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Author Topic: We have a right to know what is happening with our charge offs  (Read 3003 times)

bamalucky

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We have a right to know what is happening with our charge offs
« on: February 04, 2010, 10:17:52 am »

I'm sitting here after looking at my Prosper "notes" & seeing all the charge offs,BK's & lates piss me off because I have no idea whats going on with them.

Prosper should provide lenders with Bankruptcy updates,collection attempts etc.

How do we even know for sure if the borrower filed BK?
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ira01

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Re: We have a right to know what is happening with our charge offs
« Reply #1 on: February 04, 2010, 11:18:33 am »

I'm sitting here after looking at my Prosper "notes" & seeing all the charge offs,BK's & lates piss me off because I have no idea whats going on with them.

I agree completely.

Quote
Prosper should provide lenders with Bankruptcy updates,collection attempts etc.

Of course it should.  Prosper should take a look at the information LendingClub provides in this vein.  But, as we all know, Prosper won't, because Prosper doesn't consider Lenders its customers, so it doesn't give a crap about things that are important to Lenders.  Hey, it's only our money, after all.

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How do we even know for sure if the borrower filed BK?

We don't.  To the contrary, Prosper has admitted that it sometimes marks loans as BK simply based on the borrower saying he/she was GOING to shortly be filing BK.  And in a few instances where we know PII on a borrower, we have nevertheless been unable to find a record of an actual BK filing in PACER (I believe xraider has one or two of these).  BK's are public records -- Prosper should tell the lenders on a loan the court location and case number of every BK filing.  But, as noted above, this only benefits lenders, so Prosper will never do it.

Nominate for Lobby.
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Cushie

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Re: We have a right to know what is happening with our charge offs
« Reply #2 on: February 04, 2010, 11:32:57 am »

Second lobby
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bamalucky

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Re: We have a right to know what is happening with our charge offs
« Reply #3 on: February 04, 2010, 11:33:51 am »

Lobby ok for me
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tekiegreg

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Re: We have a right to know what is happening with our charge offs
« Reply #4 on: February 04, 2010, 11:56:30 am »

Really, how about recording collection calls (with the callers consent) then posting them? Or posting collection emails?  There is just no transparency in these collection efforts...
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xraider

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Re: We have a right to know what is happening with our charge offs
« Reply #5 on: February 04, 2010, 12:10:34 pm »

What collection efforts?
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tekiegreg

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Re: We have a right to know what is happening with our charge offs
« Reply #6 on: February 04, 2010, 01:42:50 pm »

What collection efforts?
Hopefully my above suggestions could reveal this for more certainty  ;D but simply I'd refuse to invest in Prosper again until they make themselves more transparent...
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