P2P Lending / NFT Lending Forum

Quote

https://forum.lendacademy.com/index.php?topic=1374.msg10075#msg88888888Quote"> from: Bilgefisher on August 01, 2013, 09:46:52 AM

None of the payments for these due dates have posted to my account, although they are showing completed on time. Is anyone else finding this?

Ugh. Me too. If this keeps happening, eventually all notes will have an incorrect "grace period" payment. The borrowers can't be happy about that either. I've said it before, but what really bugs me is the way they sweep problems like this under the rug and never publicly address them. It's not an individual user problem, it's system-wide.

I don't think they ever said they would fix it.

Of 19 notes due 3/4, I had 2 process yesterday. The rest are showing as processing.

I believe I also own a piece of that loan. It was for $3,000.

He also says this in his profile:

"I am the type of person who hates to owe someone money. It has been over seven years since I have missed a payment or been late on any type of bill and have no plans of starting now."

I guess filing for BK is one way of not owing someone money.

I had a note go late, but instead of showing up in "Past due (1-30 days)" it was immediately listed as "Past due (31+ days)." How is it possible it skipped being late 1-30 days?

English may not be the first language for some borrowers, which wouldn't have anything to do with whether they are hard-working or reliable.

I think this was actually their way of fixing it. There were literally thousands of notes showing incorrect number of days since last payment. Now there are none. There are also approx. 10,000 less notes for sale than there were yesterday. I suppose this was their way of cleaning them out. Again, it would be nice if they would make some kind of announcement about what they are doing and why, or even acknowledge the existence of the problem.

I've sold many notes in "processing" where the buyer received the payment. There must be some very small window wherein the sale gets cancelled and the seller receives the payment.

And no acknowledgment. It just worries me that this is their business philosophy.

I find the lack of transparency disturbing. This has been going on almost 2 weeks and they have never once publicly acknowledged the problem. It gives a strong impression of incompetence or deliberate deception.

Yes, I've described this problem a couple of times in the other threads. Folio has not been updating incoming payments for several days, resulting in notes being displayed for the wrong price and markup, making them look more attractively priced than they are. I imagine it's going to blow up at some point.

I had a note listed on folio that was cancelled for the following reason:

"Your Note listing was cancelled because the borrower on the loan filed for bankruptcy. Note listings whose underlying loans have become subject to a bankruptcy filing are cancelled automatically."

But on the original loan listing there is no mention of bankruptcy. This loan was issued less than 2 weeks ago and has had no payments on it.

https://www.prosper.com/invest/listing.aspx?listingID=651463" class="bbc_link" target="_blank">https://www.prosper.com/invest/listing.aspx?listingID=651463

I assume this loan is a write-off if the borrower declared bankruptcy. At what point does Prosper notify the lenders? If I hadn't listed it on folio, I wouldn't have known about the bankruptcy. Are the lenders on the hook for this?