 Search the Knowledgebase |
 Browse by Category |
|
|
|
| View Questions by Category |
|
There are no sub categories
|
Loan Collection
|
There were 7 questions found in this category:
 Can I collect on late payments myself?
Under no circumstances should you attempt collection on a late payment yourself. Compliance with all state and federal laws while attempting to collect a delinquent loan is not trivial. When necessary, Prosper ensures all collection activity is performed by licensed and professional collection a ...
- Can I contact the delinquent borrower directly myself?
You should not contact delinquent borrowers directly. Prosper has a detailed delinquency schedule for borrowers, and any additional contact you have with a borrower may expose you to civil or criminal penalties for unlicensed debt collection. The language and tone you use when collecting a debt ...
- How can I prevent defaults?
You can't pick your relatives, and you can't prevent defaults. You can, however, know that you are assuming some risk when you make a loan, and take steps to reduce that risk. Here are a few techniques for reducing your risk when lending: Lend to lower-risk borrowers: If you're worried about def ...
- How do collection agency fees work?
Collection agencies change a percentage of any recovered funds as the service fee for their efforts. This percentage varies by collection agency, but is typically between 15 and 30% of the funds recovered. The percentage the collection agency keeps also goes down over time, so the collection age ...
- What collection agencies does Prosper use?
For the latest collection rates for each company visit the Prosper collections page.Penncro Associates, Inc. http://www.penncro.com/ Penncro, one of the largest and most diversified outsource providers in the accounts receivable industry, was founded in October of 1982. Penncro services a vari ...
- What happens if one of my loans is written off?
Loans that are written off as uncollectable are offered for sale at an auction to a selected group of debt collection companies that are in the business of purchasing defaulted loans. Since you were the owner of the loan, you will receive all of the proceeds from the sale of your loan to a debt ...
- What should I do if a borrower is late on a monthly payment?
Don't panic just yet. Sometimes people are just late. Prosper sends frequent emails to overdue borrowers and their group leaders (if they are members of a group), prompting them to pay their monthly payment as soon as possible. Once the borrower is more than 15 days late, the borrower will be c ...
|
