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[zapp05]

this update was, & is, such a total cluster *&@%!

[Ray Kremer]

BTW, here's an example of the kind of problem that's appearing now. I glance at the transaction history every now and then and last week noticed entries labeled "Note Payment Chargebacks" which was a new category. I tracked down what they were for and discovered it amounted to Prosper's computers ripping me off. I sent this to prosper support:

I have some concerns over entries in my account transaction history that are listed as Note Payment Chargebacks.

The first is here: http://tinyurl.com/2fomupq
You can see each actual payment corresponds to a deposit into my account plus the Prosper fee removed. Failed payments result in no notations in the transaction history and no entries in the note detail balance columns. That is, until the May 3 failed payment, where the amount of the non-payment is DEDUCTED from my account.

The second is here: http://tinyurl.com/2f6zpom
Again, payments correspond to deposits and fees, until the Apr 29 failed payment. This time it shows in both the Note Detail and Transaction History adding, then deducting the amount of the non-payment. Okay, it zeroes out, no problem. But, the Prosper SERVICE FEE is still taken from my balance for a payment that did not occur.

I believe that Prosper owes me $0.88.

Ray Kremer

This was the reply:

Dear Raymond,

Thank you for bringing this payment reversal to our attention. Prosper is aware of the issue and are presently working on a fix. If a payment was reversed without being deposited then you will be entitled to a refund. We appreciate your patience, we promise to correct this error and return your lender funds to your Prosper account.

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

Sincerely,
Prosper Customer Support

This email was sent to Raymond Kremer registered as brightest-economy-tsunami on Prosper. We will never send you an email which does not contain the full name and screen name that you registered with.

So check your histories, and make sure you get back anything that was improperly removed.

[112233]

why are they making you wait? how about they manually credit your account 88 cents now and then they can have all the time they want to reconcile their accounts.

[ira01]

why are they making you wait? how about they manually credit your account 88 cents now and then they can have all the time they want to reconcile their accounts.

Probably because once they implement a global fix, he would likely get credited again.  IMHO, as long as the global fix is implemented soon (say, within a week) it is OK to not make a few manual adjustments.  However, Prosper should send out an email to everyone explaining the problem and timetable for a fix, not just leave everyone in the dark except those who notice the problem and contact CS.

[MsTabbyKats]

OMG...it just gets stupider and stupider

I have a loan...that's almost paid off.  The whole point of the loan was to take "a cash advance" and then pay it off with the proceeds from what I collect.
So, as you know..."manual payments" is disabled, and one has to call Prosper to make a manual payment.
I called...and spoke to Cameron.  He said that making payments from a lender account will no longer be an option...the manual payments have to come from the bank account!!!!!

Is this progress, or what?

[ira01]

I called...and spoke to Cameron.  He said that making payments from a lender account will no longer be an option...the manual payments have to come from the bank account!!!!!

Is this progress, or what?

Wow, Prosper really does miss no opportunity to screw lenders. 

[112233]

why are they making you wait? how about they manually credit your account 88 cents now and then they can have all the time they want to reconcile their accounts.

Probably because once they implement a global fix, he would likely get credited again.  IMHO, as long as the global fix is implemented soon (say, within a week) it is OK to not make a few manual adjustments.  However, Prosper should send out an email to everyone explaining the problem and timetable for a fix, not just leave everyone in the dark except those who notice the problem and contact CS.

how many lenders will notice and then take the time to write them during that time? (potentially) eat 88 cents a few times and keep the good will of some lenders? .. just saying

[Mtnchick]

OMG...it just gets stupider and stupider

I have a loan...that's almost paid off.  The whole point of the loan was to take "a cash advance" and then pay it off with the proceeds from what I collect.
So, as you know..."manual payments" is disabled, and one has to call Prosper to make a manual payment.
I called...and spoke to Cameron.  He said that making payments from a lender account will no longer be an option...the manual payments have to come from the bank account!!!!!

Is this progress, or what?

So they're getting further and further away from every solving the blender issue.....great....

Screwing lenders and borrowers now!

[MsTabbyKats]

OMG...it just gets stupider and stupider

I have a loan...that's almost paid off.  The whole point of the loan was to take "a cash advance" and then pay it off with the proceeds from what I collect.
So, as you know..."manual payments" is disabled, and one has to call Prosper to make a manual payment.
I called...and spoke to Cameron.  He said that making payments from a lender account will no longer be an option...the manual payments have to come from the bank account!!!!!

Is this progress, or what?

So they're getting further and further away from every solving the blender issue.....great....

Screwing lenders and borrowers now!

Cameron called me back to let me know that in about 6 weeks transfers from the lender account to pay a loan will be available. 

[Mtnchick]

OMG...it just gets stupider and stupider

I have a loan...that's almost paid off.  The whole point of the loan was to take "a cash advance" and then pay it off with the proceeds from what I collect.
So, as you know..."manual payments" is disabled, and one has to call Prosper to make a manual payment.
I called...and spoke to Cameron.  He said that making payments from a lender account will no longer be an option...the manual payments have to come from the bank account!!!!!

Is this progress, or what?

So they're getting further and further away from every solving the blender issue.....great....

Screwing lenders and borrowers now!

Cameron called me back to let me know that in about 6 weeks transfers from the lender account to pay a loan will be available. 

But did he say consecutive weeks? 

[Fred93]

I'm pretty confused. 

I sent the following message to prosper today...

I'm looking at note 8324-36.  Looking at the note detail, I'm having trouble with some of the numbers.

I don't understand the "principal balance" column on the "borrower payments" tab.

The first April-12-2010 payment attempt drops the principal balance from $80.32 to $47.04, which looks about right.  Later on April-12-2010, the payment is reversed, which jumps the principal balance to $142.79 .  This is impossible. 

Later on April-12-2010, another payment attempt is made, dropping the principal balance to $48.59 .  At first I wondered why it didn't come back to $47.04 .  Then I realized that the difference between these values is two late fees.  But why is the guy charged two late fees for one payment?

Finally, I compared the principal balance column on the "lender accounting" tab to the principal balance column on the "borrower payments" tab, and found that they do not agree!  One thing that borrower and lender must always agree upon is the principal balance!

Please advise.

[MsTabbyKats]

Simple question from a simple person.....

Why are they doing this massive overhaul?  Did I miss something?

The system worked.....why are they fixing something that worked?

I'll ask Cameron next time I call him, which should be tomorrow.

[yankeefan]

From their blog

This weekend we implemented a new loan servicing platform. This was a major project that involved the integration of more than 2 million loan based transactions. We are still in the midst of reconciling some anomalies that have impacted a finite number of loans and transactions.

We undertook this project to provide a strategic platform for loan servicing that will benefit both lenders and borrowers as it will enable us to far more easily introduce new product types and ultimately provide additional payment methods for borrowers.

As part of this system integration, we have undertaken a comprehensive audit of all loan transactions. Over the course of the audit, we identified and reconciled some discrepancies that impacted the timing, charging and crediting of non-sufficient funds (NSF) and late fees.

Over the next few days we will be completing the post conversion reconciliation of impacted loans and transactions. We will also be sending an email to lenders and borrowers impacted by any fee issues. To the extent that an error resulted in underpayment of fees to Prosper, we will be forgiving these fees. And in cases where there was an overpayment of fees, Prosper will be crediting lender and borrower accounts. These refunds and adjustments will be posted to accounts sometime in May, and reflected in lenders’ May statements.

Adjustments and/or refunds will be issued in a manner such that neither borrower nor lender is hurt by the corrections.

To leave a comment, you need their anti spam word of the day, which is ....

"TOAST"

[112233]

merge with another p2p company?

[Fred93]

Simple question from a simple person.....
Why are they doing this massive overhaul?  Did I miss something?
The system worked.....why are they fixing something that worked?

Hard to say, but I've seen this kinda thing before.  

They had some bugs in the old system.  There were cases where there were chargebacks and the fees didn't get all sorted out right.  A few funny cases the software didn't handle correctly.  This is of course not uncommon.

Now the difficulty begins when you assign someone to fix the problem.  If he understands completely how the old software works, and can put himself in the mindset of the guy who designed it, he can then think up how one would modify this software cleanly to make those funny cases work.

Usually, the new guy doesn't understand the mindset of the guy who designed the thing.  Instead of getting his mind around all the different situations that occur, and organizing them into clear patterns, he thinks mostly about the cases he's been asked to fix.  He looks at the old code and sees that making a spot fix for this problem won't be easy.  If I change this thing over here, then this other thing will break, etc.

He then announces that the easiest thing to do will be a complete rewrite of the module, which he can have ready to go in six weeks.  Unfortunately, there are about a hundred things that this new guy doesn't understand, and doesn't realize that he doesn't understand.  The wisdom of the old guy, the technical knowledge of his test team, etc is gone now.  

New guy's new module goes online, and surprisingly it doesn't work as well as the old one.