Thursday, October 4, 2007

Prosper Confirms New VP's Collections Experience

Prosper has published a Q&A with the new VP of Operations Doug Fuller (Prosper Forum, Rate Ladder, Prosper Lending Review). The introduction to the Q&A confirms him as the Doug Fuller with a hefty collections and efficiency oriented background. This is the same one whose resume surfaced in the forums a little bit ago.

From the Q & A, he's confirmed that he's quite aggressive on debtors who don't pay up:

Q: Well why don’t we just sue everybody?
A: The phrase “blood from a turnip” comes to mind. One of the ways that you can go broke in a big way is by suing people that will never be able to pay you at all. Simple math, it costs a lot of money to sue people.

Q: Okay, so you need to decide who to sue, then what?
A: Put quite simply, my philosophy is this – if you won’t pay, but can (or will in the future) be able to pay, I’m going to sue you. If I sue you I’m going to win.

Q: That sounds kind of arrogant, can you back it up?
A: Courts in seven states have recognized me as an expert at consumer debt litigation. At Credigy, if a case got really nasty, I would go testify live. I refuse to lose.

Q: Really? What’s your win/lose record?
A: In my last 18 months at Credigy, I testified live at 42 trials. My record was 41-1. By the way, I fired the law firm where we lost.

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