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Prosper Learning / Fraud

1 UT, United States Review updated:
Contact information:

I was sold an education program over the phone by Prosper Learning that encouraged me to max out my credit card, and then use their finance company to fund the rest of the over $8000 course.

The understanding was that I would have an income generating web business that would fund my debt.

After 12 months I am still in debt. I have not made a cent from their program. Their education began with such essential lessons as the difference between the left and right mouse button - this was not what I paid an extraordinary amount of money for.

I have tried to get out of the contract several times. I tried early in my program to get out suggesting they could keep what I have paid, if they wrote off what is still outstanding - and forget the training not yet taken. This was rejected.

They encouraged me to complete the program and they would work harder to help me. They make appointments they don't keep. They have delivered on nothing. I am still paying off what I have already given them and I am still in debt to their finance company.

I was mislead as to what they would provide, and I think their pressure to borrow money to fund their course is obscene.

What can I do?

Dean McNamara.

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  • Cr
      8th of Jan, 2009
    -1 Votes

    The same thing happened to me. I have filed with BBB in Utah and the Consumer Protection in Utah. I am also refusing to pay my credit card company and filed a dispute with them as well.

    Any luck????

  • Fu
      26th of Jan, 2009
    -1 Votes

    I just learned my son also purchased this "educational tool" and is unable to pay. Did you have any results from Better Business Bureau?

    Furious Mom

  • No
      22nd of Feb, 2009
    -1 Votes

    My wife and I too were taken to the tune of about $18, 000 dollars. We have recieved no help since completing the course and have not made a dime!! The Utah BBB and consumer protection will not be very helpful that is why these companies are locating there!!

  • Kk
      23rd of Mar, 2009
    -1 Votes

    I to have just learned my son also purchased this "educational tool" and is unable to pay. I have read all of the above complaints and the pattern seems to be the same, misleading statements and fraud. Has anyone had any help fromthe Utah AG or BBB?
    The state that he lives in has stated that it can't do anything. Please send me any information that anyone has..

  • De
      25th of Mar, 2009
    0 Votes

    I have posted my story on
    if you would like to me to add your story please contact me.

  • Su
      12th of Apr, 2009
    0 Votes

    Please review -It relates to To Dean

  • Aa
      2nd of May, 2009
    +1 Votes

    We had just gotten married and had several expenses adding up on cards. My husband got the Transforming Debt to Wealth, hoping we could learn the secrets of new IN-come sources.
    Soon we were paying hundreds of dollars for the whole package of Books, DVDs & online system to see what our worth was and how to pay of debt in a short time.
    Then came the pitch with the very well psychological set up to get the 1 on 1 coaching. After having you agree you did want to be debt free and you are looking for the answers, etc….and they only pick those truly ready & committed to learning all the secrets… to the TUNE OF $10, 000.00. And the “LONG PAGE” warrantee agreement was never made available to us again. Just sign… I should have yelled “NO” right then & there!
    We got in to the retirement & investment coaching and they wanted me to liquidate my guaranteed IRA s I could pay off all debt, INCLUDING the $10, 000.00 owed to prosper learning. It would cost me additional early withdrawal taxes also.
    By the end of the year 2008 & the full blown recession staring at us, I said I was feeling very angry about having NO safety net.
    Then we got into the e commerce coaching. Every Wed. night I hated the lesson because it was gonna cost me money to join, post, start up, upgrade & sell things on E bay, or get a web site or what ever. We never made a penny & we hardly knew what to do with out the coaches’ help. We were not even getting debt free. We picked up a few pointers but we had our record keeping going & plan in affect before they sold us the full time on line school. I did no want to spend the rest of my life sitting in front of the computer reading their prosper training guides.
    Then a company hounded us to pay thousands more to become an LLC.
    My suspicions were True! And Now I do not want to pay this bogus debt I want all our money back!!! Anyone have the insight on HOW to? I’d appreciate your experience.
    A & S

  • Du
      27th of Sep, 2009
    +1 Votes

    How the scam works:

    Prosper obtains contracts from various vendors (Real Estate Investing, E-Commerce, Stock Market Investing, Entrepreneurship & Personal Finance) for the right to sell their educational products. They also let the vendors know that they will be contacting buyers and present them with their own coaching program.

    After you purchase the vendors information, Prosper contacts you, not as Prosper Learning, but as that vendor's success team. They then state that they are looking for a few select motivated individuals to obtain success stories. The wording is stated in such a way that it infers that the program will be free.

    When you talk to them, they will constantly refer back to the vendor and implying that they will coach you on the methods you have just purchased.

    If you are impressed with the vendors information, it is a simple matter of just continuing to let you know that they are an educational provider for that vendor. That infers that they will be teaching you that program.

    At this point, your guard is down. The promises are made and the transaction takes place.

    After agreeing to thousands of dollars and going through the so-called mentoring program, you find out that it did not even cover one-tenth of the information contained in the vendor's product that probably cost less than $100.

    The coaches/mentors are merely trainers that stick to the pitiful training manual supplied to you and will not go off topic. They are only interested in how well you understood the basic information that comes from the training manual.
    They will not give you any advice or review any of your work.

    This type of sales tactic is fraudulent and is covered under Section 5 of the FTC Act – "Unfair or Deceptive Acts or Practices". The FTC's legal branch has the authority to rescind a contract.

    We will all need to file a complaint for the FTC to take action. Please pass this information on to as many websites as possible.

  • La
      27th of Dec, 2009
    +1 Votes

    Everything said is true, plus more. They truly don't have any desire to help anyone make money -- they're in it for whatever money they can make. I've not completed my first year, and according to the guarantee if I don't make money equal to my investment, I get another year of their resources. Woohoo! This has been my big frustration for 2009! I really had hope that it would work out. The people at Prosper don't know the meaning of Christian love and compassion.

  • De
      28th of Dec, 2009
    +1 Votes

    My story is now available at

  • Ki
      30th of Jan, 2010
    +2 Votes

    well this is what happened to my husband: he signed up and after 2 days tried to cancel because we had a family emergency come up and wanted out of the commitment to pay. the account manager we spoke to at the time said our account could be canceled with no cost to us because it was within a 30 day period (from date of purchase). we never even received our books or used even one 'coaching session'. that was 4 years ago. we never heard anything more about it... until about 6 months ago when we get a call from a debt collector saying we owe prosper over $4000. when we explained the situation, we were told we needed to have a receipt in order to cancel out the debt. we explained that we never received a receipt and that we also have never received a bill or had a payment charged to our credit card over the last 4 years. we are now fighting the debt collector and possibly facing a lawsuit if we refuse to pay the settlement offer from them of $1500. Any advice?

  • Me
      1st of Feb, 2010
    +1 Votes


    I would suggest that you talk to a manager and explain the situation. When collection agencies purchase delinquent accounts, Prosper is supposed to supply them a washed list meaning that they take out these types of issues and the collection agency purchases them at a discount.
    If they want to play hardball - request a copy of the contract stating where a receipt is required and any proof they have that you even owe this bill.
    Check the limitation on this - some states only allow 4 years. More information can be found at

  • Ma
      10th of Mar, 2010
    +1 Votes

    I was approached by phone from a representative at Prosper Learning. I reviewed the information I was sent and then was re-contacted to further discuss. I was intrigued and questioned him about the cost. All he wanted to talk about was OPM (Other People's Money). I repeatedly stated I was not interested in going into debt. I would pay for the service if I decided it was worth the investment. He didn't know how to handle this and kept going down the OPM route. I finally said using debt is not going to happen, so what is the cost so I can decide if this program is worth my time and money. That shut him down. He basically said I wasn't "serious" about my business and to call him back when I was. There are serious issues with this organization...Stay far, far away!!!

  • Sh
      19th of Mar, 2010
    +1 Votes

    Totally agree with everything written here. I believe the coaches are duped into believing they are doing something good. When you do not get one cent back of the money you invested, it is a major crime. Prosper has to be stopped, some way, somehow. !!!

  • Tj
      3rd of Jun, 2010
    0 Votes

    same thing happened to my husband and me. not only did we spend 13k on this program, but our coach encouraged us to buy this second property that we had ne business buying. Granted, i am willing to say he did not hold me down and make me sign the papers, but i felt somewhat obligated in order to show my dedicaqtion to prospering and stepping outside the box to do so. In the last three years this property has cost me almost 30k in expenses with no return income because i cannot get rid of it. i also have nearly 30k in credit card debt because of the 13k from the program and the encouragement to use my card for the down payment. Now, i know, commoc sense should have prevailed. However, when you are paying that much money for a system supposedly supported by David Bach, whose books I've read and loved, I imagined that they somehow knew more than I do. I was wrong, and I have the debt to prove it. I also have revolving debt to prove it. The revolving debt costs me nearly $700 a month on top of my credit card bill. I have three small children. My husband works 40+ hours a week and i work 12- 18 hours days as well. I hope the jerks at Prosper and David Bach as well can sleep at night, on their nice beds in their nice homes they bought using Other Peoples Money, or MY MONEY! I did learn a valuable lesson though. Using OPM is no way to earn an income. It is hurtful and harmful. I would rather be poor the rest of my life than make other people struggle the way i do in order to have the things i want or need. This program is a disgrace to our nation yet somehow represents what it is coming to. Sad.

  • Jl
      19th of Jun, 2010
    0 Votes

    I am still in the Prosper program, not by choice though. When they got me to sign up for their coaching program the person I talked to (Cody Sprecken) assured me, when I told him that there was no way that I could pay the bills on this debt, that within two or three weeks I would easily be making enough money to more than cover it. I also asked him specifically if there was anything else that I needed to pay for to get a website up, and running ( including product). He said no that everything that I would need was included, I didn't find out until much later from my coach that nothing was paid for except the coaching, and the use of their learning center, I called their student care number, and filed a complaint. Two or three days later I got an email from one of their employees saying that they were sorry for the delay but the tapes from my initial call were very lengthy, and it would take a while to review them, another couple of days passed, and they called me all happy to tell me that they had decided to give me a $2, 000 refund. I said that I guess it was better than nothing, but not even enough, that their coaching wasn't worth $10, 000 dollars. He told me that the conversations that I had with them initially had either not been recorded or had been deleted. I thought that was convenient, since they just spent several days reviewing them. I've tried to get them to refund more of my money, telling them to even keep half of it, and Ill just quit the program. I thought that was a pretty good offer for one months work, but they were total [censor] about it. They know my situation, I've sold everything that I can sell just to pay the bills that this created, I am going to be in big financial trouble in another month, and yes I should have known better, but this kind of thing should not be allowed to happen. How this company got a good ranking with the BBB I'll never know. I've done everything they've asked me to, and I have worked my tail off with absolutely no results. I don't know what I'm going to do, but I do know this, DON'T BELIEVE A WORD PROSPER TELLS YOU!

  • Be
      3rd of Aug, 2010
    0 Votes

    As you all can see, this company needs to be stopped, and right now! I signed up for their program in 2005, after repeatedly asking them if they understood my type of business. You all know the answers they gave me, it was a resounding yes, and that they would help me accomplish all sorts of things. My coaching began with a very nice young man that absolutely would not listen to my telling him that he was not helping me, that he did not understand my type of business, and that I wanted the promised refund of $8000. I'm afraid he had been sold a bill of goods, just like all of us. Finally, I just gave up and quit working with them, since what they were teaching was a total waste of time. Now comes the interesting part. After a couple of years I began getting collection calls from Monterey Collections, telling me I still owed $300. I politely told them they were not getting it, that Prosper owed e $8000. Finally they had someone from Prosper call me. I explained to him that not only was I not going to pay them anything more, I still wanted the promised refund. He told me he would contact Monterey and have the charges cleared. I have now begun receiving collection calls from Monterey again, after two years. I explained the whole thing to them all over again. They suggested that I begin calling Prosper every day until they do something about it, but in the meantime they are reporting me to the credit bureaus. This is a scam circus, and Prosper's name needs to be rubbed in the mud, not just once, but often. Add to that the "names" that put their reputations behind this thing. Let's let people know just who and what this bunch of scam artists are all about! Simply put, they appear to be a bunch of crooks. Mr. Abraham was the one that touted their program to me. He is reputed to be a real genius for helping businesses, but now we all know that is just another story.

  • Da
      13th of Aug, 2010
    +2 Votes

    Thanks to Dean!

    Our daughter got her money back from these yanks!

  • Pr
      17th of Sep, 2010
    +1 Votes

    Prosper Learning, is just a bad coaching company! I know because I coached there in the Real Estate dept. Prosper Inc. does not treat their Real Estate Coaches or Internet coaches any better than they treat the coaching students that come through their program. When they are in a pinch they SEARCH for any possible reason to fire an employee and terminate them instead of laying them off. All to avoid unemployment.
    In fairness to the other coaches, most of them do the very best they can to help their coaching students succeed.
    Sadly reading all of these posts only brings back the pain. I loved working at Prosper Inc. at first. When I first started working at Prosper they had the students best interest in mind and I really believe that. The Real Estate and Internet Coaching departments had a high moral. After the sale dept started selling pipe dreams and offering promises we could no way deliver on the moral went down quickly.
    Over the two years that I worked there things went down hill quickly. Prosper Learning "tuitions" went up dramatically and they started offering the HSBC financing. This is a great for the students right? Prosper coaches you while you have no payments for tuition. You build a site or sell a Real Estate deal and then use that to pay off the debt. I worked very hard for my students and I maybe saw 5% of them make their money back. I think that I had less than a handful of students make their money back in the first 6 months.
    I am really glad to see that some of you got your money back from Prosper. I had some students that I went to bat for a refund and they were not as lucky. One of them even had a mental handicap and Prosper Learning did not give him his $7500.00 back.
    People this is the norm with the coaching industry. There are very few companies that are worth the "investment".
    Luckily, I am no longer in coaching.

    For you fans of Shade Clothing, don't buy it and don't wear it even if it is a gift. One of the owners of Prosper also benefits from the sales of Shade. Shade is owned and operated by the taller of the two owners wifes.

  • Iw
      26th of Sep, 2010
    0 Votes

    Seriously criminal tacitions with no morals! I was conned too, similar to you poor folks.
    let the law come down on them. What a pack of scam artists! They sell fools gold.

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