Print

[Xenon481]

I've known for a long time that there were a lot of prosper loans that seemed to stop making payments a few dollars (or even cents) away from payoff.  Haven't been able to get an answer from prosper about this, and never spent the time to dig thru the records and figure out what caused it.  I've been assuming it occurs when there were late payments somewhere along the line, which caused less money to go to pay down principal than was anticipated when the loan was created, causing the need for a small 37th payment, which they never bothered to extract from the borrower.  -- but I don't know whether this is right.

I got a bunch of these principal readjustments on 12/27 too.  Perhaps they've now fixed this old bugaboo.

I'm pretty sure that at the time the my 3 loans affected by this were paid off, they showed a $0.00 balance.

[Urbi_et_Orbi]

I'm pretty sure that at the time the my 3 loans affected by this were paid off, they showed a $0.00 balance.

+1

[gassman0102]

Looking back in my record it appears that this may be a late fee that they did not properly collect.  I know that the loan the I received an adjustment on was paid down to -0-.  The #36 balloon payment had pulled the correct larger than normal amount.

gassman

[Beerbud1]

I just looked and found three more. One is a wash though:

May-26-2010 2:05 PM     May-26-2010     Deposit            Principal adjustment     12982-92      049310043     Completed     $4.70      -
May-26-2010 2:05 PM    May-26-2010    Withdrawal     Principal adjustment    12982-92    049310042             Completed    -$4.70    -
May-25-2010 10:28 PM    May-25-2010    Deposit    Principal adjustment    29218-128    049307507             Completed    $6.22    

[TotoMMB]

Apparently there were some issues on 5/26. Like Beerbud, I have a wash adjustment. In fact, mine were 8 transactions before his (yet, somehow, 15 minutes later).

May-26-2010 2:20 PM  May-26-2010  Deposit  Principal adjustment  35565-128  049310034  Completed  $2.76  - 
May-26-2010 2:20 PM  May-26-2010  Withdrawal  Principal adjustment  35565-128  049310033  Completed  -$2.76

[Tokyo Joe]

I got diddlysquat 

[msava]

One thing I know for a fact, Prosper does not respond to borrowers trying to get the figures of the final payment. My friend that got a Prosper loan wrote and called Prosper at 3 times to get answer on the final figure with no response. She had closed the account the money was being drawn from because she felt Prosper would over pull.

This woman made 34 on time payments and the last two got screwed up because of lack of communication. Even now I can't determine if it's completely off the books.

[big-al]

One thing I know for a fact, Prosper does not respond to borrowers trying to get the figures of the final payment. My friend that got a Prosper loan wrote and called Prosper at 3 times to get answer on the final figure with no response. She had closed the account the money was being drawn from because she felt Prosper would over pull.

This woman made 34 on time payments and the last two got screwed up because of lack of communication. Even now I can't determine if it's completely off the books.

I'm curious about how (if) they are reporting to the CRAs.

[God-Father]

I received 4 principal adjustment payments, including for loans paid off more than TWO years ago.

It's strange to send these payments out without Prosper also explaining WHY it is happening, WHAT was wrong with their internal accounting routines, and HOW something like this could possibly happen.

How can investors have confidence in this system?   

Man - talking about seeing the glass half full.  Clearly Prosper couldn't make you happy if they tickled your butt with a feather.

[Fred93]

One thing I know for a fact, Prosper does not respond to borrowers trying to get the figures of the final payment. My friend that got a Prosper loan wrote and called Prosper at 3 times to get answer on the final figure with no response. She had closed the account the money was being drawn from because she felt Prosper would over pull.

This is precisely the impression I got from the lending side.  So many loans stopped paying right near the end, with a last small payment never going thru.

Prosper has never answered my questions about this either.

[Urbi_et_Orbi]

I received 4 principal adjustment payments, including for loans paid off more than TWO years ago.

It's strange to send these payments out without Prosper also explaining WHY it is happening, WHAT was wrong with their internal accounting routines, and HOW something like this could possibly happen.

How can investors have confidence in this system?   

Man - talking about seeing the glass half full.  Clearly Prosper couldn't make you happy if they tickled your butt with a feather.

You are satisfied with the 5-year turn-around to identify this problem?  Not only is your glass more than half full, but I suspect your Kool Aid has been spiked.

[God-Father]

I received 4 principal adjustment payments, including for loans paid off more than TWO years ago.

It's strange to send these payments out without Prosper also explaining WHY it is happening, WHAT was wrong with their internal accounting routines, and HOW something like this could possibly happen.

How can investors have confidence in this system?   

Man - talking about seeing the glass half full.  Clearly Prosper couldn't make you happy if they tickled your butt with a feather.

You are satisfied with the 5-year turn-around to identify this problem?  Not only is your glass more than half full, but I suspect your Kool Aid has been spiked.

There are just so many real things to complain about, I don't feel the need to be petty over a few penny they discovered and made right.

[Xenon481]

There are just so many real things to complain about, I don't feel the need to be petty over a few penny they discovered and made right.

You don't think that it is important that a financial company can't do their finances properly?

[Fred93]

Prosper tells me that the "old loan stuck at late" problem is fixed as of 12/27/10.  This is the same date that various folks report getting the principal adjustments.  It seems likely that these were two views of the same issue.

[cowdog]

There are just so many real things to complain about, I don't feel the need to be petty over a few penny they discovered and made right.

You don't think that it is important that a financial company can't do their finances properly?

This was one thing I said in 2006 when Prosper couldn't even issue account statements to lenders.

It really hasn't improved since then.

No statement, wrong statement, no corrected/revised statement on adjustments = no investment