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[Faithful_Steward1]

I did get a reply from them saying that they have a new policy and it was buried 3 links into their website. Of course none of us agreed to any change in terms.

I noticed at the top of all my charged off loans that there is a note:

"This loan is charged-off
Because payment is more than 4 months late, this loan is charged-off. Once a loan is charged-off, it cannot become current again. Prosper will continue to collect on charge-offs until they are sold to a debt buyer. Any payment on the loan received after charge-off but before sale will be credited to lenders as a recovery."

It says right there on the top of every charged off loan that "any payment" will be given to me. Why are they not following their own policy?

[ira01]

It says right there on the top of every charged off loan that "any payment" will be given to me. Why are they not following their own policy?

Because that would be an amazing change for Prosper.  There are numerous examples of Prosper failing to follow its own policies.  Just a few examples (there are many more):

Prosper's Lender Registration Agreement (LRA) and other Prosper agreements and documentation used to specify that loans would be sold to a JDB when 4+late.  Prosper unilaterally decided not to sell loans to JDBs.

Prosper's privacy policy used to expressly state that borrowers could decide how much Personally Identifiable Information they wanted to disclose to lenders.  Yet Prosper unilaterally scrubbed listings (even ones that funded based on such disclosures) of all such PII, and banned lenders who made such information available (or who even posted publicly available information, including in one infamous example, posting from an FBI press release (about the loan fraud conviction of a borrower who had an active listing at the time)).

Prosper's LRA used to require that late loans be turned over to the collection agency chosen by the majority in interest by dollars of lenders on the loan.  Then Prosper unilaterally decided to move loans to other (more expensive) collection agencies. 

[TJGbank]

  d

[Beerbud1]

But this forum continues to hide the borrowers who have paid their loans in Full, showed their thanks, and get shunned from the "all mighty .org Public Forum".

This forum is highly censored to show only the bad side on PROSPERS.COM

Since this is the third time you've stated this, You should realize that Prosper scrubbed their forums of any criticism and then completely closed their forums. They refused to listen to Lenders suggestions and questions regarding their "questionable" practices.

They refused to follow their own lender registration agreement and then changed it to "suit" themselves.  You want to publicize one loan being paID BACK AS "NEWSWORTHY" when in fact that was the borrowers responsibilty to begin with.

[ira01]

But this forum continues to hide the borrowers who have paid their loans in Full, showed their thanks, and get shunned from the "all mighty .org Public Forum".

This forum is highly censored to show only the bad side on PROSPERS.COM

Don't be a spamming troll moron.  Are you planning to pollute every thread here with the same inane drivel?  As I've explained (far more politely) in your other threads, you are 100% incorrect.  See http://www.prospers.org/forum/9000_loans_now_charged_off_on_prospercom-t19200.0.html;msg383787#msg383787

[TJGbank]

 n

[Risk_Reward]

But this forum continues to hide the borrowers who have paid their loans in Full, showed their thanks, and get shunned from the "all mighty .org Public Forum".

This forum is highly censored to show only the bad side on PROSPERS.COM

Don't be a spamming troll moron.

Now you're calling me a "moron".
How polite.
Thanks.

I thought ira01 only agreed about one thing, our opinion of Prosper.  Now we agree on two.   

[rogerwaite]

You think this place is negative?  You should go read the comments at the bottom of almost every Yahoo news article at news.yahoo.com.

[ira01]

You think this place is negative?  You should go read the comments at the bottom of almost every Yahoo news article at news.yahoo.com.

Those comments rarely even have anything to do with the article.  A bunch of them are pure spam, and the rest are unrelated rants.

[tekiegreg]

My 2 cents,

I appreciate Prosper trying to collect on stuff that I mentally wrote of as noncollectable.  But really they could have asked first before jacking up recovery fees.  Don't I own a piece of the bad debt after all?

[112233]

Censored by whom? You're free to say your peace as has always been the case.

[Staneslav]

a

[mothandrust]

Can someone post some specific data/screenshots of Prosper taking out these 25%/30% fees?

There is at present a loan where the borrower made a 1/2 payment on 10-13, another half-payment on 10-31, and then Prosper charged-off the loan on 11-01, saying it was 4 months late.

It isn't clear what fees they are going to take out of the 10-31 payment or subsequent ones, but I'd like to know what's coming down the pike.

[zapp05]

Can someone post some specific data/screenshots of Prosper taking out these 25%/30% fees?

There is at present a loan where the borrower made a 1/2 payment on 10-13, another half-payment on 10-31, and then Prosper charged-off the loan on 11-01, saying it was 4 months late.

It isn't clear what fees they are going to take out of the 10-31 payment or subsequent ones, but I'd like to know what's coming down the pike.

I had a recent "recovery" payment (listing).  It does not show anywhere that fees were taken for that payment, but a chunk was taken for 1 of the payments.

"Borrower payments"                                                                        "Lender accounting"
Date               Total   Prosper   Late      Interest   Principal   Principal      Total         Service   Collection
                     paid   fees      fees                                    balance      received      fee         fee
==========   ==== =====   ===         ======   ======   =======      ======   =====   =======
Oct-15-2010    $3.50    -       -             $3.50       -             $56.3533      $3.50       -          -
Aug-20-2010    $3.25    -       -             $3.25       -             $56.3533      $3.25       -          $0.8875
Mar-05-2010    $5.00    -       -             $5.00       -             $56.3533      $5.00       -          -
Nov-30-2009    $3.50    -       $0.6784   $2.8216    -             $56.3533      $3.50       -          -

<edited for formatting>

[God-Father]

Status History
Mar 13, 2008    Current
May 31, 2009    Late
Jun 15, 2009    1 month late
Jul 15, 2009     2 months late
Aug 15, 2009    3 months late
Sep 15, 2009    4+ months late
Sep 16, 2009    Default