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[Beerbud1]

I have seven bankruptcies that have been sitting in 4+ months late "status" for several months.

All were charged off over night. The format the way the information reads was changed as well.

[Oak_Hill_Fire]

One of my 2 Chapter 13's was also charged off. Never rec'd a penny after BK filed.

[DCS]

I also had a Ch 13 charged off last night.

In the past, I thought BK's weren't charged off until they were discharged, but this one is charged off with the text "BK filed."

[cubbiesnextyr]

Odd, I have a loan that says "discharged in BK" but is only showing "late" instead of "charged-off" and still has a principal amount showing (despite the websites insistence that my loan balance has been reduced to zero).

[Xenon481]

My $800+ remaining BK-13 with a $0 repayment plan was moved to Charge-Off.

[Nora_Lenderbee]

Odd, I have a loan that says "discharged in BK" but is only showing "late" instead of "charged-off" and still has a principal amount showing (despite the websites insistence that my loan balance has been reduced to zero).

How late is it?
I have one loan "BK filed" that is only 2 months late. It wasn't charged off, but is still listed with other late loans. My 4+ late BKs, however, were charged off.

[Urbi_et_Orbi]

Strangely, they charged off Mr_Deluxe, who made a payment as recently as July 1, 2009...

[Fred93]

Huge number of loans were charged off on 7/31/2009.

This represents a big change in policy.  

Looks to me like they have changed the way they handle bankruptcy.  Used to be that bk loans just sat in the bk state until paid off or bk7 discharged.  Now however, starting 7/31/2009, they are moving them to chargedoff if they are >4 months late.  This of course includes people who are paying off on a bk13 plan.

I don't know whether this is a good thing or a bad thing.  It should make the default stats a bit more honest, right?  Now the bk loans will show up as default after 4 months just like other deadbeats.

[Beerbud1]

Nominate for Lobby.

[God-Father]

Second

[Investar]

Huge number of loans were charged off on 7/31/2009.

This represents a big change in policy.  

I don't know whether this is a good thing or a bad thing.  It should make the default stats a bit more honest, right?  Now the bk loans will show up as default after 4 months just like other deadbeats.

Hmmmmn. A sudden glitch of bad stats followed by (oh let's say) a 6 month period of improvement during which time we can extoll the virtues of our ever increasing vigilance which, as you can plainly see, has resulted in substantial reduction of risk for our lenders.

[cowdog]

I'm sure they are just moving them to charged off, and then Prosper will just keep any payments that roll in.

[JammingJAY]

Strangely, they charged off Mr_Deluxe, who made a payment as recently as July 1, 2009...

No it isn't, they have done the same to me, in fact he made a small payment in July.

[Urbi_et_Orbi]

Strangely, they charged off Mr_Deluxe, who made a payment as recently as July 1, 2009...

No it isn't, they have done the same to me, in fact he made a small payment in July.

Huh?

[nonattender]

Huge number of loans were charged off on 7/31/2009.

This represents a big change in policy.  

I don't know whether this is a good thing or a bad thing.  It should make the default stats a bit more honest, right?  Now the bk loans will show up as default after 4 months just like other deadbeats.

Hmmmmn. A sudden glitch of bad stats followed by (oh let's say) a 6 month period of improvement during which time we can extoll the virtues of our ever increasing vigilance which, as you can plainly see, has resulted in substantial reduction of risk for our lenders.

That sound you hear is either the flushing of an engine or the flushing of a toilet - or both.

-t