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[Shenandoah]

I tried to search and didn't see this posted anywhere yet.  Did I miss it?  Has anyone else gotten this?

Dear [Shenandoah],

As you may recall, in November 2007 Prosper initiated a legal collections test consisting of 74 delinquent loans. As a lender on one or more of these loans, you were given the choice of receiving the prevailing debt sale price or participating in the legal test and receiving any future payments made by the borrowers.

Because the results of the legal test were adversely affected by factors you could not have anticipated at the time you elected to participate, we have made the decision to pay out the proceeds you would have received in November 2007 had you opted for the debt sale instead.

Your account has been credited with $4.56 of debt sale proceeds.

You can use the link below to find information on the December 2007 debt sale. This debt sale was the basis for compensating lenders that originally opted out of the test and for calculating your proceeds. http://www.prosper.com/help/topics/lender-debt_sale_history.aspx

We appreciate your participation in the test and thank you for your patience.

Kirk Inglis
Chief Financial Officer
Prosper Marketplace, Inc.

[yankeefan]

Thanks for the heads up-  I got the message as well.  $18.05 being deposited in my account.

If only they had always treated lenders this well....

[cowdog]

I'll go out on a limb and say it is too little, too late.

Because the results of the legal test were adversely affected by factors you could not have anticipated...

Oh, this must mean that Prosper's crack fraud and security team, and their top notch collections professional Doug Fuller, and the legal team were totally incompetent and couldn't win a lawsuit.

Imagine.

[B2]

Yes I got it also.  I think my take was 17 and change.  We get the crumbs.

[Nora_Lenderbee]

Um, congratulations? 

Hey, B2!

[B2]

Hi Lenderbee - You lost your shirt yet?

[Nora_Lenderbee]

Ha, I am on course to BREAK EVEN! (If you don't count taxes paid)
Maximum possible loss at this point, if no one makes another payment, would be about $150.

[B2]

Looks like I will be in the hole a few hundred before it is all said and done.  Your loan quality was better than mine.  Congrads you have done much beter than most.  I know some of the big lenders must of really took it on the chin.  Overall it was a good experience... learned a lot about people. 

B

[Mtnchick]

I didn't get it but it's been so long since I made the decision which way to go on this!

[LoanChimp]

I guess I'm not so glad I opted out...

WTF? 

[112233]

so what really happened here? what led up to this? this seems to be out of left field.

[ira01]

I'll go out on a limb and say it is too little, too late.

Because the results of the legal test were adversely affected by factors you could not have anticipated...

Oh, this must mean that Prosper's crack fraud and security team, and their top notch collections professional Doug Fuller, and the legal team were totally incompetent and couldn't win a lawsuit.

Imagine.

+1.  The many, many ways that Prosper screwed up the NAT have been discussed here at length.  This is the very least they could do (and they should pay interest on the money too).

[ira01]

so what really happened here? what led up to this? this seems to be out of left field.

Maybe someone threatened to sue them (or their collections lawyers) for legal malpractice.     The NAT couldn't have been screwed up any worse if they had tried.

[Urbi_et_Orbi]

Nominate for lobby

[ira01]

Nominate for lobby

Second.