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[Xenon481]

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?

It appears that Prosper only refunded the current amount of overcharges on loans that were actually AT PennCro (not just had PennCro selected) at the time of the CA switch to AmSher.  I too have a loan that had PennCro selected but wasn't at a CA at the time of the switch and Prosper has not refunded the CA overcharges I have incurred on this loan.

I called Cameron (Lender Services) yesterday and he said that he would check on what criteria they actually used to determine which loans would have the overcharges refunded and send me an e-mail when he found out.  I have not heard back from him and it has been nearly 24 hours.

Here is the relevant paragraph from Prosper's original set of e-mails on this subject back in February (emphasis mine):

In this instance, PennCro has not achieved our monthly production targets , and we are therefore recommending that accounts currently designated for PennCro be re-designated to AmSher. The compensation percentage paid to AmSher on these existing accounts will be the same as the percentage paid to Penncro. You may, however, elect to keep your delinquent accounts with PennCro.

The really important word there is "designated".  That says to me that any loan that had Penncro selected, whether or not it was currently in Penncro's hands.

[Xenon481]

I just got an e-mail back from Cameron regarding my loan that was not in collections at the time of the AmSher switch, but has since been charging me the full 17% CA fees.

Dear [Xenon481],

Only loans that were being serviced by Pencro at the time of the switch to Amsher received a refund. These refunds did not apply to loans that were not in collections at the time of the switch. Thank you for using Prosper.

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

Sincerely,
Prosper Customer Support

I still feel that I should not be being charged the full 17%, and let him know that on the phone.  He said that this was PMI's stance and that he wasn't the right person to talk to.  I asked if I needed to talk to Doug and he said that he would have somebody call me, but he didn't know when that would be.

[ira01]

I just got an e-mail back from Cameron regarding my loan that was not in collections at the time of the AmSher switch, but has since been charging me the full 17% CA fees.

Dear [Xenon481],

Only loans that were being serviced by Pencro at the time of the switch to Amsher received a refund. These refunds did not apply to loans that were not in collections at the time of the switch. Thank you for using Prosper.

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

Sincerely,
Prosper Customer Support

I still feel that I should not be being charged the full 17%, and let him know that on the phone.  He said that this was PMI's stance and that he wasn't the right person to talk to.  I asked if I needed to talk to Doug and he said that he would have somebody call me, but he didn't know when that would be.

Of course you are correct.  But it's not surprising that Prosper is taking yet another opportunity to unlawfully put its own interests ahead of its lenders' interests. 

[Loan_shark_74]

I just got an e-mail back from Cameron regarding my loan that was not in collections at the time of the AmSher switch, but has since been charging me the full 17% CA fees.

Dear [Xenon481],

Only loans that were being serviced by Pencro at the time of the switch to Amsher received a refund. These refunds did not apply to loans that were not in collections at the time of the switch. Thank you for using Prosper.

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

Sincerely,
Prosper Customer Support

I still feel that I should not be being charged the full 17%, and let him know that on the phone.  He said that this was PMI's stance and that he wasn't the right person to talk to.  I asked if I needed to talk to Doug and he said that he would have somebody call me, but he didn't know when that would be.

Thanks for the info Xenon. I do not agree with their stance either. I am with you and Ira on this one. I do not see how they can "legally" change the collections agreement I chose when I lent the funds. Isn't that like when a creditor decides to change their contract, and I get to opt out of the changes and close my account? Basically, lenders should have had a choice to agree with the collections change, or get bought out of all loans affected. On the other hand, Amsher has done me well. So far, of my lates gone to collections, Amsher has cured 33%.

[xraider]

Loan_Shark, I'm glad AmSher has done well for you.  They're 0 for 7 for me.  I got one payment on one of my lates when it was 1+.  It didn't bring the loan current, and the loan is now 4+.  Oh well.

[Xenon481]

So far, of my lates gone to collections, Amsher has cured 33%.

AmSher hasn't cured any of my late loans that were sent to them AmSher has cured 1 of my late loans that were sent to them, and I have one borrower that is exactly 1 month behind and making regular payments (Not even through the CA!) and they are still taking out CA fees because he got sent to the CA and has never cured.

Edit: Found That they actually cured one of my loans.

[Xenon481]

According to my calculations, PMI owes me $1.143600324 + Interest in overcharged collection fees across two loans (3119 and 5239) which were sent to AmSher after the switch.

If PMI owes me ~$1.14+Interest on loans that went late after the switch and nothing on loans that were actively late at the time of the switch, I wonder how much they actually owe Fred considering he had ~$118 in refunds just from the latter.

[Loan_shark_74]

So far, of my lates gone to collections, Amsher has cured 33%.

AmSher hasn't cured any of my late loans that were sent to them AmSher has cured 1 of my late loans that were sent to them, and I have one borrower that is exactly 1 month behind and making regular payments (Not even through the CA!) and they are still taking out CA fees because he got sent to the CA and has never cured.

Edit: Found That they actually cured one of my loans.

That cure rate is going to drop though. 1 that was cured has now gone late again, plus I have 2 more lates.

[Xenon481]

I just got an e-mail back from Cameron regarding my loan that was not in collections at the time of the AmSher switch, but has since been charging me the full 17% CA fees.

Dear [Xenon481],

Only loans that were being serviced by Pencro at the time of the switch to Amsher received a refund. These refunds did not apply to loans that were not in collections at the time of the switch. Thank you for using Prosper.

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

Sincerely,
Prosper Customer Support

I still feel that I should not be being charged the full 17%, and let him know that on the phone.  He said that this was PMI's stance and that he wasn't the right person to talk to.  I asked if I needed to talk to Doug and he said that he would have somebody call me, but he didn't know when that would be.

Almost 3 full business days later and I still haven't heard a single word or even when I might expect a word.

[Mtnchick]

I just got an e-mail back from Cameron regarding my loan that was not in collections at the time of the AmSher switch, but has since been charging me the full 17% CA fees.

Dear [Xenon481],

Only loans that were being serviced by Pencro at the time of the switch to Amsher received a refund. These refunds did not apply to loans that were not in collections at the time of the switch. Thank you for using Prosper.

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

Sincerely,
Prosper Customer Support

I still feel that I should not be being charged the full 17%, and let him know that on the phone.  He said that this was PMI's stance and that he wasn't the right person to talk to.  I asked if I needed to talk to Doug and he said that he would have somebody call me, but he didn't know when that would be.

Almost 3 full business days later and I still haven't heard a single word or even when I might expect a word.

They were hoping for the bailout