Title: Deadbeats
Post by: solongtj on January 11, 2017, 11:00:00 PM
Post by: solongtj on January 11, 2017, 11:00:00 PM
Why so many deadbeats out there who take out 25k loans and then don't make one payment and then file for bankruptcy. It's complete bull! Should be a crime and they shouldn't be able to get bankruptcy protection... especially so soon after taking that much cash out on a loan.
Title: Deadbeats
Post by: .Ryan. on January 11, 2017, 11:00:00 PM
Post by: .Ryan. on January 11, 2017, 11:00:00 PM
These rare, but increasing, deadbeat loans with 0 repayment will quickly devastate any positive returns on a portfolio. I've noticed a spike in them in my 2016 originations, and they are a significant reason why the returns for the year were lackluster.
Without explicitly admitting this was a problem, both LC & P have talked about new measures to tighten standards (and even share some information re: new loan applications) in order to stem the rise of these instances of, well, fraud.
Now, when I start ryansp2ploans.com, it will be just like LC, but just before Charge Off occurs, I will release the name/address/info of the borrower to the investors so that they can do their best to recover any remaining loan. Who's in??!?!!
Without explicitly admitting this was a problem, both LC & P have talked about new measures to tighten standards (and even share some information re: new loan applications) in order to stem the rise of these instances of, well, fraud.
Now, when I start ryansp2ploans.com, it will be just like LC, but just before Charge Off occurs, I will release the name/address/info of the borrower to the investors so that they can do their best to recover any remaining loan. Who's in??!?!!
Title: Deadbeats
Post by: Debt Free on January 12, 2017, 11:00:00 PM
Post by: Debt Free on January 12, 2017, 11:00:00 PM
Partner up with my startup... GuidoCollections.com and I'm in.
Title: Deadbeats
Post by: SLCPaladin on January 12, 2017, 11:00:00 PM
Post by: SLCPaladin on January 12, 2017, 11:00:00 PM
There was a Chinese P2P lender that accepted naked selfies as loan collateral. If the borrower didn't pay, the pics got released. Probably not the best way to up the ante when it comes to lighting a fire under the borrower, but you've got to give them credit for creativity!
https://www.yahoo.com/news/naked-selfies-used-collateral-chinese-loans-111137036.html
https://www.yahoo.com/news/naked-selfies-used-collateral-chinese-loans-111137036.html
Title: Deadbeats
Post by: Fred93 on January 13, 2017, 11:00:00 PM
Post by: Fred93 on January 13, 2017, 11:00:00 PM
Title: Deadbeats
Post by: sean3.eth on January 15, 2017, 11:00:00 PM
Post by: sean3.eth on January 15, 2017, 11:00:00 PM
Title: Deadbeats
Post by: Paulie2083 on January 15, 2017, 11:00:00 PM
Post by: Paulie2083 on January 15, 2017, 11:00:00 PM
Title: Deadbeats
Post by: jennrod12 on January 16, 2017, 11:00:00 PM
Post by: jennrod12 on January 16, 2017, 11:00:00 PM
Paulie, I have had 7 of those out of 1140 loans. You are a better loan picker than I!
Jenn
Jenn
Title: Deadbeats
Post by: Rob L on January 16, 2017, 11:00:00 PM
Post by: Rob L on January 16, 2017, 11:00:00 PM
I've had 25 rollers of 9450 notes purchased (0.26%). By "Note Issue Date":
2013 -9- C2, D4, C5, F2, D5, E1, D4, E2, E1
2014 -4- C4, D2, C2, D1
2015 -8- D2, C2, E1, E1, D3, E1, D2, E4
2016 -4- E2, E3, E4, E2
Of these the F2 in 2013 was a $100 note (big mistake)! Lesson learned.
It was one of my first rollers. I know from memory all the details of that borrower. I can see them in my sleep.
My total investment was $1050, recoveries were $167, and estimated recovery charges $17.00.
Total loss was $900 = average $36 per note.
2013 -9- C2, D4, C5, F2, D5, E1, D4, E2, E1
2014 -4- C4, D2, C2, D1
2015 -8- D2, C2, E1, E1, D3, E1, D2, E4
2016 -4- E2, E3, E4, E2
Of these the F2 in 2013 was a $100 note (big mistake)! Lesson learned.
It was one of my first rollers. I know from memory all the details of that borrower. I can see them in my sleep.
My total investment was $1050, recoveries were $167, and estimated recovery charges $17.00.
Total loss was $900 = average $36 per note.
Title: Deadbeats
Post by: TravelingPennies on January 16, 2017, 11:00:00 PM
Post by: TravelingPennies on January 16, 2017, 11:00:00 PM
Title: Deadbeats
Post by: TravelingPennies on January 16, 2017, 11:00:00 PM
Post by: TravelingPennies on January 16, 2017, 11:00:00 PM
Title: Deadbeats
Post by: TravelingPennies on January 17, 2017, 11:00:00 PM
Post by: TravelingPennies on January 17, 2017, 11:00:00 PM
Title: Deadbeats
Post by: bkcarolina on January 18, 2017, 11:00:00 PM
Post by: bkcarolina on January 18, 2017, 11:00:00 PM
Title: Deadbeats
Post by: cfb on February 21, 2017, 11:00:00 PM
Post by: cfb on February 21, 2017, 11:00:00 PM
I've actually had quite a flurry of those, 0-4 payments and then bankruptcy and it was across all credit grades.
It was funny, I said the word 'deadbeats' in an email to lending club (this was maybe 3.5-4 years ago) and the guy totally flipped out, insisting that I not call them that because LC doesn't pass through any "deadbeats".
It was funny, I said the word 'deadbeats' in an email to lending club (this was maybe 3.5-4 years ago) and the guy totally flipped out, insisting that I not call them that because LC doesn't pass through any "deadbeats".
Title: Deadbeats
Post by: mrwhizzard on February 23, 2017, 11:00:00 PM
Post by: mrwhizzard on February 23, 2017, 11:00:00 PM
At Lending Club, I have had 2 notes charge-off with $0 payment (out of 371 notes with 41 charge-offs), and another 2 with only a single payment before charge-off.
My Prosper account has had 1 charge-off with $0 payment (out of 511 notes, with 28 charge-offs).
My Prosper account has had 1 charge-off with $0 payment (out of 511 notes, with 28 charge-offs).
Title: Deadbeats
Post by: Edward Reid on February 28, 2017, 11:00:00 PM
Post by: Edward Reid on February 28, 2017, 11:00:00 PM
389 notes, various ages 0 to 33 months. 23 charge-offs. The worst of them made 3 payments. I am 94% grade C.
I tightened my selection criteria about three months after I started. 60% of my notes are from after then, but only one of the charge-offs is from after then.
Edward
I tightened my selection criteria about three months after I started. 60% of my notes are from after then, but only one of the charge-offs is from after then.
Edward
Title: Deadbeats
Post by: TravelingPennies on February 28, 2017, 11:00:00 PM
Post by: TravelingPennies on February 28, 2017, 11:00:00 PM