Comments on: Prosper and Collections Agencies http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/ Tue, 16 Mar 2010 14:53:24 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: brip blap » linklings, 2007 is so passé edition http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4661 brip blap » linklings, 2007 is so passé edition Sun, 30 Dec 2007 19:18:40 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4661 [...] Prosper and Collections Agencies | Mrs. Micah: Finance for a Freelance Life [...] [...] Prosper and Collections Agencies | Mrs. Micah: Finance for a Freelance Life [...]

]]> By: Brip Blap http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4660 Brip Blap Sun, 30 Dec 2007 18:34:28 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4660 I hear you on being uncomfortable about debt collectors, and I'm sure many of them are unethical, but frankly if someone has money that they legitimately owe me and won't pay me, I'll use any method that is legal to recover it. If you have money in a bank, part of your money is being lent out to people anyway. This just cuts out the middleman... I hear you on being uncomfortable about debt collectors, and I’m sure many of them are unethical, but frankly if someone has money that they legitimately owe me and won’t pay me, I’ll use any method that is legal to recover it.

If you have money in a bank, part of your money is being lent out to people anyway. This just cuts out the middleman…

]]> By: Ryan S. http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4282 Ryan S. Thu, 27 Dec 2007 07:41:00 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4282 I haven't yet looked into Prosper but I was considering becoming a lender to see if it could increase my income a bit. Thanks for the tips here; I have to see how this comes out when I evaluate it. Oh, btw, thank you -so much- for your stumbleupon mention of my blog. I'm so excited! - Ryan http://uncommon-cents.net/ I haven’t yet looked into Prosper but I was considering becoming a lender to see if it could increase my income a bit. Thanks for the tips here; I have to see how this comes out when I evaluate it.

Oh, btw, thank you -so much- for your stumbleupon mention of my blog. I’m so excited!
-
Ryan
http://uncommon-cents.net/

]]> By: mrsmicah http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4264 mrsmicah Wed, 26 Dec 2007 21:59:55 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4264 Good point, Amanda. I was just going to comment that Micah had an APR of 29.9% on his card. *shock* Fortunately, we had the resources to take care of it right away. But I could easily see getting a loan @ 20% just to avoid the extra 10% interest. Personally, I'd use the "ask the borrower" option on their page to straighten out a few things like the interest they're being charged. Good point, Amanda. I was just going to comment that Micah had an APR of 29.9% on his card. *shock* Fortunately, we had the resources to take care of it right away. But I could easily see getting a loan @ 20% just to avoid the extra 10% interest.

Personally, I’d use the “ask the borrower” option on their page to straighten out a few things like the interest they’re being charged.

]]> By: Amanda (Me vs Debt) http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4261 Amanda (Me vs Debt) Wed, 26 Dec 2007 21:35:05 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4261 Racer X: "When you see someone willing to pay 20% to pay Credit Card debt, watch out." That's not always the case. While I was in college my APRs shot up to 30% when companies saw that I was making minimum payments. (Even though I never pay late and definitely never defaulted on any account.) When you're stuck in that situation you'd gladly pay real people 20%. Not only does it save the borrower in finance charges but you have a chance to appeal to people rather than being judged by a number alone. Makes perfect sense to me. I'm glad people had faith in me and I'm very happy to see them profit off of my reponsible payments. Racer X: “When you see someone willing to pay 20% to pay Credit Card debt, watch out.”

That’s not always the case. While I was in college my APRs shot up to 30% when companies saw that I was making minimum payments. (Even though I never pay late and definitely never defaulted on any account.) When you’re stuck in that situation you’d gladly pay real people 20%. Not only does it save the borrower in finance charges but you have a chance to appeal to people rather than being judged by a number alone. Makes perfect sense to me. I’m glad people had faith in me and I’m very happy to see them profit off of my reponsible payments.

]]> By: RacerX http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4258 RacerX Wed, 26 Dec 2007 20:47:33 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4258 It really is a matter of balancing risk for your temprament. Or, toss emotions and use their default rate to manage risk. For example is better to invest in an 10% return than a 4% return if the risk is balanced by default rate. The idea is to chase the final result, not the one off gains. However, i would be really wary of investing in some files on Prosper. When you see someone willing to pay 20% to pay Credit Card debt, watch out. Also remember that there is a credit crunch coming and today's B can be tomorrow's C's quickly, especially if the file says "For CC debt!" It really is a matter of balancing risk for your temprament.

Or, toss emotions and use their default rate to manage risk. For example is better to invest in an 10% return than a 4% return if the risk is balanced by default rate. The idea is to chase the final result, not the one off gains.

However, i would be really wary of investing in some files on Prosper. When you see someone willing to pay 20% to pay Credit Card debt, watch out. Also remember that there is a credit crunch coming and today’s B can be tomorrow’s C’s quickly, especially if the file says “For CC debt!”

]]> By: Pinyo http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4254 Pinyo Wed, 26 Dec 2007 20:08:31 +0000 http://financefreelancelife.com/2007/12/26/prosper-and-collections-agencies/#comment-4254 Personally, I planned to lend only to A and AA. Unfortunately, the portfolio plan assigned me to B with delinquencies. I don't think it is detrimental, but I am not too happy either. I will write about this in the near future (as soon as I get my first monthly payment back). Thanks for the link! Personally, I planned to lend only to A and AA. Unfortunately, the portfolio plan assigned me to B with delinquencies. I don’t think it is detrimental, but I am not too happy either. I will write about this in the near future (as soon as I get my first monthly payment back).

Thanks for the link!

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