover the Cavalier payment! AND Utah gave us a $3k tax credit for the truck! Has it been difficult going from heated leather seats and sunroofs to manual locks and peeling paint? Yes, it has. But it has been WORTH IT! A few other items: - I got a salaried promotion, making budgeting easier - My wife got a part time job - Paid CASH for a modest Christmas, instead of using credit cards This loan will save us about $100/mo, and will finally put a timeline on being debt free. By the time it is paid off, our car loans will be about done also! We've sacrificed a lot to get this far, and we know this won't go away overnight, but we've never seen anything as effective as our original Prosper loan has been. So, that having been said, here's where we are at now: Debts consolidated by this loan: - WFF Sig Loan: 5475, 245/mo - WFF COD: 2895, 114/mo - WFF Visa: 945, 37/mo - Wamu Visa: 1890, 88/mo - Dell1: 1780, 58/mo - Dell2: 3210, 136/mo - Medical: 1980, 130/mo TOTAL = 18,175, 808/mo If the loan funds at 20%, the payment will be about $690, if it funds higher, the savings won't be as much, but at least it will put a 36 month lifespan on the debt, where right now it all could go on and on for many years. Budget: Our take home pay is about $4271/month. On top of the $808 in payments listed above, we pay $473 in tithing, rent: $1000, groceries: $360, utilities: 217, CNG: 60, phone/cell: 93, hosting & Internet: 108, pre-school: 60, insurance: 87, entertain/misc: 92, Prosper Loan #1: 261, Car loan: 137, Truck loan: 208. This leaves about $300/mo for incidentals. With this new loan, that surplus should increase to about $400/mo. DQ's: I have had 2 DQs in the past 7 yr. They were both house payments (different lenders, we had refinanced in between). The first was in '01, and I don't remember the story there, it was many years ago. The 2nd was in '03 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. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 87556 | Help me sell a jeep, kill cashcall, and save $500 a month | E | $23,000 @ 24% | Jan 22, 2007 | Expired |
| 90502 | Time to KILL CashCall and SELL our Grand Cherokee | E | $7,000 @ 19% | Jan 29, 2007 | Loan created |
| 295679 | 2nd loan - 13 month history / Family bidding $1750 @ 1% | E | $19,500 @ 35% | Mar 19, 2008 | Withdrawn |
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