zcommodore

I sent a message to Prosper Customer Service yesterday after seeing a lot of lenders saying they saw payment attempts (single daggers) on loans yesterday. I asked if something had changed and this is the response I got:

Prosper has done analysis that shows ACH withdraws are more successful on paydays. Therefore, Proser has initiated ACH withdraws from some late borrowers accounts to begin processing on 11/30/07. New actions taken by Prosper will never result in negative actions to our lenders.

It appears these payment attempts are actually a new idea on Prosper's part to collect when borrowers are more likely to have money in their accounts. My only question is whether there is a TOS violation here. I haven't exactly memorized the various terms-of-service agreements but I do know previous policy was that late borrowers would have payment attempts at 10 and 22 days after the initial payment was due if earlier attempts failed. I'm not going to complain but I've known other people to do so when Prosper doesn't follow their TOS to the letter of what they say.

It will be interesting to see how many of these clear. If this helps late borrowers catch up and keep up, I'm fine with it myself. Frankly, I'm glad to see Prosper mixing things up a bit rather than staying in the same old rut all the time regarding lates.