What happens if you dont pay back prosper loans?

BCEAGLE1996 · Jan 14, 2009

Didnt brock landers stiff people on this? I have some money lent on loans that became delinquent. Can these people walk away with less consequence then dealing with a traditional bank? I got worried also becasue I see they stopped taking lending applications???

whalewager · Jan 14, 2009

Goes on credit report. That's about all.

moethepuppy · Jan 14, 2009

If the loan is unsecured (no collateral), you're basically out of luck. The "stiff" will have the negative information placed on their credit report.

As I'm not all that familliar with Prosper, are you as the lender able to contact the borrower to try and work something out?

gtc08 · Jan 14, 2009

i think bceagle is the stiff here in this situation. he wouldn't be asking about the ramifications if he offered the loan since he'd know his options to begin with.

BCEAGLE1996 · Jan 14, 2009

I'm not able to contact the borrower - you arent even told who that is.

I selected a collection company when I signed up for them to use but things arent moving. I was just wondering if they will push for garnishment ultimately or will they stop at collection because then I think I will be screwed.

I though Brock had done something like this so I need to know if I can kiss this money goodbye.

Cusipz · Jan 14, 2009

Kiss it goodbye. You may get pennies from collection, but this is a completely unsecured and uncollectable debt. There will be no garnishment or any other enforcement, other than the treat of a bad credit score in the future.

What happens if you dont pay back prosper loans?

Search

BCEAGLE1996

Member

whalewager

AIG Bonus Recipient

moethepuppy

RX Senior

gtc08

New member

BCEAGLE1996

Member

Cusipz

New member

Forum statistics

Share this page