Tuesday, February 12, 2008

Prosper.com - slow action in collections, still and forever

Just about a year after I began speaking up about how poor the Prosper collections agents handled late loans, Prosper announced that they were taking action.

Prosper recently (Jan 28 2008) sent a letter to many (but not all) lenders, explaining that the Penncro agency was essentially being fired for poor performance. Well hot damn ... Its about time. A year late is better than nothing at all.

The letter from Prosper announced that a new agency AmSher would take over existing loans unless lenders objected. I doubt that many lenders objected!

If you wish your existing Notes to remain at PennCro, please send an email to collectionstesting@prosper.com with subject of “Retain PennCro” by Monday, February 4, 2008, otherwise all your existing Notes designated for service by PennCro will be automatically transferred to AmSher and no further action is required.

Ok, so February 4th passed, and then another week has gone by, and according to Prosper's collection agency web page no loans have been moved to AmSher. Why the hell not?

Time is money. Our money is tied up in loans that are rotting, being incompetently serviced by at Penncro. Prosper apparently agrees. New guys have been chosen. Did somebody forget to push the button?

To lenders who have been consistently insulted for the past year by Prosper's promises, inaction, and more recently complete refusal to discuss the subject or allow the subject to be discussed on their forums, this delay is just another insult. One week may not sound like much, but one week delay followed by another one week delay is the way you get to where you are: Two years into the process with no competent collections operation.

Push the damn button already.

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