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[ira01]

I think my interpretation, in the post immediately above yours, makes sense (although we don't know whether it is correct or not) -- that Prosper just recently sent the acceleration notices, which pursuant to the Notes require 30 days advance notice before they are effective, and will mark the loans "charged-off" once they have been accelerated.

The 30 day clock is ticking down.  What are the chances that the 4++ loans will become Charge Off loans this week?

I guess we'll find out.  It isn't like most Prosper employees have anything else to do, considering that lending has been shut down.

[onthefence]

If prosper by any chance is going to keep their employees around during the 'quiet period' (& I hope they do) it might be in their interest to makes some efforts to bring some of the past due loans current with a little human interaction.  Especially the prime credit rates.

[NewHorizon]

I think my interpretation, in the post immediately above yours, makes sense (although we don't know whether it is correct or not) -- that Prosper just recently sent the acceleration notices, which pursuant to the Notes require 30 days advance notice before they are effective, and will mark the loans "charged-off" once they have been accelerated.

The 30 day clock is ticking down.  What are the chances that the 4++ loans will become Charge Off loans this week?

They'll become charge-offs after the 30 days.

After approximately 30 days, severely delinquent loans will show as a “Charge-off” instead of “4+ months late”.

They're waiting for the "Notice of Acceleration" to age 30 days first before charging off.

[Senator]

it might be in their interest to make some efforts to bring some of the past due loans current with a little human interaction.

They won't.  It's their nap time.

[Fred93]

They're waiting for the "Notice of Acceleration" to age 30 days first before charging off.

Nice theory, but they're already shown as "charged off" on the loan performance page.

[NewHorizon]

They're waiting for the "Notice of Acceleration" to age 30 days first before charging off.

Nice theory, but they're already shown as "charged off" on the loan performance page.

I can't help how the 9/24/08 Prosper update reads...

...for the next 30 days, loans that are 4+ months late that have not already been sold to a debt buyer will continue to be displayed as “4+ months late”. After approximately 30 days, severely delinquent loans will show as a “Charge-off” instead of “4+ months late”.

[HollowOak]

I'm revisiting this thread (without rereading the entire thread).

The relevant Prosper Blog entry said:

...
As of today, borrowers whose loans are 91 or more days past due (DPD) will receive a “Notice of Acceleration”. The Notice of Acceleration is a warning that their loan will be accelerated in 30 days, meaning the loan will be due and payable in full. If the borrower doesn’t make a payment by the 30 day deadline, his or her loan will then be charged-off at 121 days past due.

This change may not be effective immediately for all severely delinquent loans. In order to roll out this change, for the next 30 days, loans that are 4+ months late that have not already been sold to a debt buyer will continue to be displayed as “4+ months late”. After approximately 30 days, severely delinquent loans will show as a “Charge-off” instead of “4+ months late”. The “4+ months late” status will then be used only in rare circumstances.
...

So here we are, all but 2 days from the 30-day mark. Now assuming Prosper sent the letters on the day they implemented  and announced the changes (what are the chances of that?), we should see rater sudden decreases in our portfolio values in the next few days.

Brace yourself, folks, reality is about to slap you once more in the face with a dead trout.

Might be interesting to take screenshots and compare. Here's my "before:"

[Mtnchick]

[Senator]

before shot

[CleanRivers]

Question,

Would the new quiet period possibly cause no changes in how they do things for awhile. I.E. put a stop to changing how they service/name the loans such as charge offs?

[HollowOak]

Question,

Would the new quiet period possibly cause no changes in how they do things for awhile. I.E. put a stop to changing how they service/name the loans such as charge offs?

There is no legal reason for them to do so.

[big-al]

My one very late loan moved from 4+++++ to charge off last night, and P sent me an email.  Unfortunately, they are still reporting the interest accrued on that loan in my total loan value.

ETA:  I see now that the principal balance on that loan is also still included in my value of loans.  WTF?

[Mtnchick]

47 of mine charged off this AM. Now I have a net gain/loss of (-160.18). Glad the truth about the numbers is finally being told.

ETA - they are apparently never ever planning on having a JDB sale again as some of my "Charge offs" were recently in the 4+ bin. Now all that looks left is BK and one that has a dagger (yeah, right......).

[pfspartan]

I haven't read the entire thread, but was surprised that they charged off a loan that had two payments in October (loan 14606).  There were payments on 10/8 and 10/22.  I had hoped this one might get current at some point.

[moneytree4172]

Glad the truth about the numbers is finally being told.

I would have liked to have seen how this change played out on the official lender fauxrum.   What, you mean my account is not worth a gazillion dollars? 

I wonder if most would have realized they were never making what they thought they were.  Or would most have believed that the charge off was the cause of their lost money?