Doug Fuller Update Legal Test | P2P Lending, Peer to Peer Lending, People to People Lending

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.

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