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[112233]

Is prosper running on BBS software? I've never seen a site go down so much.

Is it past midnight yet? Can I login to prosper and play my door games?

[Urbi_et_Orbi]

Is it past midnight yet? Can I login to prosper and play my door games?

You just gave me a nice flashback to the early 90's.

[mothandrust]

I'm also on this same loan and they have not fixed it...

Maybe they'll fix this:

Payment number	Transaction effective date	Account effective date	Type	Status	Total paid
OP5596316	Apr-27-2010	Apr-27-2010	Manual	Processing	$1.72

...which makes me think that they are holding back these payments to give themselves a cash cushion. 

Instead of borrowing more money at a 15% rate, why not just hold up payments to lenders, who have no choice but to give Prosper an interest-free loan?

That is, unless you're hedged.

[mothandrust]

I just noticed on my loan that my "next payment" is due on Apr-12-2013 which is the same as my last payment date.

Why don't they fix the old bugs instead of making changes that might introduce new ones?

[ira01]

I'm also on this same loan and they have not fixed it...

Maybe they'll fix this:

Payment number	Transaction effective date	Account effective date	Type	Status	Total paid
OP5596316	Apr-27-2010	Apr-27-2010	Manual	Processing	$1.72

...which makes me think that they are holding back these payments to give themselves a cash cushion. 

Instead of borrowing more money at a 15% rate, why not just hold up payments to lenders, who have no choice but to give Prosper an interest-free loan?

I strongly doubt it.  If Prosper was in such dire financial straights (which they aren't, now, due to their recent infusion of more VC cash), it would be easier to simply delay outgoing ACH transfers to lenders -- which they haven't.  It appears clear that Prosper's recent problems are a result of bugs and its incompetence, not a nefarious scheme.

[no-whammies]

Transactions hit Saturday...  Anybody else seeing that this past weekend?

[gassman0102]

Transactions hit Saturday...  Anybody else seeing that this past weekend?

Yes.  It appears that they can't read the calendar.  I have transactions for Tuesday thru Saturday for the last 2 weeks.

[TotoMMB]

Transactions hit Saturday...  Anybody else seeing that this past weekend?

Yes.  It appears that they can't read the calendar.  I have transactions for Tuesday thru Saturday for the last 2 weeks.

They're giving employees four-day work weeks, then paying the cleaning crew a few bucks under the table to come in Saturday and hit a few keys.

[nonattender]

Is prosper running on BBS software? I've never seen a site go down so much.

Is it past midnight yet? Can I login to prosper and play my door games?

I bet the sysop has been cheating at TradeWars again - running maintenance like 10 times in a row...
I hate it when he does that.  And like half the time, when you hit escape twice to get past FrontDoor,
Remote Access won't even load up...  It's almost as bad as WildCat...  I really miss TeleGard, too bad
it was so easy to hack.  And now the sysop is talking about installing Yankee Trader instead of TW...

You know any good warez boards?   I gotta go setup WarDialer to run while I'm at school all day, L8r.

-t

[112233]

Is prosper running on BBS software? I've never seen a site go down so much.

Is it past midnight yet? Can I login to prosper and play my door games?

I bet the sysop has been cheating at TradeWars again - running maintenance like 10 times in a row...
I hate it when he does that.  And like half the time, when you hit escape twice to get past FrontDoor,
Remote Access won't even load up...  It's almost as bad as WildCat...  I really miss TeleGard, too bad
it was so easy to hack.  And now the sysop is talking about installing Yankee Trader instead of TW...

You know any good warez boards?   I gotta go setup WarDialer to run while I'm at school all day, L8r.

-t

im just waiting on LORD and BRE .. in the mean time Im going to finish this telix salt script

...

getting back to prosper, I see Omidyar (one of prosper's investors) is advertising a job for prosper:
http://jobs.omidyar.com/jobdetail.php?jobid=40473

trying to figure out what the heck is going on in the system and what should be fixed?


I also find it odd that this job on their investor's site, but not prosper's site. Perhaps they are putting up the payroll as a form of investment?

[Ray Kremer]

Update! Prosper has refunded monies to me!
May-25-2010 10:35 PM May-25-2010    Deposit    Note payment adjustment    38991-40    049307504 Completed  $0.86
May-25-2010 10:35 PM May-25-2010    Deposit    Note payment adjustment    39178-74    049307488 Completed  $0.93

I'm still a little worried about them, though. Repeating what the issues were from my post a few pages back:

The first is here: http://tinyurl.com/2fomupq
You can see each actual payment corresponds to a deposit into my account plus the Prosper fee removed. Failed payments result in no notations in the transaction history and no entries in the note detail balance columns. That is, until the May 3 failed payment, where the amount of the non-payment is DEDUCTED from my account.

The second is here: http://tinyurl.com/2f6zpom
Again, payments correspond to deposits and fees, until the Apr 29 failed payment. This time it shows in both the Note Detail and Transaction History adding, then deducting the amount of the non-payment. Okay, it zeroes out, no problem. But, the Prosper SERVICE FEE is still taken from my balance for a payment that did not occur.

For the first one, 38991-40, they correctly refunded the $0.86. But the second one, 39178-74, they gave me back the entire amount of the failed payment, $0.93, when the actual issue was just the $0.02 service fee. So whoever is doing these refunds isn't really paying attention to what they are doing. It also might be only happening for the ones that have been actively complained about, you may recall the third loan I found with an accounting irregularity related to a failed payment, 39148-18, but this time in my favor because the failed payment remained on the books as a successful payment rather than being subtracted back off. So far that hasn't been fixed.

So as far as I know right now, I'm making off with $1.99 that was not owed to me. Though who knows how many other loans with problems I have that I haven't noticed. Despite the free money, it's not really a confidence booster that they institute a new system that proceeds to screw up a bunch of loans, and they can't even undo the damage properly.

[Urbi_et_Orbi]

According to Prosper's blog.

http://blog.prosper.com/2010/05/24/loan-servicing-platform-update/

Most of the issues following the conversion have been related to the interface between our website and the new loan servicing platform, which resulted in loan data being inaccurately displayed to users accessing their accounts via the Prosper website. Although these interface issues have now been resolved, we are still in the process of correcting the website display issues that occurred. These corrections will be made to users’ accounts by the end of the next week.

The suggestion here is that the issues experienced were display-related.

In a limited number of cases, the issues we were experiencing with the interface between the website and servicing platform triggered incorrect payment disbursements to lenders. This issue has also been resolved, and user accounts impacted by these disbursement errors will be corrected by the end of the next week.

As of May 6, the transfer of borrower payments was brought up to date and since then borrower payment transfers, which are routed through Wells Fargo, have normalized and are happening on a daily basis. So at this point, the issues related to borrower payments being accurately reflected on Prosper’s website and user accounts have been resolved.

Here the suggestion is that the issues went beyond just being display-related, as the system triggered incorrect payment disbursement.  For a company such as Prosper, that would sem to be a big deal.

Then...

In order to facilitate the transfer to the new servicing platform, we had been requiring borrowers to make manual payments over the phone with customer service.

Clearly, this went beyond just being a display issue.  Requiring borrowers to contact CS to make manual payments feels a bit more like the equivalent to BP's "junk shot" solution to the gushing oil well....an improvised solution to a problem much greater than anticipated.

We should have communicated this was happening proactively to borrowers at the time we rolled out the platform, and we know that this was inconvenient for borrowers who utilize the manual payment system. We experienced an influx of borrower calls requesting manual payments be made, and those have been successfully processed. We want to thank those borrowers for being so diligent. The manual payment system was restored over the weekend.

If this doesn't build confidence, I don't know what will.

[zapp05]

According to Prosper's blog.

http://blog.prosper.com/2010/05/24/loan-servicing-platform-update/

The manual payment system was restored over the weekend.

If this doesn't build confidence, I don't know what will.

they have turned back on the manual payment option, but they have not yet re-enabled the option to use your Prosper account as the source of that payment

[ducks]

Maybe they'll fix this:

Payment number	Transaction effective date	Account effective date	Type	Status	Total paid
OP5596316	Apr-27-2010	Apr-27-2010	Manual	Processing	$1.72

The payment has been credited to my Prosper account. It took exactly a month. Or maybe it was there all along but there was a display issue...

It still shows as "processing" on the payment history for the note.

[Ray Kremer]

But the second one, 39178-74, they gave me back the entire amount of the failed payment, $0.93, when the actual issue was just the $0.02 service fee.
...
you may recall the third loan I found with an accounting irregularity related to a failed payment, 39148-18, but this time in my favor because the failed payment remained on the books as a successful payment rather than being subtracted back off. So far that hasn't been fixed.

Completely fixed now:
May-26-2010 3:00 PM    May-26-2010    Withdrawal    Note payment adjustment    39178-74     049310274    Completed    -$0.93
May-26-2010 3:00 PM    May-26-2010    Deposit        Service fee adjustment        39178-74    049310274    Completed    $0.02
May-26-2010 3:00 PM    May-26-2010    Withdrawal    Note payment adjustment    39148-18    049309925    Completed    -$1.08

I'm forced to wonder if this happened because the Prosper techs suddenly got their shit together or because they are reading this thread and I acted so quickly to comment on their first attempt only getting it half right. Given what we know of Prosper's general competence, the latter option seem more likely.

So I guess that little drama is over. Back to merely watching my active notes slipping into past due and my past due notes slipping into charge-offs.