What happens if you dont pay back prosper loans?

[BCEAGLE1996]

Didnt brock landers stiff people on this? I have some money lent on loans that became delinquent. Can these people walk away with less consequence then dealing with a traditional bank? I got worried also becasue I see they stopped taking lending applications???

 

[whalewager]

Goes on credit report. That's about all.

 

[moethepuppy]

If the loan is unsecured (no collateral), you're basically out of luck. The "stiff" will have the negative information placed on their credit report.

As I'm not all that familliar with Prosper, are you as the lender able to contact the borrower to try and work something out?

 

[gtc08]

i think bceagle is the stiff here in this situation. he wouldn't be asking about the ramifications if he offered the loan since he'd know his options to begin with.

 

[BCEAGLE1996]

I'm not able to contact the borrower - you arent even told who that is.

I selected a collection company when I signed up for them to use but things arent moving. I was just wondering if they will push for garnishment ultimately or will they stop at collection because then I think I will be screwed.

I though Brock had done something like this so I need to know if I can kiss this money goodbye.

 

[Cusipz]

Kiss it goodbye. You may get pennies from collection, but this is a completely unsecured and uncollectable debt. There will be no garnishment or any other enforcement, other than the treat of a bad credit score in the future.