About Us  > Blog

Collection Refunds Update

by Doug Fuller on 09/19/08

We have completed the programming and testing on the routine to apply collection account refunds to lenders impacted by the change of accounts from PennCro to AmSher. We are planning to do the initial run of the program on September 22, 2008.  The refunds will include interest on the overage. The logic was developed in such a way that subsequent runs can be run periodically.

As we were going through this process, we identified some issues regarding how Prosper updates collection statuses and calculates the commission due and owing to the collection agency. A manual audit of the data was performed to clean up known errors to ensure the refund routine runs correctly. 

Unfortunately,  the collection status issues have resulted in incorrect data being displayed in the “Collections Statistics” data displayed on the Prosper site. We are working on correcting the problem, but until we are certain that the display of collections statistics is accurate, we have chosen to temporarily stop displaying this data.

In conjunction with this, we have also identified a small population of accounts on which a collection agency commission was inappropriately charged. We are working through this issue and will refund any incorrectly billed agency fees (with interest) at the completion of the process. 

We appreciate your patience as we correct these issues.


  • Chrisfs

    Hi Doug,
    glad to hear from you.
    On your Aug 25 post, you said “During my July visit, I instructed AmSher to fall back to attempting to secure a payment equal to half of the monthly amount—this will at least retard the rate of roll.

    On my next trip, we will evaluate the effectiveness of this approach.”
    Have you made the next trip to evaluate the effectiveness yet ?

  • http://www.prosper.com Doug Fuller

    Yes, I have made another trip to AmSher. In looking at the push for “half payments,” I was somewhat discouraged. There was an increase, but not as big as I had hoped (about a 15% increase in “partial” payments). Month-to-date for September is encouraging, though. If we finish out the month at the current pace, we should see another 15% increase over the August number.

  • NewHorizon

    Are these trips continuing?


posted in Lenders,Prosper News 3 comments »

Connect with us

Search

Lenders

Prosper Gives Back: A Social Timeline Recap

By Prosper on 04/10/14   [ 0 ]

As of yesterday, the Prosper Gives Back campaign has come to a close. After hitting our $1 billion dollar mark, we connected with the whole Prosper community, we spoke with you guys, and we celebrated our butts off! While giving out $2,000 a day was exhilarating and fun, the greatest reward to us was hearing [...]

Read More

Prosper Crosses $1 Billion in Loans Funded

By Prosper on 04/3/14   [ 0 ]

Today is a huge day for Prosper. We crossed over the $1 billion mark in peer-to-peer loans. Its been a long road since the first loan in 2006. Since then the $1 billion dollars issued through Prosper went towards helping people fix their debts, pay medical bills, chase their dreams, and much more. The greatest [...]

Read More

Prosper Gives Back: Thanks from the Prosper Team*

By Prosper on 03/26/14   [ 0 ]

Whew! What an incredible journey it has been.  This past year has been monumental for Prosper as more and more people experience how easy it is to borrow and invest with people just like you.  We’ve evolved from a small disruptive force in the lending industry into a major voice in the finance market.  We’ve [...]

Read More

« Older Entries

Monthly Archive


Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.