My Prosper.com experience

The results are in.After a week long vote off here http://chat.prospers.org/ (free IRC web chat)My blog was voted #1.

My blog is mostly about prosper.com.My blog receives more hits than even the "official" Prosper blog. Total visitors for last week were 15,123 for the week & my John Witchel expose alone garnered 6798 visitors.

 (all totals are guesstimates as i have no counter)

12% of all money loaned on Prosper has now defaulted,or reclassified by them as "charged off"

2 "key" employees are MIA.Shira & John Witchel.

p2p lending aka person to person or peer to peer isgone too.Prosper now lets borrowers list with a generic loan app with no picture or description.

http://www.prosper.com/lend/performance.aspx

2 weeks ago I blogged about a prior felony arrest of co-founder John Witchel.His name has been removed from the website & someone else has been give his title of CTO

Here is the current page

http://www.prosper.com/about/management_team.aspx

Here is the cache

http://72.14.205.104/search?q=cache:zxE8IPlk3RUJ:www.prosper.com/about/management_team.aspx+%22john+witchel%22&hl=en&ct=clnk&cd=2&gl=us&client=firefox-a

From the lender registration agreement.There are no more defaulted loans on Prosper.Take a look at the performance tab.

http://www.prosper.com/lend/performance.aspx

You authorize Prosper to offer for sale and sell your Notes that become over 120 days past due to a debt buyer in accordance with this Section. Because debt purchasers buy many past-due Notes at once, Notes that are in default might not be offered for sale at the point at which they are exactly 120 days past due, but may remain unsold for some period after they are 120 days past due. Collection efforts will continue until the Note is actually sold to a debt purchaser. Proceeds, if any, from the sale of your Notes, less expenses of sale, will be paid to you. No portion of the proceeds of a defaulted Note sale will be paid to any group leader. PROSPER DOES NOT GUARANTEE THAT A NOTE WILL BE SOLD AT A DEBT SALE, OR THAT YOU WILL RECEIVE ANY PROCEEDS FROM A DEBT SALE OF YOUR NOTE.

Thats right.This lender who is also a borrower is late.In 2007 Andrew promised us that they would find a way to get the money from lender accounts to pay if the lender who became a borrower was ever late.It hasn't happened yet.It's a California loan.Maybe I will get lucky & Prosper will sue.(/end sarcasm)

https://www.prosper.com/lend/listing.aspx?listingID=188744

http://www.lendingstats.com/lenders/slara512