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[Xenon481]

I don't know whether that is true in the aggregate or not, but it certainly isn't true in my case.  I have received exactly $0.00 in recovery payments, so by not selling my defaults to a JDB (even at paltry prices) as it was legally obligated to do, Prosper has stolen my money.

Ok, Ira, if it's not true in your case, let's talk about your case.

You have ~20 defaulted $50 loans.  Forget payments.  Use your 4% JDB estimate.  So, you're out...  $40.
(I'm notoriously bad at math - and I only glanced at your portfolio - but I think this is relatively accurate.)
(It's also incredibly unrigorous - payments you received would reduce this amount tremendously, but, OK!)

I'll send you $50 IF you'll stop making me read posts about how you think you got screwed (out of less!).
Don't get me wrong - I think you're wrong - but, I'm happy to free you from such obvious misery over it.

I know you're going to say it's the principle of the matter, but, that's all you can say, given the principal.

Let me make you whole?

-t

How many times will you refuse to understand that this is not about the returns (or lack thereof), it is about a financial company making purposeful knowing decisions to break its contracts?

[ira01]

I don't know whether that is true in the aggregate or not, but it certainly isn't true in my case.  I have received exactly $0.00 in recovery payments, so by not selling my defaults to a JDB (even at paltry prices) as it was legally obligated to do, Prosper has stolen my money.

Ok, Ira, if it's not true in your case, let's talk about your case.

You have ~20 defaulted $50 loans.  Forget payments.  Use your 4% JDB estimate.  So, you're out...  $40.
(I'm notoriously bad at math - and I only glanced at your portfolio - but I think this is relatively accurate.)
(It's also incredibly unrigorous - payments you received would reduce this amount tremendously, but, OK!)

I'll send you $50 IF you'll stop making me read posts about how you think you got screwed (out of less!).
Don't get me wrong - I think you're wrong - but, I'm happy to free you from such obvious misery over it.

I know you're going to say it's the principle of the matter, but, that's all you can say, given the principal.

Let me make you whole?

-t

Sure -- Send me my $50.

And then put me on ignore, and you won't have to read my posts pointing out how unacceptable it is for a financial service company that is based on borrowers abiding by their contractual promises to simply ignore its own contractual requirements whenever convenient. 

I've often stated -- truthfully -- that I don't give a shit about the $97 or whatever dollars I lost in Prosper (and I got $75 of that back from referral bonuses, so I'm really only down about $22).  It really IS the principle.  Prosper's behavior has been outrageously unacceptable in too many ways to count, and I (and others) have every right to keep pointing that out.

[nonattender]

I don't know whether that is true in the aggregate or not, but it certainly isn't true in my case.  I have received exactly $0.00 in recovery payments, so by not selling my defaults to a JDB (even at paltry prices) as it was legally obligated to do, Prosper has stolen my money.

Ok, Ira, if it's not true in your case, let's talk about your case.

You have ~20 defaulted $50 loans.  Forget payments.  Use your 4% JDB estimate.  So, you're out...  $40.
(I'm notoriously bad at math - and I only glanced at your portfolio - but I think this is relatively accurate.)
(It's also incredibly unrigorous - payments you received would reduce this amount tremendously, but, OK!)

I'll send you $50 IF you'll stop making me read posts about how you think you got screwed (out of less!).
Don't get me wrong - I think you're wrong - but, I'm happy to free you from such obvious misery over it.

I know you're going to say it's the principle of the matter, but, that's all you can say, given the principal.

Let me make you whole?

-t

Sure -- Send me my $50.

Done.

PM me your address and it will make it by Christmas.  You have my word.

-t

[nonattender]

How many times will you refuse to understand that this is not about the returns (or lack thereof), it is about a financial company making purposeful knowing decisions to break its contracts?

I can't make sunshine14 pay you back.  You probably should have diversified, instead of dumping $900
(which, my quick eyeball says is about 33%) of your portfolio into one loan.  You'd probably be happier.

If I couldn't digest the cause of my frustration it would probably just make me irritable... "gassy", even.

-t

[Faithful_Steward1]

Glad to see this post is still getting attention. Should I remind the Pro-prosper-posse that up until even November, at the top of every charge-off were the words "100% of funds collected on charged off loans will be returned to the lenders", or something similar. I took a screen shot at the time I started this thread; I had sent it to prosper when I complained. I notice that wording has disappeared from the loan screen. Obviously rather than keep their word and give us our money, they removed the information from the charge-off loan detail. Shock.

[Faithful_Steward1]

Found the exact wording from an earlier post I made:

I did get a reply from them saying that they have a new policy and it was buried 3 links into their website. Of course none of us agreed to any change in terms.

I noticed at the top of all my charged off loans that there is a note:

"This loan is charged-off
Because payment is more than 4 months late, this loan is charged-off. Once a loan is charged-off, it cannot become current again. Prosper will continue to collect on charge-offs until they are sold to a debt buyer. Any payment on the loan received after charge-off but before sale will be credited to lenders as a recovery."

It says right there on the top of every charged off loan that "any payment" will be given to me. Why are they not following their own policy?

[Faithful_Steward1]

One other note to ladeeda since she's new here.

Prosper's in house collection agency process basically involves the following steps

1) sitting there waiting doing nothing
2) if a check happens to come in because a borrower gets a conscience Prosper deposits check
3) Makes us wait a full month (keeping the month's interest of course)
4) Then steals 28% for their hard work of updating the balance
5) Gives the remaining 72% back to us and expects us to praise their efforts of working on our behalf.

If you think Prosper is actually working to get recoveries you're crazy. There's like 3 people in the whole customer service / collections area. They don't even call on the 1 month late loans let alone the charged off ones.

You're lucky if Prosper even has an automated email that goes out after a loan goes late. I am speaking based on the comments I read from borrowers that posted their experience after having gone late (Gen 1 loans at least). Almost none were ever called by prosper or the 3rd party collectors.

The third party collectors did basically the same five step process outlined above as well. Took the accounts and sat on their hands and if by miracle a late borrower made a payment, they would take their 35% and give us the 65%. It was basically free money to them with no work other than updating a balance on the computer. I would love to be a prosper collector.

[Xenon481]

How many times will you refuse to understand that this is not about the returns (or lack thereof), it is about a financial company making purposeful knowing decisions to break its contracts?

I can't make sunshine14 pay you back.  You probably should have diversified, instead of dumping $900
(which, my quick eyeball says is about 33%) of your portfolio into one loan.  You'd probably be happier.

If I couldn't digest the cause of my frustration it would probably just make me irritable... "gassy", even.

-t

Absolute proof that you refuse see the point.

I have stated many many times before that I put 100% responsibility on myself and sunshine for that loan and do not blame Prosper at all for it going into BK. I fully understood the risk level of that social loan. Notice that that loan's APR was ridiculously below any reasonable market loan. That loan is the definition of "Social Loan" and I made it without any expectation of significant return.

The other $1,700-$1,800 of my portfolio of loans which I expected to make money did have a positive ROI even despite the fact that I was affected several times monetarily by Prospers actions/inactions in direct opposition to their contracts with me and other lenders.


The ENTIRE point of all of our discussions is that Prosper constantly, consistently, and knowingly refuses to abide by the terms of their contracts through both action and inaction in addition to knowingly spreading misinformation about themselves, their actions/inactions, and their product. No company that acts in this manner can be trusted with your money. I don't care if you made or lost money with them, you cannot trust them.

Tons of people made money off of Bernie Madoff's scheme, but that doesn't make Bernie Madoff a good guy to deal with.

[mothandrust]

ladeeda, thanks for your posting and your thick skin.

In principle, I wouldn't balk at Prosper collecting some kind of fee for doing work on charge-offs that were linked to borrowers making payments.

Lenders don't see any such linkage--if there is such--some kind of PCOCT log would be useful, e.g...

11/1 emailed borrower
11/7 mailed certified letter
11/12 phone conversation with borrower; $200 payment negotiated; new email address
11/15 $200 payment received; awaiting check clearing
11/20 followup with borrower, negotiated $25/month payments going forward

[ladeeda]

One other note to ladeeda since she's new here.
(snip)

I may not work on collections at Prosper, but no one is just sitting around. Period. So this is just absolute nonsense.

ladeeda, thanks for your posting and your thick skin.

In principle, I wouldn't balk at Prosper collecting some kind of fee for doing work on charge-offs that were linked to borrowers making payments.

Lenders don't see any such linkage--if there is such--some kind of PCOCT log would be useful, e.g...

11/1 emailed borrower
11/7 mailed certified letter
11/12 phone conversation with borrower; $200 payment negotiated; new email address
11/15 $200 payment received; awaiting check clearing
11/20 followup with borrower, negotiated $25/month payments going forward

I agree - this would be a nice improvement.

[Mtnchick]

One other note to ladeeda since she's new here.
(snip)

I may not work on collections at Prosper, but no one is just sitting around. Period. So this is just absolute nonsense.

We have had borrowers post here and elsewhere who were behind on their loans....with no contact from Prosper. Considering 99.9999% of every other collections or AR department initiates contact w/in 24 hours of a late payment, I'd say it's pretty safe to say that SOMEONE at Prosper is sitting around doing nothing to these late loans. Maybe it SOP, maybe it's a lack of leadership, maybe it's someone not doing their job. Whatever it is, it's clearly an issue.

[Xenon481]

One other note to ladeeda since she's new here.
(snip)

I may not work on collections at Prosper, but no one is just sitting around. Period. So this is just absolute nonsense.

We have had borrowers post here and elsewhere who were behind on their loans....with no contact from Prosper. Considering 99.9999% of every other collections or AR department initiates contact w/in 24 hours of a late payment, I'd say it's pretty safe to say that SOMEONE at Prosper is sitting around doing nothing to these late loans. Maybe it SOP, maybe it's a lack of leadership, maybe it's someone not doing their job. Whatever it is, it's clearly an issue.

It is also possible that they are understaffed in an effort to cut expenses. Understaffed to the point that they can't properly maintain their business.

[nonattender]

Found the exact wording from an earlier post I made:

"This loan is charged-off
Because payment is more than 4 months late, this loan is charged-off. Once a loan is charged-off, it cannot become current again. Prosper will continue to collect on charge-offs until they are sold to a debt buyer. Any payment on the loan received after charge-off but before sale will be credited to lenders as a recovery."

It says right there on the top of every charged off loan that "any payment" will be given to me. Why are they not following their own policy?

No.  It says that any payment on the loan received after charge-off but before sale will be: "credited to
lenders as a recovery".  As that is an explanation of their accounting procedure (similar to how you may
see CC wording like "Any returns you make will be reflected on your statement as a credit") seems like it
it was meant to illuminate what you might be seeing on that loan history/account page, ie:  to help you.

As it was apparently confusing people (into thinking it meant what you said that you apparently thought
it meant, ie:  "100% of funds collected on charged off loans will be returned to lenders"), it was un-clear.

So, I understand what you think you read / see how it could be confusing - and I'm glad they removed it.

-t

[ira01]

One other note to ladeeda since she's new here.
(snip)

I may not work on collections at Prosper, but no one is just sitting around. Period. So this is just absolute nonsense.

ladeeda, thanks for your posting and your thick skin.

In principle, I wouldn't balk at Prosper collecting some kind of fee for doing work on charge-offs that were linked to borrowers making payments.

Lenders don't see any such linkage--if there is such--some kind of PCOCT log would be useful, e.g...

11/1 emailed borrower
11/7 mailed certified letter
11/12 phone conversation with borrower; $200 payment negotiated; new email address
11/15 $200 payment received; awaiting check clearing
11/20 followup with borrower, negotiated $25/month payments going forward

I agree - this would be a nice improvement.

Since you're new, I'll point out that I (and others) suggested that to Prosper at least 3 YEARS ago. 

[ira01]

Found the exact wording from an earlier post I made:

"This loan is charged-off
Because payment is more than 4 months late, this loan is charged-off. Once a loan is charged-off, it cannot become current again. Prosper will continue to collect on charge-offs until they are sold to a debt buyer. Any payment on the loan received after charge-off but before sale will be credited to lenders as a recovery."

It says right there on the top of every charged off loan that "any payment" will be given to me. Why are they not following their own policy?

No.  It says that any payment on the loan received after charge-off but before sale will be: "credited to
lenders as a recovery".  As that is an explanation of their accounting procedure (similar to how you may
see CC wording like "Any returns you make will be reflected on your statement as a credit") seems like it
it was meant to illuminate what you might be seeing on that loan history/account page, ie:  to help you.

As it was apparently confusing people (into thinking it meant what you said that you apparently thought
it meant, ie:  "100% of funds collected on charged off loans will be returned to lenders"), it was un-clear.

So, I understand what you think you read / see how it could be confusing - and I'm glad they removed it.

-t