We need $50,000 to completely pay off all debt (except our mortage):
$11,000 - student loan
$12,750 - 401K loan
$26,250 - credit cards
In return, we will pay $56,250
We will pay a minimum of $750 per month, either through a check or electronic transfer to an account you provide. The loan payback will take 75 months (6 years and 3 months). Think of it as a long term CD - only with a much better rate of return.
We currently pay $1100 a month for our debt, but the interest is making it impossible to get ahead. By consolidating the debt to a simple interest loan, we not only will get out of debt faster, but we will also have $350 extra income a month to help meet our needs.
We have chosen to allow my wife to stay at home with our 3 year old daughter and 3 month old son, and the extra monthly income would be a huge blessing to us.
The loan will be secured with collateral from numerous sources (current values):
Home Equity: $35,000 (tax value $120,000 - mortgage $82,500)
401K: $27,000 of which 50% is liquid to take a loan against
IRA: $3,500
IRA: $11,000
Savings: $4,000
Due to my wife's not working, and the debt burden we are unable to obtain a loan this large through a "bank" or other traditional source.
Would you please consider using your wealth to earn a good return and help a family?
Thank you
chris
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