It has been a while since I posted that I was pulling out of Prosper. I still see no reason to continue investing in this vehicle.

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For the last several months my interactions with Prosper have gone something like this:

• Log into Prosper
• Shake head at the growing number of late payments on my various loans
• See that I have enough cash to make a new loan
• Search through loan requests and either a) not find any I like or b) find one or two I like, make a bid then get outbid before the loan closes.

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According to a Yahoo Group I’m subscribed to, Prosper recently completed the sale of the first batch of bad debts to a collection agency. What this means is that a group of loans that were many months past-due have been sold to a debt collection agency for some number of pennies on the dollar.

None of my loans were sold so I can’t speak from any personal experience. I would have liked to have seen what the percentage recovered was though, would help plan for what my expected return will be.

I logged into Prosper today for the first time in a few weeks to see how things were going and if I had enough cash balance to fund another loan.

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In an earlier post - Prospering from Prosper - I had pointed out a site called SavageNumber which had a number of tools you could use to help with your Prosper loan selection. A month or so ago I discovered another site which has an amazing array of stats about lenders and borrowers.

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I logged into Prosper today to see if I had enough money to bid on another loan. I didn’t, but I did notice that the one loan I expect to default as actually made a payment! The borrower is still far from being current, in fact the entire payment amount went to interest and fees, there was no reduction in principle.

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As a couple of readers pointed out, it’s been quite a while since I updated you all on my progress with Prosper. Overall, while I am pleased with the return I’ve been getting, I’m not spending a lot of time with the site.

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Whew…

I had thought that once we’d moved into the new house that things would calm down and I’d be able to write. I’ve really missed tending this blog, more than I’ve had time to realize in the past few weeks. Anyway, I’m back and hopefully for good. There are still some things going to that will pull me away but I should at least be able to get back on schedule.

So, first things first, an update on where we’re at. I will likely post more detailed news on many of the topics below, when I do I’ll link to them from within this entry.

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The second late loan I had at Prosper just flipped to current. Apparently the late was due to a transfer error. My orgininal late is still just that, late. No payment in transit etc. Looks like I’ll get to blog about how the collection agency does its work.

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I now have two loans late on Prosper…  The second is from a C credit borrower.  I felt good about that loan too.  A payment is showing as being made the day after it was due.  I hope this is truly the case.  Needless to say, this is shaking my confidence.

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