Pulling out of Prosper

Jul 20, 2007 @ 12:27 pm by EMS

I’ve had it with Prosper. My complaints follow:

  • Over the past 2 months, I’ve bid on two listings. Once you bid and win a listing, the listing goes through a “verification” phase in which Prosper validates the borrower’s information before he or she actually gets the loan. I’ve seen this verification phase be as short as 1 day and as long as 2 weeks. In the past month, I’ve had my money sitting in these 2 listings for more than 2 weeks and then Prosper cancels the listing without giving any reason.
  • I have one loan at 2 months late, and another at <15 days late. If both of these loans default, all of my gains will be wiped out.
  • Their speed at transferring money from your bank to Prosper takes over 5 days.

Starting immediately, I’ll be pulling all of my free cash out of Prosper and putting it into my ING Direct account.

June 2007 Net Worth Report (+188)

Jul 02, 2007 @ 10:56 am by EMS

Something seems off here…

Yes, I lost money in the market this month, and I depreciated my vehicles (as I do every quarter), but it seems like I should have gained more than the $188 that I’m reporting. Even though I had those two setbacks, my monthly expenses were the lowest they’ve been all year and I just have a feeling that I missed something.

You see, yesterday as I was crunching the numbers to get my net worth figure, I headed out to TIAA-CREF as I always do at the end of the month to update my retirement holdings. I generally go to the site, look at my most recent transactions, and enter them into Quicken by hand. This is generally a pretty time consuming activity, so I thought I’d give the automated transaction download a try, since it works great with my credit cards and bank accounts. BAD IDEA. Apparently TIAA-CREF has changed something in the past year, and it requires me to create a “new” account while still maintaining my “old” account. After several tries, I managed to totally screw up Quicken and then had to restore from backup, which should have taken place the day before.

However, the previous day’s backup failed without me knowing, and I had to restore from one about a week old. So, to make a long story short, I was up quite late last night trying to recover my Quicken data file and have it possible to download my TIAA-CREF holdings into it. This activity still isn’t completed, but now I at least have a gameplan. My weak gain this month hopefully has something to do with bad data, but I’m not sure.

Regardless, I’m posting a $188 gain for June.

July should be an interesting month. The new baby is due to arrive on the 12th. I think it will actually have a positive effect on the household finances for at least the first two months. We already have almost everything needed for an infant, so diapers will probably be the only new expenditure. The other 2 kids will be spending less time at daycare while my wife is on maternity leave, so that should free up about $90 a week. However, I’m fearing that first daycare bill in September with all 3 of them going 🙁

June 2007 Net Worth

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