Prosper Loan in Default
As I eluded too in my May Net worth post, I received a default notice yesterday. Friggin' deadbeat!
Dear D,
One of your Prosper loans has defaulted and been sold to a debt buyer. Proceeds from the sale of this loan, if any, were credited to your account upon the close of the sale.
Loan: Real Estate Invesment no late payments
or collections (Loan #1627)
Borrower: helal
Sale date: May-31-2007
Sale reason:
Delinquency
Principal balance before sale: $44.55
Loan value before
sale: $48.97
Proceeds from sale and forfeited group rewards: $7.34
View loan details
Borrowers whose Prosper loans default will have their delinquency and default reported to a credit reporting agency, and will never be able to borrow money on Prosper again in the future. Learn more about defaulted loan sales.
Sincerely,
Prosper
Oh how wonderful! I'm going to receive a whopping $7.34. Sarcasm riddled. Heck my account doesn't even show the $7.34 yet, so I am not sure of the outcome.
I am soooooo glad I did not put in any more money. I just want to get the rest out and never look back.
Chalk this up as another lesson learned.
6 comments:
I was worried about one of my loans that was in default but it pulled out at the last minute. I had a pre-set amount in mind that I wanted to put into prosper and see how it did. I recently hit that goal and so I am going to watch and wait now. Was this the only loan you had there or were there others as well?
hi easychange, this was one of 4 loans I made. I'm really glad I didn't put more in. I don't have the stomach for this.
Good for you on the "hitting your goal", I guess this is why folks put money here.
Hmm, I got a default notice too and made about the same percentage. Yet I'm happy with the result as I had written it off as a total loss.
Out of curiosity, what was the interest rate?
lazy man - you are much more tolerant than I. To me this is like going gambling. Might as well, stay home and flush.
Jay - 17.75%
Hi guys, i was excited when i first realize prosper. I then pumped in money thinking they have everything in place to prevent a massive growing list of defaults. But i was wrong, i have about 13 loans in default and about 3 that are four months late in collection. And the list keep growing everyday. I've stop recommending prosper to people because as far as i'm concerned now, its a waste of time, money e.tc. First you have to spend hours making bids on loans, then after you win the person refuses to make the payments. It is all hogwash to me.
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