Single Mother of 2 Needs Help Paying Off BillsMy name is Kristi and I am asking for assistance to pay off some of my bills. With the money I will be saving every month I am fully capable of paying this loan back. My DTI is very high right now, but once I pay everything off it will go down. The reason I am trying to get this loan is because I had some unexpected car repairs that were not covered by the warranty, so I fell a little behind on my bills to fix my only vehicle. The low rate is due to Michigan's rate cap.
My monthly expenses now are as follows:$ 628.00 Housing
$ 389.00 Car
$ 100.00 Mastercard
$ 100.00 VISA
$ 50.00 Check N Go
$ 50.00 Payday Advance
$ 50.00 Cash Advance Network
$ 200.00 Groceries
$ 200.00 Utilities (Electric, Cable & Phones)
My monthly expenses after Prosper loan$ 628.00 Housing
$ 389.00 Car
$ 200.00 Groceries
$ 200.00 Utilities
$ 117.70 Prosper loan
This means over $200 of debt payments will be gone (reduced to $117.70).
The current negative items are because I had unexpected vehicle repairs that were not covered under my warranty. My vehicle loan is now at a current standing just not updated yet by my lender.
The past negative items, which is what I am going to pay off with this loan were because from June 2005 until May 2006 I was raising my 15 year old cousin without ANY financial help from her father at all. All of my housing expenses went up big time my electric bill went from $ 60.00 per month up to $ 100.00 per month, my grocery expenses went from $ 200.00 per month until $ 600.00 per month. Unfortunately my credit suffered from the extra dependent. In May 2006 I made her father take her back. I have tried to catch everything up but with my current expenses I have no extra money.
My public record is for a vehicle that I had in 2000. I lost my job which was salaried at $500.00 per week. It took me almost 4 months to find another job. I started working at my current place of employment but only started out making $8.00 per hour. Because of how far behind I was in my car payments I could NOT catch it up so unfortunately I voluntarily gave the vehicle back to Chrysler financial. The balance on that vehicle was paid in full in 2004 (I have proof if needed). Before I could get the balance paid Chrysler pursued me in court & garnished 25% of my earnings for approximately 4 weeks. I could not afford my house or anything with that amount of money being garnished out of my check so I was forced to file Bankruptcy to stop the garnishment. But like I said, the balance that was left on that vehicle was paid in 2004.
The purpose of this loan is to get everything paid off that I owe so I can have more money for my family & my current expenses. I want to pay everything off & cut up all of my credit cards. My credit was in great standing without any delinquencies until I took in my cousin. I hated sending her back to her father but I had no choice. I could not afford to take care of her any longer. With the money I will be saving every month I will have more then enough money to pay this loan back.If you have any further questions or concerns feel free to ask me.
Thanks again in advance
Kristi
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Additional information that would not fit in the listing:Outstanding balances that would be paid off through this loan:
Visa $550
Mastercard $1100
Check In Go $400
Cash Advance $400
United Cash Loans $400
Dental Bill $200
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Total $3050
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Update, 8 Sep, 2006
Additional information
posted on the discussion forum at prosper.spreebb.com
The number I posted includes irregular expenses, such as auto insurance, and an allowance for miscellaneous spending.
Here's the full budget, for anyone who wants to check my math. It includes taxes, and breaks out the utilities.
Income
$2025 Full-time job - Office Manager at $13.50/hour for 37.5 hours/week
$ 260 Child Support ($130 twice/month)
$ 448 Part-time job - Cook - $7/hour for approximately 2 days/week
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$2733 Current Income
Expenses
$325 Taxes
$630 Rent
$ 75 Electricity
$ 50 Telephone
$ 30 Cable
$389 Auto
$ 85 Auto Insurance
$200 Groceries
$300 Miscellaneous
$375 Current Debt Payments ($118 after Prosper loan)
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$2459 Current Expenses ($2202 after Prosper loan)
Current Income - Expenses = $274
After Prosper Loan, Income - Expenses = $531
DTI Calculations
$764 Current Debt
$2408 Net Income
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32% Current DTI
After Prosper loan:
$507 Debt payments
$2408 Net Income
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21% DTI After Prosper Loan
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