Debt Sale Accounting via Quicken | P2P Lending, Peer to Peer Lending, People to People Lending

In the recent default debt sale I had a loan sold. This is my first opportunity to account for such an event. I use Quicken for my personal finances including my Prosper account (read about it here).

Here are the details of my defaulted loan:

CreditGrade: AA
Homeowner: Yes
Verified Account: Yes
Debt to Income Ratio: 25%
Very Clean Extended Credit
Sale date: Aug-24-2007
Sale reason: Delinquency
Principal balance before sale: $143.87
Loan value before sale: $152.68
Proceeds from sale and forfeited group rewards: $36.63

$36.63 / $143.87 = .2546

So what did I enter into quicken?

I entered a Sale Transaction for 143.87 shares at a per share price of 0.2546. This generated proceeds of $36.63.

I had to immediately set the share price of the Prosper Loans security back to $1.

Works great. Now Quicken thinks my investment has an average annual return of 8.41%

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Prosper IE Extension Review | P2P Lending, Peer to Peer Lending, People to People Lending

Retireme99 has developed and maintains a Internet Explorer plugin for Prosper. I first started using in Feb 07. Being a standing order bidder at first I was sceptical that it would be useful for me… Well, anytime I use Firefox with Prosper I miss the plugin. I don’t even realize some of my favorite things are this plugin and not Prosper.

I am never really sure which of the 2 sites you are supposed to go to get it so here is a link to both: Prosper Internet Explorer Plugin Site 1 or Prosper Internet Explorer Plugin Site 2.

Here are some of my favorite features:

  • Favorites List by Borrower – if a borrower relists you will easily find the new listing
  • Similar Loans – finds loans that are late that are similar to the listing you are reviewing
  • group performance
  • Bid Details – if I find a listing that has under a 100 bids that raises red flags… I like market demand for a listing
  • hot lists… finds the listings that have the most action over a time period
  • Quick Market Analysis Links
  • Notes – in case I don’t remember why I don’t like a listing or do

If you are a manual bidder this plugin is a must have. If you use standing orders then you can get along without the plugin… but why?

My apologizes to Retireme99, this review was a long time coming.

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New Loan Funded #5989 — $2850 in 45 loans | P2P Lending, Peer to Peer Lending, People to People Lending

A new loan funded this afternoon (#5989 — PAYING OFF CREDIT CARDS AND HOME IMPROVEMENT — $22,000 14.55%). I participated via my standing order: High DTI — NAF. Which is this loan was funded as high debt to income ratio and was a non auto-funding loan.

Here is the credit of the borrower and the listing:

New Loan Listing

For the readers that believe in reading the actual description without modification:

******Description*******

******Description*******

I think this is another fine example of a quality standing order borrower and interest rate. What do you think?

I think this is another fine example of a quality standing order borrower and interest rate. What do you think?

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Lending Club Recent Changes | P2P Lending, Peer to Peer Lending, People to People Lending

RateLadder:

Thanks for the comments. Well, at least we are on the positive ;-)

I wanted to address some of your comments:

1. We are well aware of the needs for Advance Credit search options as well as tying those into LendingMatch, and we are working on ways to improve this part of our product. I hope to have some improvements included in the next couple of upgrades.

2. We also have a data API in the road map, but in the meantime, we wanted to make sure the information was available through our site. We will be updating this data weekly.

3. Regarding the referral program, you can also link to our home page:
http://www.lendingclub.com/landing.action?referrer=RateLadder

Thanks again for your review, and feel free to send me any other comments directly.

Best regards,

Rob Garcia
Director, Web Production
Lending Club

Comment faire pour passer à AmSher pour Prosper Collections | Prêts P2P, peer-to-peer de prêt, de peuple à peuple de prêt

I had already changed my default agency, but just realized that only affected my manual bids (I make very very manual bids), so I also changed all of my Standing Orders to use AmSher. J’avais déjà changé mon agence par défaut, mais viens de réaliser que seulement sur mon manuel offres publiques d’acquisition (je fais très très manuel des offres), donc je aussi changé tous mes ordres permanents d’utiliser AmSher.

So if you want to switch to AmSher make sure you set both your default collections agency and any standing orders to use AmSher. Donc, si vous voulez passez à AmSher assurez vous de définir les deux collections par défaut de votre agence et de tout ordres permanents d’utiliser AmSher.

In addition, late yesterday I got the following email: En outre, hier en fin j’ai eu l’adresse suivante:

Dear Kevin, Cher Kevin,

We are pleased to announce that Prosper Marketplace has added a new collection agency – Nous sommes heureux d’annoncer que Prosper Marketplace a ajouté une nouvelle agence de recouvrement — AmSher . AmSher is a privately held receivables management firm based in Birmingham, Alabama. AmSher est une entreprise privée de gestion de créances entreprise basée à Birmingham, en Alabama.Starting out in the retail trade in 1939, it migrated to collections. Partant dans le commerce de détail en 1939, il a migré aux collections.It is a nationally recognized collection and receivables company licensed to conduct business in all fifty states. Il s’agit d’une collection reconnue à l’échelle nationale et créances société autorisée à faire des affaires dans tous les cinquante États.

AmSher is now available as a selection for new bids as of January 25th, 2008. AmSher est maintenant disponible comme une sélection de nouvelles offres à partir de 25 Janvier 2008.If you would like to change your default collection agency, click here. Si vous souhaitez modifier votre agence de recouvrement par défaut, cliquez ici.

Learn more about collections at Prosper. En savoir plus sur les collections de Prosper.

Sincerely, Cordialement,
Prosper

ReList: EP: Paying Off High Rate Loans | P2P Lending, Peer to Peer Lending, People to People Lending

My referee is back and with a lowered amount… I will be bidding as soon as money is available…
He has already verified his bank account so he has that going for him…


$25 Bonus For New Lenders
How to Use Prosper Listing Widget for MySpace, Blog, Website, or Other

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Pennsylvania Citizens Are Children in Need of Supervision | P2P Lending, Peer to Peer Lending, People to People Lending

Other than a brief flirtation with the Draft Gore movement I have stayed away from my political views on RL, but I am afraid I can no longer stay silent. I am an off the deep end libertarian who believes that Clinton proved to be an awesome president (in terms of free will, government staying out of personal life, and fiscal responsibility.) My other political concerns are the environment, trade deficit, our dangerous reliance on foreign oil (boo swift boat campaign but yeah wind, solar, and natural gas as our way out of the problem. I have a love/hate thing with T Boone Pickens), modern copyright law, and privacy rights. (in terms of both privacy and copyright Joe Biden is less than ideal as a VP choice with his support of FBI wire taps and support of the RIAA and MPA, but at least he understands the issue even if I disagree with him… and yes that was a Palin and McCain dig.)

Can you believe that Pennsylvania’s law makers do not believe the citizens of the great state of Pennsylvania have the where with all to do with their money as they see fit (see Prosper Blog post: Lenders residing in PA).

I can barely even imagine someone telling me what I should do with my hard earned money. If I choose to help my fellow American by extending credit to them, why on earth should I not be allowed to? (I don’t believe in protectionism borrowing rates either aka state rate caps, but I think there is at least something to debate on that front.)

Don’t even get me started on how bailing out the greedy PRIVATE corporations (AIG et al) with PUBLIC money only encourages further GREED. (AIG turned down on the table offers prior to the government bailout. Why? They thought they could get a better deal from the government and they were right.)

So what can a Pennsylvania “Lender” do?

  1. The most obvious thing is to email, phone, and mail you state legislator and Governor. The PA government needs to know that the citizens of PA think it is ridiculous that they are being told that they cannot invest in their fellow American.
  2. A slightly less copacetic way around the problem is to use an alternative address other than you PA address. Do you have a vacation home? Maybe Earth Class Mail?

Please understand, I am not an anarchist and I do not believe in subverting the government. I do believe in fiscal responsibility, individual rights, and the freedom to spend and invest your money as you see fit.

PA get a grip! You are a presidential battle ground state. Do you think your citizens cannot think for themselves and make their own choices?

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Zopa Launches in United States | P2P Lending, Peer to Peer Lending, People to People Lending

Just noticed today that the Zopa US Site has launched… I am not sure I like it…

The FDIC insured CD is a decent rate 5.1% (5.15% at Etrade is the highest 1 year CD I could find on Bankrate). But why would I reduce my yield just to help someone I don’t know?

So I tried to sign up for a $500 CD. No luck… Something broke. The error said they would get back to me. Oh well…

I just visited the Zopa site, since they launched today. Their concept is very different from Prosper and I can’t see myself putting any money in it.

Lenders get a 5.1% CD and then are asked ‘help’ a borrower by contributing a portion of their interest to help pay off the borrowers loan. The more you help the lower your APY. So by helping someone else you are reducing your own gain. That’s the complete opposite of Prosper (and Lending Club), where for some risk you get a better than CD rate and borrowers get a better rate than banks.

I’m astounded that Zopa went that way. I haven’t checked their cut-off for borrowers, but if Zopa set the credit limit high (A-C), then the only people who are really benefiting are Zopa and credit unions off the fees and rate spreads.

I thought Zopa was going to be the killer app of the P2P world, but apparently they are going off completely on their own.
Prosper continues to have only Lending Club as it’s competition.

The other sites, Microplace, Kiva, are charity sites.
Wow still stunned, if I want to reduce my income by helping others, I’ll contribute to organizations that’s tax deductible or at least helps a large group of people (Habitat for Humanity, etc).
Social finance is supposed to be a two way street.

I agree. But 5.1% is a decent 1 year CD rate. If I were interested in a 1 year CD I would think about a Zopa CD.

Financial Web Advertisment on RateLadder | P2P Lending, Peer to Peer Lending, People to People Lending

I would like to thank Financial Web for their advertisement and sponsorship of Rate Ladder, P2P No Bank, and Pro Prosper.

FinWeb.com is an independent financial portal which values information and education…

They have valuable information for every aspect of your financial life… If you have ever have a question on any topic I encourage you to check them out…

Here are links to the main topics of their site…

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Advanced Search of My Portfolio | P2P Lending, Peer to Peer Lending, People to People Lending

Recently I had a startling discovery while Analyzing My Late Loans on Prosper. I made this discovery becasue it is a fairly simple thing to look at my 14 or so late loans and see their extended credit. The commonality jumped off the page. However, now I want to go back and look at my entire portfolio and see if this characteristic dominates or if the few bad apples are weeding themselves out.

I have 146 active loans and counting. Going through by hand is not an option. The easiest way to do this would be to have an advanced search on the logged in users portfolio. The current portfolio search is time based on origination date and payment status. Just add all the same search and standing order filters.

Pretty Please!

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