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Author Topic: Anyone have a loan "Settled in Full"?  (Read 55308 times)

DCS

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Re: Anyone have a loan "Settled in Full"?
« Reply #15 on: October 10, 2012, 10:46:00 am »

Thanks for posting this - just realized I have two Settled in Full.

Loan #4462 settled on the last $5.93 of $50 after making a payment of $5.74 in 2011, and Loan #5731 settled on the last $2.92of $50 after making a payment of $12 in 2010.
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ira01

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Re: Anyone have a loan "Settled in Full"?
« Reply #16 on: October 10, 2012, 11:02:08 am »

In my e-mail to Prosper, I also mentioned some of my notes that have been in Chapter 13 for years without payment or followup, one Chapter 13 where the first payment was made two years later (then quickly discharged), and a few Chapter 7s that don't have a discharge date. 

Yeah, Prosper has had a ton of problems (what else is new?) dealing with BKs.  There is at least 1 Ch. 13 BK that Prosper so screwed up that they are making the payments themselves -- xraider is on that one. 
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Xenon481

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Re: Anyone have a loan "Settled in Full"?
« Reply #17 on: October 10, 2012, 11:27:54 am »

In my e-mail to Prosper, I also mentioned some of my notes that have been in Chapter 13 for years without payment or followup, one Chapter 13 where the first payment was made two years later (then quickly discharged), and a few Chapter 7s that don't have a discharge date. 

Yeah, Prosper has had a ton of problems (what else is new?) dealing with BKs.  There is at least 1 Ch. 13 BK that Prosper so screwed up that they are making the payments themselves -- xraider is on that one. 

Didn't they recently refuse to continue making the agreed upon payments?

NewHorizon

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Re: Anyone have a loan "Settled in Full"?
« Reply #18 on: October 10, 2012, 11:29:40 am »

I suggest that other lenders sort through their notes, and look twice at those which are a "Charge-off, Paid in full".  Let's see if Prosper is settling (forgiving) any other loans.  (This is the only loan I have like this, for now.)

I'm as disgusted as anybody over how Prosper's been handling stuff like this.
But unless I missed something, it seems nobody's going to go beyond tossing Emails at Prosper which - just watch - at worst, produces nothing and, at best, gets you some vaguely worded response .  (What, you think they'll send you an incriminating Email?!?)  So I'm not seeing what anybody's going to get out of spending time digging into these things...?
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Staneslav

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Re: Anyone have a loan "Settled in Full"?
« Reply #19 on: October 10, 2012, 12:30:19 pm »

a
« Last Edit: November 27, 2017, 04:48:36 pm by Staneslav »
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #20 on: October 10, 2012, 12:42:46 pm »

Staneslav,

You (or the moderator) have my permission to move this thread to the lobby.  The more attention it gets, the better, I think.

James

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Xenon481

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Re: Anyone have a loan "Settled in Full"?
« Reply #21 on: October 10, 2012, 01:13:40 pm »

+1 for Lobby.

mothandrust

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Re: Anyone have a loan "Settled in Full"?
« Reply #22 on: October 11, 2012, 08:43:39 pm »

If you want to get some back-and-forth with Prosper, try filing a BBB complaint.  Prosper has an "A" rating with the BBB and wants to protect its image.

Quote
Factors that raised Prosper Marketplace, Inc.'s rating include:

    Complaint volume filed with BBB for business of this size.
    Response to 27 complaint(s) filed against business.
    Resolution of complaint(s) filed against business.

When I did this (at the time, Prosper was not passing through payments at all, and those they did pass through were subject to a 27% collections fee at an agency that lenders never selected) and cited the chapter and verse in the LRA, Prosper countered that they had changed the LRA since the loan originated and pointed out language saying they have the right to unilaterally change the terms so long as they post it on the Prosper website. 

Good thing they didn't put in the new LRA that they had the option to buy my house for $1 and posted that on their website, or I'd be homeless right now.

We went back and forth a few times, Prosper passed the payments through (but no refunds on the 27% fees)  and then BBB closed the complaint even though I indicated I was not satisfied with the resolution. 

Out of 27 complaints, I am only one of 8 who felt that way.
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NewHorizon

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Re: Anyone have a loan "Settled in Full"?
« Reply #23 on: October 12, 2012, 10:52:48 am »

...they had changed the LRA since the loan originated and pointed out language saying they have the right to unilaterally change the terms so long as they post it on the Prosper website. 

I might not be remembering correctly, but didn't Prosper retroactively apply revised LRAs (tho' maybe not in this particular case)?

That is, were some of their actions in accordance only with an LRA not yet published?

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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #24 on: November 30, 2012, 06:00:31 pm »

mothandrust,

thanks, I may go that direction.  Just FYI, after emailing support@prosper.com on 10/9, and forwarding that e-mail again to compliance@prosper.com on 10/18, I heard absolutely nothing in reply for over a month.
So, I called on 11/27, and talked with Serena, who was very polite.  She saw my e-mail(s), but said that she didn't have any information on Prosper's activities with regard to the bankruptcies in question.  She would have to forward my query to her supervisor Rhasan.
Regarding the "Settled in Full" loan, she said it would take a while to do the research into what part of the LRA allowed such an action, and asked if she could end the phone call and send me an e-mail response later.  I said OK.

After three days of no response, I called again today (11/30), and reached Andrew.  He was also very polite and seemed more knowledgeable.  Although he too did not have visibility into the bankruptcies, he referred me directly to Section 7 of the LRA when I asked about Settlement in Full.  Problem is, he wasn't looking at my LRA, but the new one.  He was unable to call up the LRA from my account (which I had on my screen at the time), so again, he's going to forward my query to Rhasan, who should get back to me.  I promised to call back in a few days if I hadn't heard anything. 

Of course, I'm keeping a written record of these e-mails and phone calls, and have downloaded the legal agreements from my Prosper account to my hard drive.

James

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ira01

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Re: Anyone have a loan "Settled in Full"?
« Reply #25 on: December 01, 2012, 01:14:14 am »

mothandrust,

thanks, I may go that direction.  Just FYI, after emailing support@prosper.com on 10/9, and forwarding that e-mail again to compliance@prosper.com on 10/18, I heard absolutely nothing in reply for over a month.
So, I called on 11/27, and talked with Serena, who was very polite.  She saw my e-mail(s), but said that she didn't have any information on Prosper's activities with regard to the bankruptcies in question.  She would have to forward my query to her supervisor Rhasan.
Regarding the "Settled in Full" loan, she said it would take a while to do the research into what part of the LRA allowed such an action, and asked if she could end the phone call and send me an e-mail response later.  I said OK.

After three days of no response, I called again today (11/30), and reached Andrew.  He was also very polite and seemed more knowledgeable.  Although he too did not have visibility into the bankruptcies, he referred me directly to Section 7 of the LRA when I asked about Settlement in Full.  Problem is, he wasn't looking at my LRA, but the new one.  He was unable to call up the LRA from my account (which I had on my screen at the time), so again, he's going to forward my query to Rhasan, who should get back to me.  I promised to call back in a few days if I hadn't heard anything. 

Of course, I'm keeping a written record of these e-mails and phone calls, and have downloaded the legal agreements from my Prosper account to my hard drive.

James

Same old Prosper.   ::)
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God-Father

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Re: Anyone have a loan "Settled in Full"?
« Reply #26 on: December 01, 2012, 02:55:49 am »

This has been nominated and seconded for the lobby.  The OP has concurred.

LOBBY PLEASE!
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xraider

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Re: Anyone have a loan "Settled in Full"?
« Reply #27 on: December 01, 2012, 04:36:50 pm »

I hadn't seen this before.

As far as I'm concerned, if you didn't sign any amended LRAs, you're not bound by them. (Yes, I'm a California lawyer.)  I refused to sign the new LRAs.

With Ira and most of the other posters here.  This is just a horrific, unethical company who is all about getting our money in the door and doing NOTHING to protect the lenders.

Please keep us posted.
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #28 on: December 06, 2012, 06:50:41 pm »

Here is my 12/6/12 update:
I called Prosper again today, and spoke this time with a very nice person named Jacqueline.  After I brought her up to speed on my previous e-mails and phone calls, she asked if she could briefly put me on hold to review the e-mails and other information.  I said, sure.
A brief moment later, she was back and informed me that the matter had been escalated to her manager Rhasan and his manager, and that they were planning to respond to me by the end of the week (that's tomorrow). 

So, tomorrow I will eagerly await the promised e-mail or phone call.  Let's see what they say.

-James
 
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Nora_Lenderbee

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Re: Anyone have a loan "Settled in Full"?
« Reply #29 on: December 06, 2012, 07:13:53 pm »

I just noticed that a charged-off loan of mine has been marked "Paid in full." A recovery payment on Nov 2 paid off the last $2.61 in principal. That's not quite the same thing, though.
For the old-timers: It was one of Islandmele's listings: https://www.prosper.com/invest/listing.aspx?listingID=237096
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