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[ira01]

Please check your activity page to see if you did or didn't get the refund.  Enquiring minds want to know if Prosper left a big group of aggrieved lenders out of the refund.  

I have confirmed that I did not receive a refund.

I think you should email Prosper and see what they say.

[Mtnchick]

I have about a page of them. What's interesting (no pun intended) is that only 3 were awarded interest - at a grand total of 3 cents.

They were probably all awarded interest -- just for most of them it was less than $.005, so it displays as $0.00.  If you mouse over the $0.00, it shows a small amount of interest (or at least it does on mine).

Aah, correct! How bizarre.....

[ira01]

I have about a page of them. What's interesting (no pun intended) is that only 3 were awarded interest - at a grand total of 3 cents.

They were probably all awarded interest -- just for most of them it was less than $.005, so it displays as $0.00.  If you mouse over the $0.00, it shows a small amount of interest (or at least it does on mine).

Aah, correct! How bizarre.....

Not that bizarre, because the interest was on very small amounts. 

Has anyone calculated the interest rate that Prosper is using?  Since this is for the delay in Prosper returning the money to us, I doubt it is using the borrower's rate.  Probably something like 10% (the legal rate of interest in California). 

[Fred93]

My 09/22/08 adjustments sum to $118.12

[mothandrust]

I started from the other side of it, calculating (roughly) what I should see as a credit:

#105316/8659: 0.97 paid, which is 17% of 5.7058; it should be 15% of 5.7058 = 0.856 so I'm due $0.11.

On this loan they even took out 17% from a $75 Community Payment from patrickj--the collections fee for a Community Payment ought to be 0%--but I digress.

#117915/13253: 0.34 paid, which is 17% of 2; it should be 15% of 2 = 0.30 so I'm due $0.04.

Grand total I think I should get is $0.15 plus interest.

What I see from Prosper are three payments (for 0.16, 0.12, and 0.08) and all referencing the 13253 loan number!

The payments total $0.36, plus $0.0103 interest (I'm guessing that's 7% based on about 3-4 months average).

But the amounts don't match up, the totals don't match up, and the loan data doesn't match up. 

If it's an error, it looks to be in my favor!

My math is notoriously bad (I blame our nation's failing public education system) so if I'm doing something wrong, please correct me.

[ira01]

I started from the other side of it, calculating (roughly) what I should see as a credit:

#105316/8659: 0.97 paid, which is 17% of 5.7058; it should be 15% of 5.7058 = 0.856 so I'm due $0.11.

On this loan they even took out 17% from a $75 Community Payment from patrickj--the collections fee for a Community Payment ought to be 0%--but I digress.

#117915/13253: 0.34 paid, which is 17% of 2; it should be 15% of 2 = 0.30 so I'm due $0.04.

Grand total I think I should get is $0.15 plus interest.

What I see from Prosper are three payments (for 0.16, 0.12, and 0.08) and all referencing the 13253 loan number!

The payments total $0.36, plus $0.0103 interest (I'm guessing that's 7% based on about 3-4 months average).

But the amounts don't match up, the totals don't match up, and the loan data doesn't match up. 

If it's an error, it looks to be in my favor!

My math is notoriously bad (I blame our nation's failing public education system) so if I'm doing something wrong, please correct me.

It appears that Prosper may actually be refunding the real difference between Penncro's and AmSher's rates, which is considerably more than 2% if the loan was in collections longer than a month when the payment was made.  The prior rates were 10.5% if paid in the second month in collections, and 7.35% if paid after that.  So depending on how long the loan was in collections when the payment was made, the overcharges were 2%, 6.5%, or 9.65%.  Complicating matters further, the prior rates were boosted by 5% if the payment brought the loan current, and who knows if Prosper is calculating that into the mix.

If Prosper is really paying the FULL overcharge, not just 2%, then kudos to them -- about time they did something right.  OTOH, it is beyond ridiculous that we have no idea what they have done.  This is OUR money, and Prosper's track record in making these kinds of fixes is very poor.  Thus, it is very important that the overcharges should have been repaid with transparency in the process.  Prosper should have posted a full and complete explanation of what they purported to do, and then should have provided every effected lender with a statement showing exactly how much he/she received in overpayments and interest, and exactly how that was calculated.  Then we wouldn't be here trying to do Prosper's work for them, and seeing if we got the correct amount or not.  Of course considering that the long-promised monthly "supplemental statements" for the lenders on the NAT loans are about 8 MONTHS overdue, maybe Prosper is planning on providing us statements explaining the CA overcharges sometime next year. 

[Fred93]

I just calculated one loan. 

Loan #8941.
3/31/2008 payment of $338.87 .  Prosper initially took a coll fee of $57.61 = 17%
9/22/2008 adjustment was $32.70, making the adjusted collection fee = $24.91 = 7.4%

So it looks like they did the full calculation, not just the 2% adjustment.

[ira01]

I just calculated one loan. 

Loan #8941.
3/31/2008 payment of $338.87 .  Prosper initially took a coll fee of $57.61 = 17%
9/22/2008 adjustment was $32.70, making the adjusted collection fee = $24.91 = 7.4%

So it looks like they did the full calculation, not just the 2% adjustment.

Good to know.  I assume that payment was made when the loan was in collections for >2 months?  And I further assume that payment did not bring the loan current?

How much interest did you receive on that?  Since it was just about exactly 6 months, it will be easy to see what interest rate Prosper used for its interest calculation.

And, of course, I reiterate my view that it is absurd that we have to go to such lengths to figure out what Prosper did with these.

[Fred93]

Loan #8941.
3/31/2008 payment of $338.87 .  Prosper initially took a coll fee of $57.61 = 17%
9/22/2008 adjustment was $32.70, making the adjusted collection fee = $24.91 = 7.4%

How much interest did you receive on that?  Since it was just about exactly 6 months, it will be easy to see what interest rate Prosper used for its interest calculation.

$1.0787

If your interpretation is correct, ie that this interest adjustment is interest on the fee overage, then

(1+$1.0787/$32.70)^(365days/175days)-1 = 7% annual interest

[ira01]

Loan #8941.
3/31/2008 payment of $338.87 .  Prosper initially took a coll fee of $57.61 = 17%
9/22/2008 adjustment was $32.70, making the adjusted collection fee = $24.91 = 7.4%

How much interest did you receive on that?  Since it was just about exactly 6 months, it will be easy to see what interest rate Prosper used for its interest calculation.

$1.0787

If your interpretation is correct, ie that this interest adjustment is interest on the fee overage, then

(1+$1.0787/$32.70)^(365days/175days)-1 = 7% annual interest

Thank you.  I wonder where they got that rate from?  That isn't the rate on that loan, is it?  I would look for myself, but you only gave the loan number, not the listing number.

[Fred93]

I wonder where they got that rate from?  That isn't the rate on that loan, is it?  I would look for myself, but you only gave the loan number, not the listing number.

Dunno.  No.  The interest rate on the loan is 12.90%. 

Someone should do this calculation for a different loan (or two) and see if we get the same number (7.0%).  That would kinda nail that you are interpreting this right.

[regeneration]

$1.47 recovered

[Potter]

Thirty eight cents for me, including two entries that read Zero, or rather .0021 when moused over.

Amazing, eh?

Potter

[Senator]

$1.1532 + $0.0226 interest.

[Loan_shark_74]

Did Prosper not refund all overcharges? I did not get any. I have had 3 loans make payments after going to collections. 2 of them are now current. I was charged the 17% for all collections fees. When did Amsher become the default agency? My selected agency was Penncro originally. I did not receive the E-mail about the refunds either. Basically, what determines if you will get a refund, when the loan originated, or when the loan went late?