Title: LC accounting problems
Post by: Fred93 on April 22, 2014, 11:00:00 PM
Post by: Fred93 on April 22, 2014, 11:00:00 PM
I sent the following message to LC this morning...
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Title: LC accounting problems
Post by: core on April 22, 2014, 11:00:00 PM
Post by: core on April 22, 2014, 11:00:00 PM
Very interesting. Please let us know when you hear back from them. Usually the official response is "It's too complicated, just trust us" or "Small errors accumulate over time, but on Judgement Day corrections will be applied which will reconcile everything".
Between this and the other thread, you're just about at that point where people mysteriously disappear after finding out too much. Do be careful. If you see a bunch of Frenchies wearing black hats, run for it.
Me, I see nothing wrong with my statements. Nothing at all.
Between this and the other thread, you're just about at that point where people mysteriously disappear after finding out too much. Do be careful. If you see a bunch of Frenchies wearing black hats, run for it.
Me, I see nothing wrong with my statements. Nothing at all.
Title: LC accounting problems
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Title: LC accounting problems
Post by: joshmer on April 22, 2014, 11:00:00 PM
Post by: joshmer on April 22, 2014, 11:00:00 PM
The differences between amount lent and principal invested looks to be their account for the origination fee on the loan to the borrow. Although 2.2% for the last two loans is lower than their standard fee, maybe it was during a promotional period? I don't know how to explain the 3 different numbers listed on the first loan.
Title: LC accounting problems
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
They got back to me this morning. The answer is...
These are notes I bought on folio. I had forgotten that I ever bought notes on folio, but apparently I did, several years ago.
For loan ID 36784, the web shows $800 'cause that's the original amount loaned in this note. My statement says Principal Invested $781.22 because that's the par value of the note at the time I bought it. (some principal had been repaid) Finally, the notes.csv file says Amount Lent $756.55 because that's the amount I paid for the note on folio. This explains why the three numbers are different.
Would be nice if there was a data dictionary for the notes.csv file that said what the fields were supposed to mean.
So when calculating from a notes.csv file, I guess you shouldn't be surprised if it appears someone paid you back more than you lent, because the "amount lent" numbers there aren't actually what you lent.
These are notes I bought on folio. I had forgotten that I ever bought notes on folio, but apparently I did, several years ago.
For loan ID 36784, the web shows $800 'cause that's the original amount loaned in this note. My statement says Principal Invested $781.22 because that's the par value of the note at the time I bought it. (some principal had been repaid) Finally, the notes.csv file says Amount Lent $756.55 because that's the amount I paid for the note on folio. This explains why the three numbers are different.
Would be nice if there was a data dictionary for the notes.csv file that said what the fields were supposed to mean.
So when calculating from a notes.csv file, I guess you shouldn't be surprised if it appears someone paid you back more than you lent, because the "amount lent" numbers there aren't actually what you lent.
Title: LC accounting problems
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Title: LC accounting problems
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Post by: TravelingPennies on April 22, 2014, 11:00:00 PM
Title: LC accounting problems
Post by: rawraw on April 22, 2014, 11:00:00 PM
Post by: rawraw on April 22, 2014, 11:00:00 PM
If you were around for Prosper forums, then you've been around a while. They didn't exist for much longer after I started investing in LC.
Title: LC accounting problems
Post by: Bohb Daishi on April 23, 2014, 11:00:00 PM
Post by: Bohb Daishi on April 23, 2014, 11:00:00 PM
Title: LC accounting problems
Post by: TravelingPennies on April 23, 2014, 11:00:00 PM
Post by: TravelingPennies on April 23, 2014, 11:00:00 PM