Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2006-08-29 Payments Made: 26 of 36 Total Payments: $11515.47 / $11900.00

Listing Summary

  

Borrower Info
Requested Amount: $11900.00
Lender Rate: 20.00%
Automatic Funding: Yes
Percent Funded: 100%
Monthly Payment: $442.25
 
Borrower: DrScience
Location: CO
Group: creditrecovery
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: Yes Account Verified: Yes Debt To Income: 64%

Extended Credit Data
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Listing Description
Starving Scientist Needs Transitional Loan (revised from #32226)

Per suggestions from prospective lenders, I’ve revised listing structure (less risky numbers) & description (to more clearly address the repayment plan, credit record and income/expenses).

REVISIONS

1. Listing Structure

- APR to 20% (from 18%), a premium for the DTI risk.
- Auto Funding (only small effect on my monthly payment). Yes, many AF listings are E/HR/NC,
but I’m an A. I would simply prefer to use a portion of the loan by August 31.
- Amount to $11,900 (from $14,200) to reduce DTI, and the monthly payment
(from $513 to $442).

2. Repayment

- Plan A: full-time job within next several months (prospects excellent).
- Plan B (until Plan A succeeds): continue contracting to cover expenses (see below).
- Plan C: use savings, or refinance house if required, but would prefer not to, as this has other costs, as does early withdrawal from my IRA. I will be banking a portion of the loan, as I don’t need it all right away.

3. Credit Record

In the first listing, I neglected to address two details of my credit summary. The 1 public record is the bankruptcy (BK). The 29 delinquencies are all strictly from the BK. In a BK, all existing accounts (even previously non-delinquent) are folded into the process, all payments are stopped, and the account goes into default, and then a “charge-off” for the creditor. Of the 29 accounts, 8 were credit accounts for me & my wife, and the rest were all medical accounts, due to a health emergency that occurred the year prior to filing.

So to be clear: I had a perfect payment history prior to filing for Chapter 7, and have perfect payment history afterward. All 29 delinquencies are the result of the BK process itself (a short span of time). That is exactly why my credit score is an A. And for those who don’t know, one cannot do a BK again for at least 6 years.

4. Income & Expenses

As a contractor, my income is uneven. I cover my expenses ($4-5K/month, including mortgage and health insurance), but often have to dip into savings to keep timely on bills. My DTI reflects some credit debt, but more that Prosper is unable to verify my more current income until my accountant files my personal tax return by October 15.

Meanwhile, while still doing contracts, I am vigorously pursuing 8-12 current leads for full-time positions in research, systems analysis & architecture, and technology training.


MY STORY

Since 2000, I've been the Chief Science Officer for a high-technology startup. The company had to stop paying the officers by 2003 – fallout from September 11 – so that we could still pay the "enlisted" folk to keep the product line alive.

Due to the deferred income and extended period of waiting for things to improve at my company, I eventually had to file for Chapter 7 bankruptcy (discharged Feb 05).

Since then, I have survived as a freelance Science and IT consultant. I decided in May to again pursue full-time positions, while still contracting.

Unfortunately, as freelance income is uneven, our savings are rapidly diminishing. The prospect of potentially losing a home or failing to meet monthly expenses would be a BIG distraction from the job search.

To minimize that distraction, and focus on obtaining permanent employment, is the primary reason for this loan.


Completely irrelevant to your ROI, but for those lenders who may like to also contribute to something more intangible, I'll be noting Prosper and all of my lenders (by alias) in my next research journal article.

Thanks for the investment, Prosper lenders.

– Dr Science