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N
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OP: February 04, 2013, 12:00:00 AM
Is there something about this bank withdrawal system I don't understand?

Guy has a $.70 monthly payment (or $791/mo. in normal people talk)

His payment apparently failed, but yet a "$.02 Partial Payment" is posted to his account.  No payment plan.

What do they do?  Do they keep hitting the account, reducing the amount each time til they found a balance and sucked the guys last $22 out of his account?

I've noticed that quite a bit.  There is no borrowers contact note shown below the summary.  So I don't think they spoke to the borrower.  And even so, I don't think a borrower is going to say "Yea, I know I owe you $791.  I don't got it, but I'll tell you what.  There's about $22 bucks in my account if you feel that will help.  Go ahead and grab that and I'll catch up with you next month."

How does this partial payment thing really work?
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r
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  • Posts: 568
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#1: February 04, 2013, 12:00:00 AM
I think it involves a magic 8-Ball and some physics.
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t
  • Posts: 28
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#2: February 05, 2013, 12:00:00 AM
The way this USUALLY works is that they hit it once. If it's not a complete payment, it is treated as a missed payment.
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y
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#3: February 05, 2013, 12:00:00 AM
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D
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#4: February 05, 2013, 12:00:00 AM
You guys all appear to have a rather heartwarming belief/trust in the accuracy, timeliness,  comprehensiveness, consistency, veracity (& a few other words I can't think of right now) of the "collections log". It's quite charming really (if not a bit frightening as well) that you're able to draw such comfort from a few notations.  :)

No, no, no,...........I'm not suggesting that it is all bs. I'm suggesting that I've been doing this long enough (& have lived long enough) to recognize the purpose of the collection log. Whether everything there is up to date, accurate, complete etc.,................is actually a bit secondary to the "belief" that it actually is, as you guys have demonstrated.  :)

Ok, go ahead, let me have the criticism!
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T
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#5: February 05, 2013, 12:00:00 AM
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T
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#6: February 05, 2013, 12:00:00 AM
Ok, rawraw, not you of course. You are the epitome of realism, logic & an inspiration to us all.  :)
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T
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#7: February 05, 2013, 12:00:00 AM
Off topic but................I'd like to conduct a poll to find out which among the many canned sentences in the "collection log" are the ones that provide the most comfort to investors. Is it the "borrower promised to pay", or "borrower contacted LC"?
Because I'm fairly certain it can't be the "contacted borrower's co-worker", email bounced or the "skip trace" ones.  :)
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T
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#8: February 05, 2013, 12:00:00 AM
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K
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#9: February 06, 2013, 12:00:00 AM
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T
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#10: February 06, 2013, 12:00:00 AM
Keltset.........Now you've done it!  Did you have to be so honest? You're removed the comfort blanket from a bunch of transparency believers. What, you spoke the truth? Come on buddy, what were you thinking? This is America.........No one wants to hear the truth!  :)  Just look at who we just re-elected?  :)

Ok, well I just want everyone here to know that I'm not the one responsible when people start jumping off of bridges, or offing themselves. I was perfectly content just making jokes about the log. (I had plenty of material to last me months.)  It was Keltset, who without warning, suddenly decided to launch 2 torpedoes into the ship named "LC Collection Log" & send it limping back to port.  :) 
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T
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#11: February 06, 2013, 12:00:00 AM
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T
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#12: February 06, 2013, 12:00:00 AM
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T
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#13: February 06, 2013, 12:00:00 AM
I have to agree with Keltset on this.  Those log notations are so vague and haphazard.

"Customer contacted Lending Club".  Okay, so does mean the customer called to confirm they are aware they are behind?  Does it mean that they made a promise to pay?  It could mean they called to tell LC they got laid off and can't pay.  It could mean they called and told LC they WON'T pay. 

As interesting as the log might be, none of this still answers the original question of this post.

How do they come up with these 2-cent partial payments?
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T
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#14: February 06, 2013, 12:00:00 AM
New Jersey Guy..........Obviously I can't be sure without seeing the loan & I've hesitated to answer the question because I've been trying to figure out why no one else has answered it yet.............when there are at least 2 very obvious (at least to me) possible answers.

And though I can certainly appreciate the humor, you could probably help things along a bit by not referring to them as "2 cent partial payments"...............because that's not really what they are & perhaps people are taking you literally?
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