How long does chapter 13 take? -- Loan #1089 -- 2 years now

[lenderguy]

According to my 2008 Lender Year-End Statement, I had $818.802 of principal remaining on this loan.

OMG you lent small amounts overall and went all-out on this loan to the tune of $900? . What happened? You fell for the Sophtommy line of BS? Damn, I feel for you.

I fell for the Sophtommy stuff and had many conversations (over prosper pm) with the BKer.  I hadn't learned yet that people can lie through their teeth and make it convincing and not show any qualms about it.

When I started lending on Prosper, my past credit troubles were in more recent memory than they are now.  At the time, I knew darned well that anybody in a bind is going to do whatever they can to survive (roof over head, food on table, etc) at whatever cost.  I relied on credit reports at the expense of just about everything else -- I'm not in the black for it, but I will end up losing about 5% of principal. 

What astonished me from the get go on Prosper was how many people were falling for group leader BS and character decisions made based on "a few" conversations, even meeting people in person.  To me, there is very little that can be said that can overcome a crappy credit report.

[Urbi_et_Orbi]

When I started lending on Prosper, my past credit troubles were in more recent memory than they are now.  At the time, I knew darned well that anybody in a bind is going to do whatever they can to survive (roof over head, food on table, etc) at whatever cost.  I relied on credit reports at the expense of just about everything else -- I'm not in the black for it, but I will end up losing about 5% of principal. 

What astonished me from the get go on Prosper was how many people were falling for group leader BS and character decisions made based on "a few" conversations, even meeting people in person.  To me, there is very little that can be said that can overcome a crappy credit report.

I got nothing but kind words to say about you LG (well, almost), but I am not sure how you are pulling the "wise old sage" routine at this point in time, considering your own ROI is just as crappy as the rest of us. 

http://www.ericscc.com/lenders/lenderguy

[lenderguy]

When I started lending on Prosper, my past credit troubles were in more recent memory than they are now.  At the time, I knew darned well that anybody in a bind is going to do whatever they can to survive (roof over head, food on table, etc) at whatever cost.  I relied on credit reports at the expense of just about everything else -- I'm not in the black for it, but I will end up losing about 5% of principal. 

What astonished me from the get go on Prosper was how many people were falling for group leader BS and character decisions made based on "a few" conversations, even meeting people in person.  To me, there is very little that can be said that can overcome a crappy credit report.

I got nothing but kind words to say about you LG (well, almost), but I am not sure how you are pulling the "wise old sage" routine at this point in time, considering your own ROI is just as crappy as the rest of us. 

http://www.ericscc.com/lenders/lenderguy

I do think that forum-folk were a bit too trusting, and I'm pretty sure I said so at the time... remember Bev?  She was on the "Good GL" list for quite awhile, having done nothing to earn that spot.  And we all know how that turned out.  I won't mention our favorite Hawaiian GL, to whom the forum folk were jumping up and down to lend her group money at below market rates.

As far as my own portfolio, well, I did say I was losing money, and I believe that eric's estimated ROI for me is going to be reasonably accurate.  To me, I'd rather play the numbers wrong and get screwed by chance, then get screwed by a person I trusted.

[Shenandoah]

What astonished me from the get go on Prosper was how many people were falling for group leader BS and character decisions made based on "a few" conversations, even meeting people in person.  To me, there is very little that can be said that can overcome a crappy credit report.

What astonished me on Prosper was that there are people who don't pay their bills.
Sure, I was naive, I fully admit that, but to me not paying bills was something that happened only in theory, not something real people actually did.  I'd never known someone who had defaulted on a loan.  Ever.  The entire concept was foreign to me.

So yes, I was too trusting when I started out here.  Hard lesson learned.

[cz]

What astonished me on Prosper was that there are people who don't pay their bills.

And this to me was a lesson well worth any small amount I might have lost. People are simply no-dammed-good.

It also gave me a much deeper understanding of the problems faced by the Mafia. I used to think they were usurers, now I realize that yes, they must have incredible problems with collections and the attendant expenses would really wind up killing their ROI. Even at 100% interest rates, I am impressed that they can make it work at all.

CZ

[dlv1945]

What astonished me on Prosper was that there are people who don't pay their bills.
Sure, I was naive, I fully admit that, but to me not paying bills was something that happened only in theory, not something real people actually did.  I'd never known someone who had defaulted on a loan.  Ever.  The entire concept was foreign to me.

So yes, I was too trusting when I started out here.  Hard lesson learned.

I sorta knew there were such people. Now I really know. A valuable lesson.

[Mtnchick]

What astonished me on Prosper was that there are people who don't pay their bills.

If only I had known about creditboards before I knew about Prosper and not the other way around. 

[CleanRivers]

What astonished me from the get go on Prosper was how many people were falling for group leader BS and character decisions made based on "a few" conversations, even meeting people in person.  To me, there is very little that can be said that can overcome a crappy credit report.

What astonished me on Prosper was that there are people who don't pay their bills.
Sure, I was naive, I fully admit that, but to me not paying bills was something that happened only in theory, not something real people actually did.  I'd never known someone who had defaulted on a loan.  Ever.  The entire concept was foreign to me.

So yes, I was too trusting when I started out here.  Hard lesson learned.

+1 gues we were raised around the "wrong" set of people. Even at my worst debt/income ratio of stupidity I cut out all extra bills and took a second job to dig myself out of my stupidity. Everyone I knew, who knew about it, just nodded their heads and basicly said, yep thats what you have to do sometimes.

[bamalucky]

How is the guy who co-owns creditboards prosper folio doing?

[lhsbandnurd]

I've got one, too.

Loan #15911 "Help me to help myself [to your money]"
Last payment 02/12/2008
BK 'filed' 04/14/2008

Sent three e-mails to prosper inquiring as to the steps taken to service my loan (first one as the loan hit 12 months late). First two got me the standard form response and the third has yet to be answered.

[xraider]

I have 3 bks - a 13 filed last September and crammed down to a 7, a 13 filed last November, and a 13 filed last April.

I think I'll email Prosper for updates on the 7 and the 15 month old 13.

[vsqueen]

Well, it seems that there is always still the possibility of a BK loan coming back.

This loan, http://www.prosper.com/invest/listing.aspx?listingID=20853 made 11 payments, and then went BK.  I am now showing a recovery payment processing for December 2nd after 2.5 YEARS.  Last payment was made in June 2007.

Does this make up for all the others? Nope. But I nearly fell over when I noticed this. 

[ira01]

I have 3 bks - a 13 filed last September and crammed down to a 7, a 13 filed last November, and a 13 filed last April.

I think I'll email Prosper for updates on the 7 and the 15 month old 13.

Did you ever manage to get a response from Prosper about the status of your BK's?

[xraider]

The response was, essentially, that yeah, the borrowers are in bk but haven't made any payments to Prosper yet. 

[vsqueen]

The response was, essentially, that yeah, the borrowers are in bk but haven't made any payments to Prosper yet. 

Funny that this subject came up again.  This borrower http://www.prosper.com/invest/listing.aspx?listingID=56193 last made a payment in April 2007, showed BK in August 2007, and my activity is now showing a recovery payment processing.

That is almost 3 years without any activity.  This now makes 3 of my BK loans that are making payments.