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[Fred93]

Account "cures" have decreased dramatically since Amsher took over.  I'll eventually post the chart and explanation to my blog.

I don't know why.  I attributed it originally to the disruption of the changeover.  Seems like they should have recovered by now. 

Alternate explanation would be that Prosper has reduced the amount of attention paid to the details of what is going on in collections.

Meanwhile, Doug Fuller's legal actions against a tiny handful of deadbeat borrowers is moving so slowly its like the hour hand on a clock.  You can't see any motion at all.  Even when there is motion, this is still such a tiny subset of the deadbeat population that its effect, when we finally see it, a year or two from now, will be insignificant.

I'm just very unsatisfied with the results in the whole collections area.  Nobody at Prosper gives a damn about the delinquent loans.

[Mtnchick]

Nobody at Prosper gives a damn about the delinquent loans.

+1

[yankeefan]

But check out the great results FirstSource is having with AA lates....


96% collected   

(1 of 3 accts brought current).

I expect we'll see the ad from Prosper momentarily.

[Nora_Lenderbee]

But check out the great results FirstSource is having with AA lates....

96% collected   

(1 of 3 accts brought current).

I expect we'll see the ad from Prosper momentarily.

Is Prosper using new math?

[yankeefan]

No- just one very large account that paid up, and two small ones that didn't.

[Xenon481]

No- just one very large account that paid up, and two small ones that didn't.

Or 1 paid up to current while the other 2 paid ~96% of their late balance.

[yankeefan]

could be- but compare the "last three months" and "lifetime" stats to see why I said the other.

[112233]

isnt the fuller quarterly update coming soon?

[xraider]

The quarterly update may come in a year or so.

[ira01]

It's funny that this thread appeared today.  An hour ago I just happened to click on my lates to see if anything was happening, and was pleasantly surprised.  http://www.prosper.com/lend/listing.aspx?listingID=115499 actually made a payment that was a little more than a monthly payment, which was his first payment since September 5.  I'm just not sure why it is still showing a dagger, since it was made on March 19 (hopefully it won't evaporate).  But my biggest worry is that now that he's finally made a payment, Prosper is going to sell this loan to the JDB any day now, which will really suck.  And http://www.prosper.com/lend/listing.aspx?listingID=144981 made a little over a half-payment, which was only her second payment since December 26 (she made another slightly over half-payment on February 12).  It felt like Christmas with all these payments today! (there were also payments on my two <15 day lates, but I wasn't too worried about them).

[Chamatrain]

Thanks for starting this thread.  I was looking more closely at my lates today and although Penncro didn't do much, I believe they did more for me than Amsher is doing for 17%, after Fuller's bunch told me they'd charge me 15%. My perception is that Prosper and Doctor fuller are doing almost, but maybe not completely, nothing about collections.

[regeneration]

Has there been any discussion of what I perceive to be a perverse incentive for the agencies to keep a late loan late by arranging a regular payment that never actually catches it up to current?  Please correct me if I'm wrong, but it seems like as long as they keep the loan 1 month late or later, they get to take their share of every payment. 

I am thinking of a particular loan (I'll try to link below) that has been making regular payments for 7 months now that were clearly coordinated by the collections agency.  The payments are all around a particular day of the month, which is not the loan due date.  Most of the payments are marked CP, and all of them have collection agency fees taken out. 

It makes me wonder if the CA downplays or doesn't even bring up the option of bringing the loan current, but instead pushes a payment plan, perhaps created to come at a more convenient time of the month for the lender. 

http://www.prosper.com/lend/listing.aspx?listingID=117116

[xraider]

Penncro did nothing on my lates, and AmSher has fared no better.  While AmSher came in on my stale lates, I would be perfectly happy if my portfolio provides no fresh meat.

Doug, we know you read these boards.  Care to provide an update?  Either here, or on .com, or on RL's blog, or wherever, an update on collections would be greatly appreciated!

[Mtnchick]

In reality, I think we're seeing where the borrowers see these loans - at the very bottom of the list of things to pay. Most of them already have screwed up credit, they'll deal with it IF any court papers get filed, and quite frankly, lenders can rot because we can't do diddly squat to a borrower who won't pay. It doesn't matter what collection agency we give them to if there aren't any teeth. We can't take their car or their house and in all but a possible 66 cases, we can't put a lien on their property or garnish their wages.

IF they get served with court papers, maybe they'll take it seriously, but right now there's what, 66 accounts that are going to court? Do you really think that scares the rest of them who have zero negative ramifications if they don't pay up?

Unsecured lending is bad enough. Unsecured P2P is just proving to be awful.

[mothandrust]

The lesson to be learned is, when someone uses force or trickery to impose their will against your choice, they are usually not acting in your best interest.

Ever since Prosper shanghaied us into this AmSher thing I've been saying this. 

If AmSher was so great for lenders, it would not have to be forced upon us and Prosper would not have to have violated the LRA to do it--we would voluntarily choose it by opting-in, data would be collected, and we could go from there. 

Penncro was getting payments on two of my lates, now Amsher got one payment on one of them (overcharging me 17% instead of the promised 15%) but not the other.  That's anecdotal and someone might have the opposite experience, so I'd love to see all the statistics.

Because I was forced into this, I am expecting AmSher to have dramatically better results.  If someone bumps into me and knocks me down, I will be very angry with him--unless I see that he did it so I wouldn't be hit by a bus.  But I don't see any bus here.  (It must be late...)