RELIABLE BORROWER NEEDS LOAN
| Listing Information |
| Amount: | $25,000.00 |
Status: | Loan created |
| Grade: | D |
DTI: | 22% |
| Lender Rate: | 27% |
Borrower: |
DelPhillips
|
| Time Left: | Finished |
State: | CA |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Default |
Origination Date:
| 2006-12-18 |
EricsCC ROI:
| -43% |
| Status History |
| Dec 16, 2006 |
Current |
| Sep 03, 2007 |
Late |
| Sep 19, 2007 |
1 month late |
| Oct 19, 2007 |
2 months late |
| Nov 23, 2007 |
3 months late |
| Dec 19, 2007 |
4+ months late |
| Feb 18, 2008 |
Default |
| Mar 06, 2008 |
Repurchased |
| Jun 10, 2008 |
Default |
To whom it may concern:
I am a 40yo professional who had an unexpected slow 4th quarter of 2006. I have an abundance of business set for 2007, but that does not help me today. I need $25K to help with my personal and business expenses. I am a reliable borrower who has not had any recent late payments anywhere on my credit. Thank you for your consideration, and I look forward to doing business with you.
Cordially,
Del [LAST NAME DELETED] |
| Borrower's Other Listings |
| 70692 |
GREAT BORROWER - NEED $$ TODAY! |
D |
$25,000 @ 25% |
Dec 05, 2006 |
Withdrawn |
|
Discussion For This Listing
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Wed, February 20, 2008
|
Anyone know about this one? Del is in the real estate business in San Diego.
Del Phillips
619-298-6666
Prudential California Realty
Mission Hills
San Diego, CA 92103
http://delphillipsandassociates.prudentialcal.com/Content/Content.aspx?ContentID=426137 |
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Wed, February 20, 2008
|
| This loan is included in Prosper's new legal collections test. They are going to sue the borrower to try and recover our money. I urge all lenders, do not contact this borrower on your own. Let the lawyers handle it. It is easy to break a law regarding collections without knowing it if you haven't worked in this area. |
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Fri, February 22, 2008
|
| CapitolGuy, can you give a little more information about this test? I'm curious. Thanks. |
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Fri, February 22, 2008
|
| Prosper knows that the unexpectedly high rate of defaults is hurting their business. They have been experimenting with a couple of different collection agencies and are now going on to the next step. They have identified 68 loans in default for the legal collections test (some of these may get dropped out for one reason or another). Lawyers will sue the borrowers and get a court judgment, enabling them to go after whatever assets of the borrowers they can find to get us paid back. It is unknown if this will produce a higher or lower recovery than the sales to debt buyers (lawyers' fees will eat up some of the money). Lenders were given a choice of selling their interest in the loans at very low debt sale prices, or participating in the test for whatever recovery results. I personally have six loans in the group, and I have chosen to participate in the test. I'm glad Prosper is doing this; I feel they should have done it a long time ago. |
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