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Author Topic: 27 new late loans all in one day?  (Read 13070 times)

MYCHAELP

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27 new late loans all in one day?
« on: July 03, 2011, 09:33:58 am »

I was wondering if this is normal on Prosper. I have 27 new late loans all in one day. When I check each one, they all have payments made 5/31/11 and all but one are automatic payments. Is it possible that Prosper's computer system isn't adding the payments and they all went late on the Investing Page the same day? It is just odd since I typically get 1 or 2 late loans per week with an average of 8 at once.
Any input is greatly appreciated as I'm considering adding more loans.

Great site!
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Mark12547

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Re: 27 new late loans all in one day?
« Reply #1 on: July 03, 2011, 09:41:19 am »

Maybe Propser's computers are waiting until June 31.  ???

These kinds of bugs have happened in the past.
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Xenon481

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Re: 27 new late loans all in one day?
« Reply #2 on: July 03, 2011, 09:42:23 am »

Prosper has proven time and time again that it cannot be trusted to account for money and payments correctly.

Prosper has admitted that their system has problems with payments that are on the 31st day of the month.

http://www.prospers.org/forum/so_now_prosper_double_hits_me-t24113.0.html;msg430679#msg430679

I bet a lot of your loans went late today because there wasn't a 31st of June, so Prosper never even attempted to pull the payment from the borrower's account.


Edit: Nominating thread to The Lobby!
« Last Edit: July 03, 2011, 09:44:08 am by Xenon481 »
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MYCHAELP

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Re: 27 new late loans all in one day?
« Reply #3 on: July 03, 2011, 10:10:43 am »

Would you suggest I write to Prosper and itemize all the loans or just wait until they figure it all out?  It will take some time to write them all out, but it makes money so it's similar to a job.

Thanks for the quick responses by the way.
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Xenon481

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Re: 27 new late loans all in one day?
« Reply #4 on: July 03, 2011, 10:18:21 am »

Would you suggest I write to Prosper and itemize all the loans or just wait until they figure it all out?  It will take some time to write them all out, but it makes money so it's similar to a job.

Thanks for the quick responses by the way.

History has shown that Prosper is very unlikely to catch problems on their own, let alone fix them on their own. Let alone fix them properly. Let alone properly stick to how they said they were going to fix them.......

The only answer is to notify Prosper and continually bird dog them until you hopefully get your just compensation from them.

Good luck.

MYCHAELP

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Re: 27 new late loans all in one day?
« Reply #5 on: July 03, 2011, 10:40:06 am »

I've written them now. Thank you for your help.
After reviewing further it is every loan with a payment due on the 31st of a month. It didn't matter which month they originated in, Prosper simply didn't try to get the payment, or didn't show them on the system for the late loan section.
I had already written them for clarification about a loan that is two weeks from being charged-off and that person is making payments again, but it is still in collections and I asked them if the loan will still be charged off. I'm still learning this system and how a charged-off loan affects my taxes and how it also affects them if the borrower begins making payments again.
I may call Prosper if I don't hear back by next Friday or they fix the issues.
Thanks again... loving this site... I don't feel so much in the dark now.
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ira01

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Re: 27 new late loans all in one day?
« Reply #6 on: July 03, 2011, 11:50:11 am »

I had already written them for clarification about a loan that is two weeks from being charged-off and that person is making payments again, but it is still in collections and I asked them if the loan will still be charged off. I'm still learning this system and how a charged-off loan affects my taxes and how it also affects them if the borrower begins making payments again.

Yes, it will -- and if history is any guide, the borrower will then stop making payments.  In just one of Prosper's many bone-headed moves, it charges off loans as soon as they are eligible, regardless of whether the borrower has been making payments.  I had a loan where the borrower had regularly been making half-payments every 4-6 weeks; as soon as the loan reached 4 months late Prosper charged it off and the borrower never made another payment.   >:(
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bamalucky

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Re: 27 new late loans all in one day?
« Reply #7 on: July 03, 2011, 01:20:17 pm »

From personal landlord experience,if you don't go get your rent money from some people when it's due they will spend it on something else.
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DontDefault

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Re: 27 new late loans all in one day?
« Reply #8 on: July 03, 2011, 03:17:10 pm »

Oh, good.  I have exactly one note that is due on a 31st (May 31st), and that note is also past due.  There is no payment activity on it, unlike my other two loans that are past due where you can see that a payment attempt was made but failed.  So it does look like a computer glitch on Prosper's end.
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DontDefault

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Re: 27 new late loans all in one day?
« Reply #9 on: July 04, 2011, 12:12:57 pm »

It looks like Prosper has fixed the issue now.  My late has been moved back to current with a payment currently processing
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havastat

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Re: 27 new late loans all in one day?
« Reply #10 on: July 04, 2011, 10:33:36 pm »

I have to say, I'm finding these sorts of engineering problems worrisome. All sorts of issues are being left festering where they need developers who can deal with the complexities of the business and money to pay them, and if they keep festering and more pile up they'll lose control of their accounting.   
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Xenon481

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Re: 27 new late loans all in one day?
« Reply #11 on: July 04, 2011, 11:09:18 pm »

I have to say, I'm finding these sorts of engineering problems worrisome. All sorts of issues are being left festering where they need developers who can deal with the complexities of the business and money to pay them, and if they keep festering and more pile up they'll lose control of their accounting.   

I think they already have lost control of their accounting. They've been double-hitting borrowers, not debiting borrowers, getting payments from borrowers and not properly crediting the lenders and much more. And all of this is still going on in recent times.

ira01

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Re: 27 new late loans all in one day?
« Reply #12 on: July 05, 2011, 12:52:23 am »

I have to say, I'm finding these sorts of engineering problems worrisome. All sorts of issues are being left festering where they need developers who can deal with the complexities of the business and money to pay them, and if they keep festering and more pile up they'll lose control of their accounting.   

I think they already have lost control of their accounting. They've been double-hitting borrowers, not debiting borrowers, getting payments from borrowers and not properly crediting the lenders and much more. And all of this is still going on in recent times.

+1.  For a financial company to be having so many problems with the nuts and bolts of their business, almost five years in, is beyond shocking.  I don't know if its because Prosper's crappy management caused the competent employees (like Andrew) to leave, or what, but to say that it is 100% unacceptable is an understatement. 
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Mark12547

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Re: 27 new late loans all in one day?
« Reply #13 on: July 05, 2011, 02:46:19 am »

+1.  For a financial company to be having so many problems with the nuts and bolts of their business, almost five years in, is beyond shocking.  I don't know if its because Prosper's crappy management caused the competent employees (like Andrew) to leave, or what, but to say that it is 100% unacceptable is an understatement. 

Or they could have implemented a workaround that I have with two financial institutions I deal with: when setting up monthly automatic transfers, those transfers cannot be scheduled on the 29th, 30th, or 31st of the month.

If Prosper were to implement that, they would have to delay originations after the 28th until the 1st of the next month.

The other companies that allow automatic transfers that I deal with will do the transfer on the first business day after the non-existent day of the month and have logic in place to not impose any penalties. In fact, back when I had a mortgage, one month the mortgage servicer was 20 days late in debiting my account due to a change in their computer system, and they handled that just fine, no penalties or extra interest because it was their issue, not mine, and they even warned us in writing that there could be a delay but no penalties.
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God-Father

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Re: 27 new late loans all in one day?
« Reply #14 on: July 05, 2011, 01:51:43 pm »

Second for lobby
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