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[CleanRivers]

Could one of the companies involved be trying to make money off the interest on the money by holding it? I have seen this occur in the past, with billing and insurance companies.

[mothandrust]

What Prosper does with the float has been subject of discussion many times.

All we know for sure is that if the borrower reports that he's making a recovery payment, 30+ days later nothing happens.

Then if lenders post to the dot-org lobby and we e-mail customer service asking where the money is, it will pop up as "Processing".

How long it takes for the money to actually get credited to our account, no one knows, but according to Prosper's accounting, it's been 12 days now.

[tmullin1217]

I received a rather substantial recovery payment on Saturday morning from one of my long-defaulted borrowers. This was quite unexpected for me, as it has been three years since his last payment.

Transaction effective date    Date received
Apr-09-2012                       Apr-14-2012

Alas, eandr123's payment is still in the "Processing" stage. Some payments are more equal than others, I suppose.

[mothandrust]

I received a rather substantial recovery payment on Saturday morning from one of my long-defaulted borrowers. This was quite unexpected for me, as it has been three years since his last payment.

Actually the payment he made was credited on December 12, 2011. 

Is Prosper not crediting you with the 8 recovery payments he has made from November 2, 2010 to today? 

The actual payment was made in October 2010, but Prosper delayed the reporting so as to put the loan into a Charge-Off status so they could charge lenders both a "Service fee" and a "Collection fee" for the same payment.

Prosper never reversed this, but the next few recovery payments were processed correctly.

But then on the December 21, 2011 payment, Prosper again charged double fees. 

Maybe a case of the right hand not knowing what the left hand was doing, but lenders are missing money from both pockets.

[tmullin1217]

No moth, this is a different borrower - one whose last payment was in March, 2009.

[mothandrust]

Now Prosper is 50 days late in crediting payments to lenders.  Has to be a record, right?

[mothandrust]

Another email to Customer Service...

RE: Case #00604249

It's now been 50 days since borrower eandr123 made a $2461 payment on Note #29218-9.

On 3/30/12, Prosper emailed me, saying that lenders would get their money "within the next week" but that never happened.

Will Prosper be crediting lenders' accounts today?

...and My latest "offset" Prosper listing which is Pending Activation.

Gotta get paid somehow.

ETA: Prosper's 4/23/12 reply...

Dear XXXXXXX,

Our IT team is working to fix this as soon as possible, we appreciate your patience.

For future reference, your Prosper support case number is XXXXXXXX.

Sincerely,
Prosper Customer Support

[mothandrust]

56 days and now Prosper pays (but the "account effective date" should be today, not in March)...

...but they'll credit the next payment when?  In 2065??  You can't make this stuff up...


...and with all the glitches being fixed, they are still double-charging BOTH a "Collection Fee" and a "Service Fee" for the same payment!

[Xenon481]

56 days and now Prosper pays!...

...but they'll credit the next payment when?  In 2065??  You can't make this stuff up...


...and with all the glitches being fixed, they are still double-charging BOTH a "Collection Fee" and a "Service Fee" for the same payment!

Hahahahahahahahahahahahahahahahaha!!!!

[Staneslav]

a

[mothandrust]

Contacting Customer Service again since they are now 30+ days late again on the next payment....

On loan #2918-9, Payment 2999363 is in "Processing" status and the system shows that my account will be credited on "April 24, 2065."

The previous payment on this loan was credited to lenders 56 days after the funds were debited from the borrower's account.

Now it's going to take 53 years!?

Another system error is that this and other previous payments were subjected to a 27% Collections Fee, which should not be charged to lenders since we never selected this collections agency when the loan originated. 

Lenders were choosing between one agency that charged 15% and another that charged 17% (which was what the majority picked).

Please correct these overcharges and credit my account by the end of the week.

[NewHorizon]

Prosper reported to me that they currently have 105 loans "stuck" in processing that they're working on.
105 seems kinda high, but what do I know...

[cubbiesnextyr]

Aren't they falsifying financial records by reporting such a grossly inaccurate date?

Depends on how much money is involved relative to their financials.  With 105 payments stuck, we're talking what, 10-30K of payments?  That's probably not material based on their assets.

[Fred93]

Prosper reported to me that they currently have 105 loans "stuck" in processing that they're working on.
105 seems kinda high, but what do I know...

That's 105 that they KNOW ABOUT.   

[ira01]

Prosper reported to me that they currently have 105 loans "stuck" in processing that they're working on.
105 seems kinda high, but what do I know...

That's 105 that they KNOW ABOUT admit.