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Author Topic: Anyone have a loan "Settled in Full"?  (Read 55261 times)

Xenon481

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Re: Anyone have a loan "Settled in Full"?
« Reply #30 on: December 06, 2012, 07:39:35 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

Per Ericscc: http://www.ericscc.com/listings/237096

Nov 28, 2007    Current
Sep 15, 2010    Late
Sep 23, 2010    Current
Nov 13, 2010    Late
Dec 08, 2010    1 month late
Dec 31, 2010    2 months late
Feb 08, 2011    3 months late
Mar 01, 2011    Default
Nov 20, 2012    Paid

If the transaction on 11/20/2012 did not fulfill all the interest and fees building up, then the loan should not be showing as Paid and Prosper is falsifying their statistics.

ira01

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Re: Anyone have a loan "Settled in Full"?
« Reply #31 on: December 06, 2012, 10:18:29 pm »

It was one of Islandmele's listings: https://www.prosper.com/invest/listing.aspx?listingID=237096

I had a few Malama Ohana defaults, so you got me excited.  For no good reason, though.  I just checked my Prosper account for the first time in like 6 months, and my balance is still $0.00.   :'(
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msava

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Re: Anyone have a loan "Settled in Full"?
« Reply #32 on: December 10, 2012, 06:02:06 pm »

Prospers bookkeeping is a mystery. My account was zero after all the defaults. I checked today and now there's $12.71 available. Problem, the Prosper money used to be swept into Bank Atlantic. That bank changed, and now I have to go get the routing info or sweep the Prosper change into another bank. I want to keep all the Prosper pennies separate.

I really thought I was out of Prosper totally. Glad I didn't close the account.
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Shenandoah

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Re: Anyone have a loan "Settled in Full"?
« Reply #33 on: December 11, 2012, 08:44:54 am »

That bank changed, and now I have to go get the routing info

Every time one of my banks has been bought out, they bought the routing number(s), too.  I've never had to change routing info.
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Mtnchick

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Re: Anyone have a loan "Settled in Full"?
« Reply #34 on: December 11, 2012, 10:47:43 am »

That bank changed, and now I have to go get the routing info

Every time one of my banks has been bought out, they bought the routing number(s), too.  I've never had to change routing info.


Same here. I still have the same account numbers too
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #35 on: December 11, 2012, 11:46:23 am »

Here's an update.  While I did not hear anything from Prosper on Friday, as had been promised, I did receive an e-mail from Rhasan on Monday.  He kindly provided an update on each loan I asked about which was in some stage of bankruptcy, so I'm satisfied there.
However, here's the response to my question about the "Settled in Full" loan:

Loan #17837 was settled by a 3rd party collection agency based on the authority provided in Section 7 of the Lender Registration Agreement found at http://www.prosper.com/legal/. As the loan servicer, Prosper or it's agents do not require authority from the Lenders to negotiate a settlement for a loan.

The unfortunate thing here is that his link takes me to the LRA dated October 25, 2011.  In my reply I pointed out that the only LRA which I signed is dated April 26, 2007.  I pointed him to the part of Section 5 (of my LRA) which is quoted earlier in this thread, and asked for a more satisfactory response. 

James
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ira01

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Re: Anyone have a loan "Settled in Full"?
« Reply #36 on: December 11, 2012, 12:06:04 pm »

However, here's the response to my question about the "Settled in Full" loan:

Loan #17837 was settled by a 3rd party collection agency based on the authority provided in Section 7 of the Lender Registration Agreement found at http://www.prosper.com/legal/. As the loan servicer, Prosper or it's agents do not require authority from the Lenders to negotiate a settlement for a loan.

The unfortunate thing here is that his link takes me to the LRA dated October 25, 2011.  In my reply I pointed out that the only LRA which I signed is dated April 26, 2007.  I pointed him to the part of Section 5 (of my LRA) which is quoted earlier in this thread, and asked for a more satisfactory response. 

Good luck with that.  You won't get one, because there is nothing that Prosper can say to justify its conduct.  Prosper doesn't give a shit about its legal obligations -- never has.  It simply does whatever it wants. 
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #37 on: December 11, 2012, 12:21:47 pm »

The amount in question certainly justifies a BBB complaint or a trip through small claims court.  This isn't over yet.  I'm just giving them a chance to respond correctly.
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Staneslav

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Re: Anyone have a loan "Settled in Full"?
« Reply #38 on: December 11, 2012, 12:43:26 pm »

a
« Last Edit: November 27, 2017, 09:51:33 am by Staneslav »
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bamalucky

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Re: Anyone have a loan "Settled in Full"?
« Reply #39 on: December 11, 2012, 04:07:37 pm »

Will be interesting to see how our resident Prosper cheerleaders respond to this
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NewHorizon

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Re: Anyone have a loan "Settled in Full"?
« Reply #40 on: December 12, 2012, 09:16:58 am »

+1.

I've hit the "Notify" button on this thread.

ETA:
I'm just giving them a chance to respond correctly.

The more I think about this, the more I think this'll prove to be a waste of time.  There's absolutely no motivation for them to respond "correctly" to you.  I'd skip ahead to your next step: BBB, small claims, or whatever.
« Last Edit: December 12, 2012, 11:09:23 am by NewHorizon »
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #41 on: December 14, 2012, 06:53:11 pm »

All right, here's the response I got from Rhasan by e-mail today 13 minutes after I called his number and left a voice message:

"My apologies for the delayed response, I have been out of the office ill. I have reviewed your response and the lender registration agreements once again. While we do take your point that the LRA that you agreed to contains different language than the current and effective LRA my initial response remains valid. Quoting Section 1 of the LRA which you signed, 1. Registration as a Prosper Lender. You are registering as a lender in the Prosper credit marketplace, so that you may be eligible to post bids on the Prosper website and purchase promissory notes evidencing loans made by Prosper following the matching of your bids with listings (collectively "Notes"). You agree to comply with the terms and provisions of this Agreement, the Terms of Use of the Prosper website, and the Prosper Policies, as those guidelines may be amended from time to time by Prosper in its sole discretion (collectively, the "Prosper Terms and Conditions").

While we can argue semantics back and forth our stance on the issue is that the LRA has change. As such, we have settled the loan in question under the authorization afforded Prosper or its agents in the current and effective LRA.

Best,

RHASAN"


Any thoughts?  BBB complaint coming right up.
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James01

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Re: Anyone have a loan "Settled in Full"?
« Reply #42 on: December 14, 2012, 07:31:32 pm »

Complaint filed.  Step 1, here we go.
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yankeefan

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Re: Anyone have a loan "Settled in Full"?
« Reply #43 on: December 14, 2012, 07:40:53 pm »

If the "guidelines" referred to the Lender Agreement, and not just the "prosper Policies", then they wouldn't be so insistent on lender's signing the new agreement before participating further.   
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ira01

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Re: Anyone have a loan "Settled in Full"?
« Reply #44 on: December 14, 2012, 10:16:45 pm »

If the "guidelines" referred to the Lender Agreement, and not just the "prosper Policies", then they wouldn't be so insistent on lender's signing the new agreement before participating further.   

+1.  Moreover, "guidelines" does not include the Lender Registration Agreement, which is a legal contract between Prosper and its "Lenders."  Furthermore, the specific terms in the LRA expressly prohibit the very action (forgiving principal) that Prosper has taken.  There is no way in hell that Prosper was legally permitted to do that.  Under Prosper's argument, Prosper could simply unilaterally modify the LRA to include the following provision: "Prosper may, at any time it so desires, take ownership of all of a Lender's notes and cash account balance, without compensation of any kind, solely in Prosper's discretion.  Moreover, Prosper may, solely in its own discretion, transfer as much money from a Lender's linked bank account to Prosper as Prosper desires, with no compensation to the Lender.  Furthermore, Lender agrees that Lender's first-born child is now the legal property of Prosper, and Lender shall immediately send such child to Prosper."  Is Prosper really suggesting such an amendment would be legally acceptable?  If not, how is that any different?  If so, then why would anyone ever participate as a Lender in Prosper? 

If this case wound up in my small claims court, it wouldn't even be a close case -- I would immediately enter judgment against Prosper in favor of the Lender (leaving aside the fact that I would have to recuse myself from any case in which prosper was a party).  I find Prosper's position to be wholly devoid of merit, bordering on the sheer frivolous.  Of course, the foregoing is my personal opinion only, and is not intended to constitute, nor should it be construed as providing, legal advice.
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