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[Fred93]

Lending Performance
Net income (interest + fees + rewards): $11,936.79
Net charge-offs:                               -$15,694.13
Net gain/loss:                                    -$3,757.34

Ah.  Finally.  The accounting presented to lenders shows a little transparency, a little honesty, instead of bullshit. 

Now, if they would remove the accrued interest on loans >1 month late, I think the numbers might actually be reasonable.  Even after the most recent fix, there are still many very late loans, some over a year late, still not charged off (because they are in bankruptcy) and still showing the more than one year of accrued interest payements that will never be made included in the lender's account value.

[Shenandoah]

What's weird is that I haven't gotten emails through my regular email so far. If I hadn't logged in to move money and/or read here, I wouldn't know about them.

Do you have Lender Notifications -> Charge-Offs selected in your preferences?

Mine is unchecked, and I didn't receive any messages - as it should be.

[Mtnchick]

What's weird is that I haven't gotten emails through my regular email so far. If I hadn't logged in to move money and/or read here, I wouldn't know about them.

Do you have Lender Notifications -> Charge-Offs selected in your preferences?

Mine is unchecked, and I didn't receive any messages - as it should be.

Nope - receiving info on charge offs is checked. I also received another message from Lomree. The one she sent yesterday was delivered to my email, the one today was not. I also sent her new message to P----r and while I received a "thank you for reporting this" email yesterday, I did not receive it today - not even on the site messages. Obviously something is FUBAR. (it also took me about 2 minutes to change each page when I went into check this).

ETA - I JUST got the message this AM from Lomree and my "thank you for reporting message". I wonder if they're doing everything manually

[ira01]

Lending Performance
Net income (interest + fees + rewards): $11,936.79
Net charge-offs:                               -$15,694.13
Net gain/loss:                                    -$3,757.34

Ah.  Finally.  The accounting presented to lenders shows a little transparency, a little honesty, instead of bullshit. 

Now, if they would remove the accrued interest on loans >1 month late, I think the numbers might actually be reasonable.  Even after the most recent fix, there are still many very late loans, some over a year late, still not charged off (because they are in bankruptcy) and still showing the more than one year of accrued interest payements that will never be made included in the lender's account value.

+1.  Although as I noted elsewhere, 1 of my 4 4++++lates is still showing as 4+, rather than charged-off.  I have no idea why (although I suspect Prosper ineptitude is the most likely reason).

[msava]

What's weird is that I haven't gotten emails through my regular email so far. If I hadn't logged in to move money and/or read here, I wouldn't know about them.

Do you have Lender Notifications -> Charge-Offs selected in your preferences?

Mine is unchecked, and I didn't receive any messages - as it should be.

Nope - receiving info on charge offs is checked. I also received another message from Lomree. The one she sent yesterday was delivered to my email, the one today was not. I also sent her new message to P----r and while I received a "thank you for reporting this" email yesterday, I did not receive it today - not even on the site messages. Obviously something is FUBAR. (it also took me about 2 minutes to change each page when I went into check this).

ETA - I JUST got the message this AM from Lomree and my "thank you for reporting message". I wonder if they're doing everything manually

I think everything is manual. All the charge offs took place at 1:am PT. The emails started arriving in my box around 2:00 am and didn't stop coming until  7:30.

[loanuniverse]

4 for me, making it a total of 5 chargeoffs so far

[ira01]

Although as I noted elsewhere, 1 of my 4 4++++lates is still showing as 4+, rather than charged-off.  I have no idea why (although I suspect Prosper ineptitude is the most likely reason).

Either Prosper is still working on the charge-offs, or Doug noticed my post here and fixed the last one, as my last 4+ just turned to charged-off.  The email was 1:43 pm.

[MsTabbyKats]

Although as I noted elsewhere, 1 of my 4 4++++lates is still showing as 4+, rather than charged-off.  I have no idea why (although I suspect Prosper ineptitude is the most likely reason).

Either Prosper is still working on the charge-offs, or Doug noticed my post here and fixed the last one, as my last 4+ just turned to charged-off.  The email was 1:43 pm.

I had one more in the afternoon wave of charge-offs...but I still have 2 that are 4+.  One pays a few dollars (a few on the total...not my share) every month.

[pioneer11]

They charged off one of mine that made a payment 2 weeks ago after nearly a year without payments.

[Mtnchick]

They charged off one of mine that made a payment 2 weeks ago after nearly a year without payments.

I have a feeling this was done w/o actually looking at the accounts. The only non-BK I have left in 4+ has an actual payment pending (if you believe the daggers). I have several that were charged off that made payments in Aug/08, Sept/08 and Oct/08. One of the ones that last paid in Oct/08 has been making payments every two weeks since June.

I also have several that are showing Charged off status but still in collections.

More idiocy from the Bay.

[HollowOak]

They charged off one of mine that made a payment 2 weeks ago after nearly a year without payments.

I have a feeling this was done w/o actually looking at the accounts. The only non-BK I have left in 4+ has an actual payment pending (if you believe the daggers). I have several that were charged off that made payments in Aug/08, Sept/08 and Oct/08. One of the ones that last paid in Oct/08 has been making payments every two weeks since June.

I also have several that are showing Charged off status but still in collections.

More idiocy from the Bay.

Isn't this actually Prosper for once doing what they said they would? The accounts will now be in Charge-off, thus they cannot become current again, yet Prosper will continue their own in-house Post-Charge-off Collections? This way at least we *know* not to expect any additional payments and we can write the severely delinquent loans off against 2008 income taxes^*.

From my reading of the email, Prosper has kept open the door on (eventually) selling these loans, or on keeping them in-house and continuing collections, albeit with undisclosed fees and conditions.

^* Has anyone actually seen something from Prosper that can serve as IRS documentation on writing off loans? If memory serves me correctly, I got a 1099 for the proceeds of the JDB sale, but nada for the actual  value of the loans that were sold.

[arebelspy]

Second the lobby nomination.

I've gotten 43 chargeoff emails so far, with more coming in.

Two comments:
1) Does anyone doubt this has to do with the SEC stuff?
2) How much $$ would I have gotten for these loans had Prosper lived up to their own legal agreement and sold them at the last debt sale where they rejected all offers?  (Even $0.03 on the dollar would have been great.)

Update from this morning: I'm up to 59 emails so far, with more coming in.  Whee.

[Mtnchick]

From my reading of the email, Prosper has kept open the door on (eventually) selling these loans, or on keeping them in-house and continuing collections, albeit with undisclosed fees and conditions.

Do YOU believe them? Based on past experiences, even IF they collect anything or sell them off we won't get paid until talking about it here in many threads and then several months before it comes right. And that's not even mentioning that so far I've seen no one get paid on Chapter 13 BKs

[beerbud1]

From my reading of the email, Prosper has kept open the door on (eventually) selling these loans, or on keeping them in-house and continuing collections, albeit with undisclosed fees and conditions.

Do YOU believe them? Based on past experiences, even IF they collect anything or sell them off we won't get paid until talking about it here in many threads and then several months before it comes right. And that's not even mentioning that so far I've seen no one get paid on Chapter 13 BKs

+1  How about the "NAT" loans? Has anyone seen a penny from that? They don't even have the decency to give us an update on what is happening (obviously they haven't done anything with those).

[hanyhany]

Ouch: 50+ charge offs

Net income (interest + fees + rewards):     $4,896.33
Net charge-offs:    -$5,397.16
Net gain/loss:    -$500.83