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Author Topic: I Also Got 25-30% Stolen From My Recovery Payments On Written Off Loan  (Read 98697 times)

Faithful_Steward1

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Has anyone gotten this successfully resolved? I sent an email but did calling help anyone?
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NPX

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Has anyone gotten this successfully resolved? I sent an email but did calling help anyone?

Resolved?  Not likely.  I did get a response, though.  They say that they are employing a "post charge off agency", and that their agreement with that agency gives the agency 30% of any recoveries on loans that are deliquent by over a year when they're placed with the agency.  I responded that I did not recall being informed of such an agency and/or arrangement, nor that the LRA in effect at the time that I signed up (the only one I've ever agreed to) gave them the latitude to do that.  I do not expect further correspondence.

Honestly, I'm not too unhappy with the fees themselves, since a couple of the recoveries were on loans that I really had given up for dead, so any money from them is a pleasant surprise, but I AM unhappy that they continue to just make things up as they go along, without even bothering to inform us.  Yeah, yeah, I'm sure I'm preaching to the choir, and I'm also not surprised, but still....
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Urbi_et_Orbi

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I thought they said post charge-off collection was handled in-house. Is Prosper paying itself with this fee?
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

xraider

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The only LRA *I* signed said that defaulted loans would be sold to junkk debt buyers, so I have to think that they ARE making it up as they go.

You would think that Prosper would know by now that they do have to disclose things before they start charging us.
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Prosper missed me.  They lifted my suspension a day early.

Urbi_et_Orbi

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Starting to sound lobby-worthy, now that we have info on Prosper's response.
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

God-Father

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second for lobby
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ira01

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You would think that Prosper would know by now that they do have to disclose things before they start charging us.

Unfortunately, Prosper doesn't give a shit about doing things the right way, and since no one has sued them over the many things they have done the wrong way (except the securities class action), Prosper sees no reason to follow the law if it inconveniences them.  No way to run a business (especially a financial one) IMHO, but obviously Prosper doesn't care. 
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If you're not outraged, you're not paying attention.

Mark12547

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Lobby Worthy?
« Reply #7 on: July 17, 2010, 09:24:58 pm »

Does any one have any objections for this thread being moved into The Lobby?
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Free! I am free from Prosper!

xraider

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No objections from me!
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Prosper missed me.  They lifted my suspension a day early.

Xenon481

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Absolutely deserving of being in The Lobby.

Faithful_Steward1

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I got the same response via email: that they are having the charge-offs handled by a servicer and are giving them 30%. Now I replied asking for the name of the servicer and where they are authorized to do this. Obviously I won't get a response.

I am ok with lobby as OP.
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Senator

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Prosper is charging lenders fees they never agreed to?
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Stats as of 12/29/2010:
Total withdrawals: $3,488.87 minus (-) Total deposits: $3,600.00 = ($111.13)
Cash balance: $0
Principal value of active notes:  $0
Total active notes: 0 of 70.

Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.

I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.

It's a great time to be poor and irresponsible in America. -PPT May 2009

ira01

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Prosper is charging lenders fees they never agreed to?

Yep!
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If you're not outraged, you're not paying attention.

Cushie

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And won't give lenders the name of this agency?  Really?  Outrageous!
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ira01

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And won't give lenders the name of this agency?  Really?  Outrageous!

You mean "alleged agency" -- for all we know, Prosper is stealing the money.  Or maybe the "agency" is really Chris Larsen's brother-in-law.  Maybe not, but given Prosper's track record, why shouldn't we assume the worst?
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If you're not outraged, you're not paying attention.
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