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[ira01]

Mr. Fuller's statement seems perfectly reasonable to me and to anyone else who has been involved in debt collections.

But where are the promised updates?

They are >15 days late.

There won't be an update even if it goes 4+ mos late. It will just be forgotten like an old Prosper loan...

Speaking of Fuller and Prosper forgetting things, where are our rebates of the excess collections fees we are being charged by AmSher on the loans Prosper sent them after taking them away from Penncro?  When Prosper unilaterally made this change, it told us that we would pay the Penncro collection fee on those loans, not the higher (17%) fee charged by AmSher.  Then after we noticed that we were being charged 17% as per our lender pages, Prosper stated that there were technical problems displaying the correct rate, but that we would receive the excess back.  AFAIK, that money hasn't arrived.  Where is it?

[Mark12547]

You mean the excess collection fees collected from late payments haven't been refunded after all this time? That seems a little long for them to hold on to lenders' money.  Just how long has it been?

PS: as requested, this topic was split off from Shouldn't we have had an update from Doug Fuller by now?

[mothandrust]

I first posted about this problem on this thread:

http://www.prospers.org/forum/amsher_is_charging_me_17_on_a_loan_originated_in_march_2007-t5946.0.html;msg86706#msg86706

That was back on 2/28/07 on loan 8659/1035316.

So Doug Fuller is <15 days and the Collections Adjustments are 3 months late.

My most recent collections payment was on 13253/117915 where I got a payment of $1.65 on 5/9/08, and the collections fee was 0.28 which is 17%.

On the screen it still says that the rate is 17%, and I don't see any adjustments on my statements.

ETA: I just sent this off to customer service (bad grammar and all):

RE: Case # 00260935

Back in February I reported to Prosper that former Penncro loans (that AmSher is now servicing) was being overcharged 17% instead of the promised 15% rate.

When can I expect my account to be credited for these collections overcharges?

It has already been three months.

[res2]

My headache just got worse...  :'(

[mothandrust]

RE: Case # 00260935

Back in February I reported to Prosper that former Penncro loans (that AmSher is now servicing) was being overcharged 17% instead of the promised 15% rate.

When can I expect my account to be credited for these collections overcharges?

It has already been three months.

No CS reply to this May 30 email.  What collections agency would be the best to try to get a payment from Prosper?

AmSher's gross collected is $43,545 (AA-A) + $107,465 (B-D) + 57314 (E-HR) = $208,324, and that's on over 2M worth of accounts.

The amount of the overcharge is 2% of the gross amount collected, so there is $4,166 that is owed to lenders.

[Mtnchick]

Start sending everything to Andrew. He'll either get you an answer or become so irritated at answering CS questions he'll make the CS group work.

[ira01]

RE: Case # 00260935

Back in February I reported to Prosper that former Penncro loans (that AmSher is now servicing) was being overcharged 17% instead of the promised 15% rate.

When can I expect my account to be credited for these collections overcharges?

It has already been three months.

No CS reply to this May 30 email.  What collections agency would be the best to try to get a payment from Prosper?

AmSher's gross collected is $43,545 (AA-A) + $107,465 (B-D) + 57314 (E-HR) = $208,324, and that's on over 2M worth of accounts.

The amount of the overcharge is 2% of the gross amount collected, so there is $4,166 that is owed to lenders.

That's the minimum overcharge.  IMHO, the actual overcharge is considerably more, because Penncro's fee was on a sliding scale -- 15% if collected the first month, and IIRC something like 10% if collected later.  Since Prosper unilaterally decided to move the accounts from Penncro, and promised lenders that the fees would be no more than Penncro's, any account that had already been at Penncro for at least a month should have been charged at the lower (10%?) rate (because that's what the fee to lenders would have been had Prosper not decided to move the accounts to AmSher).  So 17% would be an overcharge of 7%, not 2%. 

[mothandrust]

AmSher's gross collected is $43,545 (AA-A) + $107,465 (B-D) + 57314 (E-HR) = $208,324, and that's on over 2M worth of accounts.

The amount of the overcharge is 2% of the gross amount collected, so there is $4,166 that is owed to lenders.

That's the minimum overcharge.  IMHO, the actual overcharge is considerably more, because Penncro's fee was on a sliding scale -- 15% if collected the first month, and IIRC something like 10% if collected later.  Since Prosper unilaterally decided to move the accounts from Penncro, and promised lenders that the fees would be no more than Penncro's, any account that had already been at Penncro for at least a month should have been charged at the lower (10%?) rate (because that's what the fee to lenders would have been had Prosper not decided to move the accounts to AmSher).  So 17% would be an overcharge of 7%, not 2%. 

Oh...very good point.  So the overcharge is between $4,166 and $14,583.

[mothandrust]

I sent Prosper Andrew a PM about this and tried to post the history of my customer service interactions on the .Com lender forum.

It would be bad form to post Andrew's response here, but he regretted CS's unresponsiveness, said I would be contacted soon, and that refunds would be coming during the next couple of months.

The post to the Lender Forum did not pass moderation.

[Mtnchick]

would be coming during the next couple of months.

How long has it already been?

[ira01]

would be coming during the next couple of months.

How long has it already been?

Many months.

[xraider]

I wonder how much longer Andrew will remain employed there.

At some point, ethics will need to kick in for the folk who have them.

[mothandrust]

2/28/08 was when I sent the first email, so Prosper is 3 months late already.  

After next month the overcharged amounts will be up for auction by a JDB, who will offer 1.5 cents on the dollar.

This has got to be a real accounting mess for them even to figure when the dollar amount is, now that we have loans that never were with Penncro going into collections as well as those that were transferred over.

If, say, 75% of the payments were made on previous loans with Penncro then Prosper only owes us between $3,214 and $10,937.

[Mtnchick]

I wonder how much longer Andrew will remain employed there.

At some point, ethics will need to kick in for the folk who have them.

I have a friend who has an EXTREME sense of loyalty (he's Asian - not sure if that has anything to do with it or not). He's making decent money working for a guy he really doesn't like when he could double if not triple his money leaving. Maybe it's a security issue and not a loyalty issue - who knows. But I've seen a lot of very good employees sticking it out with substandard companies when they can do better elsewhere.

Me, I always took the best offer

[mothandrust]

This was sent to me on Monday, 6/9/08.  Looks like Mtnchick had the right idea about contacting Prosper Andrew.

Dear XXXXXXXXXX,

Thank you for your patience with the collection overcharges and the refunds that are being processed soon.  The IT department has the adjustment file and we hope to have it processed within the next two weeks.  If it is not we will give you an update on the current status.

Thank you for using Prosper.

For future reference, your Prosper support case number is 00296996.

Sincerely,
Prosper Customer Support