Any way to consolidate multiple LC taxable accounts?

[Joe6Luck]

I decided to completely wind down my LC accounts after hearing the news of Folio closure. However, it will be a lengthy ~5-year process, because I have tens of newly released 60-month notes in the hardship program.

So, I am thinking about at least making the annual tax reporting easier, by consolidating multiple LC taxable accounts into a single one. I called LC's customer service and an agent said there would be no way to consolidate either taxable or IRA accounts (even no way to convert funds in a IRA account to a LC taxable account, which is not correct per https://forum.lendacademy.com/index.php/topic,21690.msg62036.html#msg62036" class="bbc_link" target="_blank">https://forum.lendacademy.com/index.php/topic,21690.msg62036.html#msg62036). It looks that the agent is not very experienced.

Does anyone have experience to consolidate multiple LC taxable accounts? I would like to get some inputs in the forum here before calling LC agents again.

[Debt Free]

As long as account ownership is the same, yes you can.  I liquidated my SEP IRA last year and the only thing left in it were charged off loans that *occasionally*  post recoveries.  Being that I owned a taxable account as well, all I had to do was fill out a form "relinquishing" the charged off notes to the taxable account.  The charged off notes were placed into a separate portfolio named by LC.

I'm in the process of doing the same with my wife's Traditional IRA.  I only had to add her name to my taxable account to accomplish it (changing it from an individual account to a joint).  Unless somehow it involved Folio, I don't see any issues with it.  When I did the first conversion, there were no Folio fees involved.

[sensij]

https://forum.lendacademy.com/index.php?topic=21694.msg62047#msg88888888Quote"> from: Debt Free on August 16, 2020, 10:12:05 PM

[TravelingPennies]

An IRA IS an individual account.  All of her active notes, I was able to sell leaving only charged off notes.  All of the cash was transferred to another brokerage.  The only thing left in the account were all her charge offs which do occasionally pay recoveries.  The options were either to surrender the charge offs to LC and be done with the account, or to transfer / convert them over to my individual taxable account.  Fairly easy.  I just had to add her to the individual account, thus making it a joint account, and then transfer the charge offs from her IRA.  When they do that, they create a new "portfolio" folder and dump them into that.  Subsequently, the IRA is then closed.  Then whatever recoveries come in, they credit to the taxable account.

*  Disclosure:  I am not a tax attorney, consult a professional tax advisor.