Lend Academy Network Forum

Prosper Discussion => Investors - P => Topic started by: WES on November 29, 2011, 02:15:02 PM

Title: Debt Sales
Post by: WES on November 29, 2011, 02:15:02 PM
Hi Peter:

Just had my first charge-off on Prosper.  :(

Just to be clear, I understand that the chances of recovering anything on this note are slim, but I also see that Prosper has done Debt Sales in the past. But I don't see any Debt Sale history since 2007. Is this something that the "New" Prosper no longer does?
Title: Re: Debt Sales
Post by: Peter on December 05, 2011, 11:29:30 AM
WES, I will try and get a definite answer for you but I have heard that they still do this.
Title: Re: Debt Sales
Post by: DiligentiaLLC on January 27, 2012, 12:03:08 AM
Peter, I see what WES is talking about here:

http://www.prosper.com/help/topics/lender-debt_sale_history.aspx

Over 700 bad debt notes sold in the month of December 07 alone - and then everything stopped???

Any word from Prosper on this?
Title: Re: Debt Sales
Post by: Peter on February 02, 2012, 07:45:24 PM
Hmmm. That is interesting. I am working on a post on debt collection practices and I hope to get to the bottom of this. Stay tuned to the blog.
Title: Re: Debt Sales
Post by: DanB on February 07, 2012, 02:39:54 PM
I remember reading somewhere that Prosper was intending to hold on to their bad debt portfolio until such time that they could get more than a just a Happy Meal for them............but that was during the '08 meltdown.
Title: Re: Debt Sales
Post by: Peter on February 12, 2012, 07:26:53 PM
Dan, Always appreciate your help....but I think I will pass on this investment opportunity.
Title: Re: Debt Sales
Post by: NoGoodDeed on June 08, 2012, 03:28:01 PM
Hmmm. That is interesting. I am working on a post on debt collection practices and I hope to get to the bottom of this. Stay tuned to the blog.

Did that post go up?  Can somebody direct me to it?
In the agreement with Prosper that early Lenders signed, didn't Prosper obligate themselves to Debt Sales?
Title: Re: Debt Sales
Post by: DiligentiaLLC on June 08, 2012, 04:33:11 PM
Then get that guy (USMC Retired) that used to invest in Lending Club & who asked endless questions (when it was allowed), to do the collections. No one is more meticulous, patient, persistent, repetitive.

hahahah I used to love that guy.  I always felt like investing with him was a social investment stamp of approval.   ;D

It's a shame Lendstats can't report on how well he did.
Title: Re: Debt Sales
Post by: Peter on June 09, 2012, 08:06:28 PM
Hmmm. That is interesting. I am working on a post on debt collection practices and I hope to get to the bottom of this. Stay tuned to the blog.

Did that post go up?  Can somebody direct me to it?
In the agreement with Prosper that early Lenders signed, didn't Prosper obligate themselves to Debt Sales?

I have not been able to get enough information to put a blog post together yet. I am still working on it but both Prosper and Lending Club are not very open to sharing their exact collection procedures.