P2P Lending / NFT Lending Forum

https://forum.lendacademy.com/index.php?topic=4777.msg42721#msg88888888Quote"> from: yojoakak on December 29, 2017, 04:37:48 PM

My charge offs are currently higher than my interest earned YTD -- but that's because I've been selling off performing notes to exit the LC market.

LC doesn't even respond to simple bug fixes, like the attached screenshot of my e-mail account on a weekly basis when all my Folio notes get de-listed -- though 200+ notes are done in a single transaction, they insist on blowing up my e-mail account and phone with a random smattering of 40+ emails over 10 minutes.  Complained about this issue in March and several other times -- they claimed they would address it, but that was last March.

In the last 4 years, I've averaged 7.3 percent return -- ultimately decided there is really not a market exposure/diversification benefit to this and its not worth the hassle.

I also was starting to feel this way after working through my taxes a few weeks ago.  I am in the 15% bracket, so capital gains/losses do nothing for my tax situation, since they are at 0%.  So I am getting hit with taxes on full interest without any adjustment for losses.  My self calculated return has been just over 10%, but factoring in taxes on full OID makes me believe my after tax return is closer to 5.5%.  While this isn't terrible, I'm thinking it may not be work the added time compared to some mutual funds out there, especially given that my target interest rate on loans is around 18%.

I recently decided to stop new contributions (account just over 11K), and am thinking I will let this be the extent of my play money to see how this stuff pans out.  And just in case anyone is wondering about my lower income bracket, LC is less than 10% of my total savings portfolio. 

https://forum.lendacademy.com/index.php?topic=2299.msg19794#msg88888888Quote"> from: PeerSocialLending on May 12, 2014, 01:26:10 PM

https://forum.lendacademy.com/index.php?topic=1942.msg16168#msg88888888Quote"> from: yojoakak on January 08, 2014, 08:50:09 PM

nonprofit social services

So, in reviewing my personal statements, now that they have sent the corrections, here's what I have:

From year-end statement, $140.37 interest, plus $0.14 late fees, minus $14.54 service fees equals$125.97.  My corrected OID shows $125.98, which seems like only a difference in rounding.  So, it appears the OID factors in service fees, though they are not listed on the OID Box 7.  This makes sense, in that LC never delivers me a the service fee, as it is in essence removed from the received payment.

My 1099 is reporting $3.15 in short/long recoveries.  It makes sense that the cost basis is zero, since I would have charged these off as bad debt.

So then I'm doing another 1099-B write-off from my year end statement of charge-offs.  I'm simply putting this into my tax filing as a 1099-B that was not reported to the IRS.

It'd be nice if LC would issue a 1099-B for charge-offs, but overall, this wasn't as bad as I thought.

Yikes... mine's a measly 5 pages.

So, I see box 7 is empty... does that mean LC has not including their servicing fees in the calculation?

I remember seeing someone's analysis of word counts/word associations, and I have also become more skeptical of of people who are overly descriptive about their desired habits.