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[112233]

xode, comments?

Ill save him some time with me

112233, you attornie luvin character attacker

You forgot to call the courts "fraudulent." 

oh yeah 

[beerbud1]

Another payment! But instead of being anywhere near $20.22, which is what I should recieve it is $6.99.

[beerbud1]

poof

[beerbud1]

Another BK 13 payment made on February 20th.

[Oak_Hill_Fire]

I wish I could get a payment from any of my BK13's. But then I wish I could get a post chargeoff payment (other than the one that was in process when they charged it off (now the borrower hasn't made any payment since P did that in December.

[xraider]

I have NO bk payments (although my 3 bks are 11 and 13s) and NO post charge off payments.

Boy, am I glad Prosper's crack team is on it...

However, I did contribute to my own doom by urging one of my borrowers to pay his other obligations instead of his two Prosper loans.  Nice man; tough situation.  I told him don't let the $32 he owes me stop him.     Seriously, though, he's been very responsive and very nice, and I feel very badly for him.  He needs to keep his name good in other places; Prosper won't do jack for him in the future.

[NewHorizon]

However, I did contribute to my own doom by urging one of my borrowers to pay his other obligations instead of his two Prosper loans. 

It sounds like sound advice. But it's too bad their's no easy way to put it to a lenders' vote.

[xraider]

Yeah, I martyred myself over $32....

I've had so many go south what's another $32 at this point?

[NewHorizon]

Did you consider anyone else's $32 (or whatever)?

How I read it, you took it upon yourself to give advice that'd negatively impact other lenders without their knowledge.

It's not a big deal to me - especially since I'm not even on the loan. (!)  Still, I think there's a small transparency issue here. 

True, it's a pain to contact all other lenders on the loan.  But still, what would you say to those lenders who might now stumble on your posts here and ask, "WTF?  I didn't want you to do that!"

[xraider]

Yeah, I considered it.  He has 2 loans, too.

However, he's been late for months, and has told me that he busted his 401k and done everything else he can think of.  He has a wife and a child.  What else is left?

[ira01]

Yeah, I considered it.  He has 2 loans, too.

However, he's been late for months, and has told me that he busted his 401k and done everything else he can think of.  He has a wife and a child.  What else is left?

A second job?

[HollowOak]

Did you consider anyone else's $32 (or whatever)?

How I read it, you took it upon yourself to give advice that'd negatively impact other lenders without their knowledge.

It's not a big deal to me - especially since I'm not even on the loan. (!)  Still, I think there's a small transparency issue here. 

True, it's a pain to contact all other lenders on the loan.  But still, what would you say to those lenders who might now stumble on your posts here and ask, "WTF?  I didn't want you to do that!"

Realistically speaking, this was almost non-advice. Anyone with half a brain is going to figure this out. The debtors' prisons have long been closed. Ever since, we know and accept that at some point in time enough shit happens that some throw up their hands and walk away from their debts. The honorable few try for long after to make their creditors right. Unfortunately, we have long ago realized that Prosper (as it was structured) did not facilitate late borrowers making good to the original lenders. After 4 months Prosper sold the loans and then, if the borrower made restitution, the proceeds went to the JDB. Now Prosper holds these charged-off loans in limbo and should the borrower at some point have the wherewithal to repay, then lenders might benefit. Unfortunately once again (amazing how often one needs that word in the context of Prosper) should the borrower do this, Prosper will not reinstate the borrower as a borrower in good standing, notwithstanding that the borrower has proven to be the most dependable and honorable of all borrowers.

Ultimately, lenders are screwed one way or another.

It is merely decent, common humanity to acknowledge that certain failures may occur that prevents a borrower from paying as agreed. I saw the Forrest Gump move last night - as he implied - Shit Happens.

[xraider]

Ira, he knows... and I did more than that; I offered him contacts but he's in a different state and can't use my contacts.

New Horizon, you're right; maybe I shouldn't have said anything.  However, like Ms Tabby and Nora, I email my borrowers when they go late, and this man has gone late for months now.  I've emailed him each time (go me!) and he's been very responsive.  He has sounded genuinely grateful for my comments (even going so far as to thank me for my support last month, before I suggested to him that his Prosper loans maybe should not be his top priority if he's having trouble with his rent, his car payment etc.).  He works for one of the companies that has been in the news a lot lately (yes, he told me which one), and his bonus and compensation have been severely impacted.  Either he's been lying to me for months and this is the silliest con ever (why would he keep paying, and late at that?) or he's been trying. Since he's been responsive, unlike my many other lates, I've tried to help him as best I can.  Under the circumstances, I'm happy to let him keep what remains of my Snickers which he would keep (as HO points out) whether or not I commented on its significance in his future financial life. 

My remaining p2p instincts make me strongly prefer to know what's happened to my late borrowers.  I feel much better about them defaulting if I know they've tried than if they just ignored me.   

[ira01]

My remaining p2p instincts make me strongly prefer to know what's happened to my late borrowers.  I feel much better about them defaulting if I know they've tried than if they just ignored me.   

+1.  I used to PM late borrowers too, but almost all of them simply ignored my messages which really pissed me off.  Yes, shit happens and sometimes you can't pay your bills, but at least man up and have the courtesy to explain to your lenders what happened.  The ones that can't be bothered, I hope they rot in hell.

[NewHorizon]

Don't get me wrong.  I think xraider gave the correct advice.  (Or "non-advice", in the words of HO.)  And I'm not against writing to borrowers, per se.

But these aren't my points.

Say there are 50 lenders on a loan and one of them tells the borrower that it's best not to pay.  What I'm still hung up on is that the other 49 lenders had no say.

Even if a handful of us here agree that the advice was sound, does it mean it was proper to go behind the backs of the other 49?  And/or if it's not feasible to contact the unwitting 49, is it still proper to negatively affect their loan(s)?

I kindly submit that the answer to both questions is: it's not.