I have (had) and account with Prosper. Early this year, I stopped paying (I think it was March), but alerted them that I had fallen on financial difficulty. I offered to pay less and even wanted to negotiate to try to pay them off. They said they have no programs for this and advised me to stop paying and let my account go into collections. I received an email that my debt was sold to Velocity Investments, LLC. After doing research, I see that this Company will likely sue me for the balance. When I stopped paying it was around $14,500.
I have not received any communication yet from Velocity, but I want to get out ahead of this. When their first letter comes, I will send a DV letter, mainly to buy time. I do owe the debt to Prosper and I do want to pay, but I'd like to negotiate. What do you recommend? I have seen other threads where arbitration with JAMS is recommended. Can you give me some direction as to how I facilitate that? Also, what are these JAMS proceedings like provided it gets to that?