Print

[Beachey]

<POOF>

[Cushie]

Noticed lots of guests reading this lately.  I'll bump it to the top to make it easier for them to find.

[Cushie]

Fascinating - he's two months late on his loan.  Well, he certainly mastered borrowing on Prosper.

http://www.ericscc.com/listings/184734

[Mtnchick]

Fascinating - he's two months late on his loan.  Well, he certainly mastered borrowing on Prosper.

http://www.ericscc.com/listings/184734

 

[Cushie]

What's amusing is that he went late one month after the press release.

[rush]

This douchebag guy is still lending.  His last loan was originated less than 3 weeks ago.

Anybody know Prosper's policy regarding the payments that delinquent borrowers receive from their lending activity?  Can the delinquent Blender withdraw his cash whenever he feels like it?

Btw, his "group" consists of exactly 0 members and 0 loans.

[ira01]

This douchebag guy is still lending.  His last loan was originated less than 3 weeks ago.

Anybody know Prosper's policy regarding the payments that delinquent borrowers receive from their lending activity?  Can the delinquent Blender withdraw his cash whenever he feels like it?

Btw, his "group" consists of exactly 0 members and 0 loans.

In March 2007, Prosper Andrew publicly stated that Prosper would "find a way" to seize the lending account of any late blender for the benefit of their own lenders.  He then ignored several lenders who later pointed out specific blenders whose loans were late and in some cases who were still lending.  Several months later, Prosper Shira stated that Prosper's policy was that blenders whose own loan was late could not lend and could not initiate transfers out on the website, although if they called Prosper it transfer money out to them.  She also promised that Prosper's lawyers were looking into adding a right of setoff to the legal agreements, so late blenders' lending accounts could be seized and given to their own lenders.  She promised to provide an update to lenders on the status of this legal review by the end of last year.  This was just one of many broken promises by Prosper.  There are several lengthy threads on the old .com forums (now archived at prosperreport.com) providing all of the gory details.  This is one of the many issues addressed in the recent letter to Prosper from the lawyer retained by a group of lenders, which sought to resolve a number of issues with Prosper without having to sue it.  See http://www.prospers.org/forum/prosper_lenders_retain_legal_counsel-t8015.0.html.  It looks like that attempt was unsuccessful.  Prosper will be sorry . . . .

[bamalucky]

Just another lie from Prosper added to a long list.