Doug Fuller Update Legal Test
The New Agency Test aka Legal Test has been updated via the blog: Legal Test Update
We have obtained service on 12 of the suits – and have sent “proof of service” back to the courts. Another 41 have been formally entered on the dockets of the court in and are currently out for service. I would believe that some number of these have been served, but we only have a “batch” interface with the process servers, so I don’t have real time date on this. Finally there are 7 suits on which we are waiting for the “file stamped” copy back from the court to send out to service.
At this point, we keep pushing for service. Once we have received proof of service, the minimum time to move for default judgment is 30 days. As a rule, the law firm will wait until 45 days after the service date to file a request for default judgment. Thus far, none of the defendants have “answered” the suit.
I have opted into this lawsuit test (I did not take the junk debt sale price of ~$30 for my loans.) I have hopes that this will eventually yield more than the $30. Either way, I will keep me readers informed if any additional information becomes available.
Final Theme Modification?
I think I may have finally overcome my donut problem… With this theme I am trying to have a quality look to my website. I hope you find the result an improvement. Like or hate it? Leave a comment.
In addition, I would like to thank the top 10 referrers to RateLadder over the last 30 days in order of referrals sent…
- Peer to Peer Lending Blogs — P2P No Bank
- Prosper Blog
- Prospers.org
- Lazy Man and Money
- Net Banker
- Personal Loan Portfolio
- Deep Market
- Prosper Lending Review
- Psychohistory
- Free Money Finance
Prosper Debt Sale Offer Roughly 0.93%-4.83%
On Friday, Doug Fuller gave an update on the debt sale.
Synopsis: Prosper put the bid file on an auction site, 8 bids received, all the bids were very disappointing, Prosper has not accepted a bid yet, and is exploring options for getting a better deal.
When asked how disappointing Doug Fuller further responded via comment…
In round numbers, the bids that we received were approximately 1/3 the prices bid in December. The price difference between the August and December represented about a 20% reduction.
Ok so then the next question is how bad is that?
Looking at the December results we see that the range of bids was from 2.8%-14.5%. Extrapolating, that would mean the current bids where roughly 0.93%-4.83%… I would say that is pretty disappointing… (I received a little over 25% from my 1st loan in a debt sale.)
I am willing to let Doug Fuller find other options… 3 cents on the dollar sucks.
Prosper Doing Television Ads
Catherine Muriel announced on the Prosper Blog that Prosper is going to be running some TV Spots.
I think the ads are well done… I would like to be able to embedd them in my blog, but other than that I think they are kinda cool…
You can tell that these ads were done by Prosper as opposed to the Lending Club video ads which were done by internet citizens…
I wonder what kind of responce they will get on TV?
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