Author Topic: Debt Sales  (Read 6819 times)

WES

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Debt Sales
« 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?

Peter

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Re: Debt Sales
« Reply #1 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.
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DiligentiaLLC

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Re: Debt Sales
« Reply #2 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?

Peter

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Re: Debt Sales
« Reply #3 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.
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DanB

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Re: Debt Sales
« Reply #4 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.
« Last Edit: July 16, 2012, 01:36:06 AM by DanB »

Peter

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Re: Debt Sales
« Reply #5 on: February 12, 2012, 07:26:53 PM »
Dan, Always appreciate your help....but I think I will pass on this investment opportunity.
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NoGoodDeed

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Re: Debt Sales
« Reply #6 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?
Disclaimer: Peter announced that I'm from a group with a vested interest in seeing Prosper fail. 
Also, Peter makes money referring people to Prosper.

DiligentiaLLC

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Re: Debt Sales
« Reply #7 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.

Peter

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Re: Debt Sales
« Reply #8 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.
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