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[msava]

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. 

Is it too costly or time consuming for the legals on this board to sue Prosper?

[Faithful_Steward1]

One other note to ladeeda since she's new here.
(snip)

I may not work on collections at Prosper, but no one is just sitting around. Period. So this is just absolute nonsense.

------

Ladeeda please tell us how many Prosper employees work in the in-house "collections" department. Should be a fairly easy thing to find out. I think I know the answer.

[Faithful_Steward1]

Found the exact wording from an earlier post I made:

"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?

No.  It says that any payment on the loan received after charge-off but before sale will be: "credited to
lenders as a recovery".  As that is an explanation of their accounting procedure (similar to how you may
see CC wording like "Any returns you make will be reflected on your statement as a credit") seems like it
it was meant to illuminate what you might be seeing on that loan history/account page, ie:  to help you.

As it was apparently confusing people (into thinking it meant what you said that you apparently thought
it meant, ie:  "100% of funds collected on charged off loans will be returned to lenders"), it was un-clear.

So, I understand what you think you read / see how it could be confusing - and I'm glad they removed it.

-t

Wrong (again) nonattender (shock). This policy changed abour when I started this thread. The loan in question had been getting payments for 6 months after charge-off and no fees were being charged. Nothing on the loan changed, then they started charging fees, despite their written policy on the top of each loan they were charging fees on. The clear reading of the text shows all funds recovered will be given to the lender. Only in your fantasy world would that verbage allow for fees to be taken out.

[mothandrust]

I got 100% of my recovery payment stolen on eandr123's written off loan.



Prosper has zeroed out the Principal Balance and not passed on any of the $100 payment made (they owe me $7.09) to lenders.

No response to my inquiry last week to Customer Service.

[God-Father]

Prosper has to make ends meet somehow.   

[Xenon481]

I got 100% of my recovery payment stolen on eandr123's written off loan.



Prosper has zeroed out the Principal Balance and not passed on any of the $100 payment made (they owe me $7.09) to lenders.

No response to my inquiry last week to Customer Service.

This is absolutely ridiculous. Without proper accounting available to you, this is outright theft.

And it is awful that silence from Prosper is predictable.

[yankeefan]

I got 100% of my recovery payment stolen on eandr123's written off loan.



Prosper has zeroed out the Principal Balance and not passed on any of the $100 payment made (they owe me $7.09) to lenders.

No response to my inquiry last week to Customer Service.

What did the "lender accounting" side of the ledger look like?  What you posted was the borrower side, which indicated that none of the borrower's payment was allocated to Prosper fees, late fees, etc- but did any of it get to you at all?  Check the other side to be sure.

Thanks.

[mothandrust]

Lender accounting side...

[yankeefan]

thank you.

[mothandrust]

No response on either of my two e-mails to Customer Service, but now they've credited my account...

...for an extra $26.37?!... 

...Really don't understand what they are doing here, but maybe karma is making up for all those 17% Amsher/Penncro overcharges.

[yankeefan]

lol


They're really making it up as they go along, aren't they?

Maybe I'll ask them where the $2,000 I loaned to people who didn't pat back is- maybe they'll "find" soem for me like they did for you.

[mothandrust]

Here's a view from the borrower side's of it...



...the May 10 payment is the one under discussion. 

The payment for "May 25" was debited from the borrower's bank account on May 24--your guess is as good as mine what lenders will get from this payment and when.

[no-whammies]

To the right of transaction effective date, DPD?  I don't have that in my borrower payments view.  Is that Days Past Due?

[mothandrust]

More problems with getting payments credited on the eandr123 loan, so I clicked on the "Contact Us" link on the Prosper site and sent this message today...

On Note #29218-9, the borrower, eandr123 reported to lenders on a public forum that he made a $2461 payment on this Note, via the collection agent designated by Prosper.

eandr123 reports that the funds were transferred out of his account on 2/29/12, but as of today, 3/30/12, nothing has been passed through to lenders.

It has been 30 days since the borrower made this payment.

When will Prosper be crediting lenders with the payment made on this loan?

We are very fortunate that eandr123 is posting the play-by-play on his loan payments so we can see how Prosper collections/recovery processing operates.

[mothandrust]

Looks like Prosper found the payment...

Dear XXX,

We only get the file from the collection agency once a month, you will see your share of this payment show up in your account within the next week.

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

Sincerely,
Prosper Customer Support

This still doesn't explain why if the payment was done on February 28th, why it takes until April 2nd to have the payment start processing.  What happened to March?  



According to this the "Account effective date" is March 29, but I posted here and emailed Prosper on March 30th that nothing had been processed.

Still waiting to actually get the money, but at least Prosper is acknowledging that there is money that's due.