Just read this on the forum from a formerly late borrower (Mr Deluxe)…
My loan was recently under 30 days late (now current) I received several emails from Prosper, but the letter I got in today’s mail was very effective.
It was a letter from Prosper reminding me that 155 people contributed to my loan and they are not ‘big banks’ or ‘Warren Buffett’. The letter went on to say that lenders are people too, with jobs, families, bills, etc. and asked ‘how do you think they feel now that you are late.’
It was very well written and should open the eyes of borrowers that intentionally are late or default.
I like it! Seems like another positive collections step. I hope it works as well as this borrower seems to think… Plus if it works prior to actual collection I pay less fees. There is a call for a scan of the letter on the forum. If it posted I will re post…
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2 comments ↓
I wonder if this has anything to do with the new collections test you blogged about a couple days ago.
Maybe they are related, but maybe only tangentially. The collections test (for me anyway) is on loans in collections. This was from a borrower that was lass than 1 month late.
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