10 more lates!!!!!

[FinDoc]

Ten more people decided not to pay!!!!!!!!!

Are there no prisons for these people?!?!?!?!!!!!!!!

No work houses?!?!?!!!!!

Humbug!!!!!!

 

[replimaster]

That's really terrible, Doc, but I have a real fear that we are all going to see the same thing happening to our portfolios. I think the economy is giving borrowers a feeling, wrongly, that they don't need to pay 'because times are hard'.

IMHO, Dave

[go4reward]

I am seeing more from my side too. That is why the quite period came at the appropriate time for the lenders.

[deskguy]

it is possible some borrowers are taking advantage of the 'quiet period' to simply not pay, PERHAPS thinking the hiatus means they don't have to (no, i don't believe it either). i think this quiet period is unfortunate because conventional lending sources are drying up and we have plenty of money to lend. i have two 'lates' who didn't even make the first payment.

fyi, i told a loanio guy today that prosper allowed instant access to transferred funds and he was astounded. loanio ties up your cash for five or six biz days before you can use it. bidding is picking up on loanio - i haven't bid yet - but there are only about 40 listings and that hasn't changed in the past week. as it stands, i'd be very surprised if any of the loans were 100 pct funded but loanio allows partial funding if the borrower agrees.

 but no substitute for prosper.

 deskguy

[go4reward]

I agree. Prosper is the best out there now. Unfortunately it is in quite mode now. The trend is against lenders now based on the fact that there are more troubles on the main street than ever before.

That is why is more important for borrowers to pay on time so their scores can keep up which translate into easier to borrow in the future. Or else lending is close to them for good.

[foofiter]

So far I have no new lates aside from my one from last month. I am hoping all continues to go well.

Best to luck to all of us.

Foo

[deskguy]

i'e got another paying off after only a month or so. sorry to lose the interest but it is better than lates or defaults. 

[go4reward]

Good for you, deskguy. I will take payoff loans any time.

[ResearchPro]

No lates for me so far... (knocking on the wood)

[sosocratic]

I was wondering the sae as Deskguy - if the quiet period is more the precipitant then the economy. I had three go late immediately after they announced the quiet period - one has since paid. It seemed ot me that some were thinking that Prosper was closing, or something similar, so perhaps they didn;t need to pay. I'm hoping a collections letter or two will snap them out of that.

 

[go4reward]

I hope the collection letters will help to get some more DQs back to current too.

[ResearchPro]

Ten more people decided not to pay!!!!!!!!!
Are there no prisons for these people?!?!?!?!!!!!!!!
No work houses?!?!?!!!!!
Humbug!!!!!!
 

FinDoc, you have a lot of loans, so I believe those 10 is just an unlucky random fluctuation in your portfolio, but with 430 loans 10 lates is only about 2%, which is not really unlikely assuming 10-20% lates annually on average.

[replimaster]

I was wondering the sae as Deskguy - if the quiet period is more the precipitant then the economy. I had three go late immediately after they announced the quiet period - one has since paid. It seemed ot me that some were thinking that Prosper was closing, or something similar, so perhaps they didn;t need to pay. I'm hoping a collections letter or two will snap them out of that.

 

It seems to me(w/ my small (<50) number of loans) that the 'quieting' of Prosper has more of a precipitant of problems than the economic situation. Obviously, that's a gut feeling, as I have no hard info to back it up; bottom line will still be the same.

Dave

[Jason]

I have found that lates tend to increase during the winter and holiday times. Makes sense since we typically stretch ourselves the furthest. I don't think any borrower is using the "quiet period" excuse because it will affect their credit just as it normally would. I have also found sending a friendly request/reminder of the fact we are people and not banks that chose to help them pleads to their humanity. Sometimes it worked, but it definitely didn't hurt.

[go4reward]

I have found that lates tend to increase during the winter and holiday times. Makes sense since we typically stretch ourselves the furthest. I don't think any borrower is using the "quiet period" excuse because it will affect their credit just as it normally would. I have also found sending a friendly request/reminder of the fact we are people and not banks that chose to help them pleads to their humanity. Sometimes it worked, but it definitely didn't hurt.

I hope that is the case for the reasons of being late. As far as friendly reminder, I thought it is not a Propser policy that we can contact the borrower. Isn't it true?