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Messages - kib

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Investors - LC / Folio ending August 28th.
« on: August 07, 2020, 11:00:00 PM »
Ok.  My husband and I have an agreed on phrase for the moments when things go so toes-up you could laugh or cry or kill each other.  Now Is The Time For Laughing.  so .... ha ha ha.  Seriously, every time I think this investment can't be more of a disaster they find some new way to make it worse for the good hearted people funding this fiasco.  This is the last straw.  You win, whoever you are, take my notes, please, just get me out of this mess.  Of course since for whatever reason hardship notes can't be sold, even at a deep discount, and by the time they're no longer hardship notes the 2ndary market will be shut down, I'll be holding one of these mf'ers for another 19 months, just a cozy little placeholder to reinforce my fond memories and probably trigger another $100 in IRA fees ... thank you so much, LC.

... On the bright side, since I've spent about 15 minutes a day for the past 3 years monitoring notes so I don't get stuck with trash, there's absolutely no reason to keep checking in on the portfolio, as there's now nothing to do with a clunker but watch it go down in flames.   ::)
Investors - LC / What is the lifecycle of a "hardship" loan?
« on: June 17, 2020, 11:00:00 PM »
I disagree.  While the hardship status should definitely have been clearly defined and marked for buyers, there's no reason I should have to hold these notes indefinitely if someone else wants to buy them.  I realize the discount would need to be significant, but I've been discounting notes to get out of LC for what seems like years, and now that dangling carrot just moved back a few more months.
Investors - LC / Hardship loans an even bigger PITA than I thought?
« on: June 11, 2020, 11:00:00 PM »
As I'm sure you know by now, they're now not allowing us to sell our hardship notes at all.  So no matter what kind of incentive we'd be willing to offer to get out of this fresh hell, we're stuck holding the bag on these.  And they're offering an incentive for the purchase of new notes, so selling anything at all requires a bigger discount than ever.  Oh, and has anyone else been unable to transfer "available" money out of their account this week?  Thanks again, LC, always looking out for your clients wallets.   >:(
@jctraugott, I absolutely agree with this.  I haven't been in from the beginning, but I've seen many of the things you mention and yes, this one is the straw that's breaking the camel's back.  I've gone from feeling like part of the team, to feeling ignored but functional, to this "talk to the hand" business.  The risk of non-liquidity was always clear, but there was no stated risk that I suddenly wouldn't be able to reasonably manage my money OR get it back.  This is like they locked the door to participation with all my money on the other side and they won't even acknowledge it.  "You want out?  Sure, just go to this secondary site and put your notes up at a 20% loss and we'll take the profit from that, thanks for the donation." 
Investors - LC / So Done.
« on: October 20, 2019, 11:00:00 PM »
This started as a way to eliminate the middleman but that big fat f*** is now the only one benefiting from Lending Club.  Social benefit is gone, help for small time borrowers is gone, profit to small lenders taking the biggest risk is gone.  Get OUT!!  And if you never got in, for heaven's sake don't even think about it.

Are there actually any small investors left here?  I just can't wait to be out of this suck hole of an investment.  What I've observed and it's gotten worse in the last few months:

I'm not even going to talk about the legality of putting people in a position where they can't actually buy new notes and are forced into this lame secondary market where a return of 4% is a small miracle.  Can't really participate and can't leave.   WTF and thank St. Peter I don't live in Ohio, where apparently all holders of IRAs are forced to look at their cash build up at 0% with no decent option to either invest or remove it without a fee that eats up whatever little profit they managed to eke out.  And what's with the total opacity about this?  Temporary.  Working on it.  No explanation of what the problem is and how they're trying to solve it, which basically is like an "out of order sign" that's got a layer of dust on it:  we have no intention of addressing this issue.

While I'm visiting with this particular pos, did most of you get that $25 gift card and an explanation?  I have a regular and an ira with LC and I have combed my emails from both.  No one said Boo to me, I discovered this lovely surprise fail by trying to use my phone app and finding out it didn't work, and certainly no $25 apology.

Bot activity seems way up.  Even a marginally decent note, not to mention some lovely outlier I happen to see like a comet flashing by, stands no chance of being available by the time I can try to buy it, even if I go in blind without opening it first and hope for the best.  Oh look, a note at sev ... never mind.   

I'm putting notes up for sale and they just disappear into the ozone.  My friend looks to see if they're available under her own account with every search criteria imaginable and no, they're just Gone.  Sometimes she can see other pieces of the same loan, but not mine.  This seems especially prevalent with problem notes.  I try to sell something that's 16 days late at a big discount and it just never comes up on the floor at all, I wind up holding it for months until it dies in my hands.

Big is apparently tightening its bot criteria.  Even a measly 4% return on a high quality note is often too much to ask, they're all gone.  All.  Even the ones with hidden issues.

Stupid timing seems to keep some bad notes in my portfolio forever.  I've got a sale pending and all of a sudden it's cancelled because some collector has tried to run a bank payment after the client has just said they can't pay.  Over and over.

There seems to be no continuity.  Some debtors are hounded multiple times a day about a note that's 6 days late and others, it's like 'where the hell did That come from' because I haven't seen word one about it being late until suddenly it's showing up a month later, with basically no collection attempts.

My other beefs that haven't changed over time:  Why isn't there an easy way to see the remaining duration of notes in my portfolio without either opening them one at a time or messing around with a Folio hack.  Someone else said it, the information that's given is mostly unimportant and useless and what you want to know is buried and needs pliers to get at.

Why is there no ability to archive notes that have been sold years ago.  If I use the portfolio sort function, there's then no way to get an overall picture of all the notes I actually own in the present, "all" includes utterly misleading and useless information from notes owned back to 2015.  I might, theoretically, want to wax nostalgic about 14,000 notes I'll never need data on again.  In the mean time, could you please get them the %^&* out of my way?

Summary:  Let's just hit the refrain again:  This started as a way to eliminate the middleman but that big fat f*** is now the only one benefiting from Lending Club.  Social benefit is gone, profits to small lenders taking the biggest risk is gone.  Get OUT!!  And if you never got in, for heaven's sake don't even think about it.

Investors - LC / Trying to track bad notes
« on: September 11, 2018, 11:00:00 PM »
So anyone else having the issue that notes 31+ days bad suddenly show up without warning?  Yesterday I wrote down everything that was 31+ in my portfolio, as well as everything 16-30.  Today I check it and there are two new notes in 31+ that never showed under either filter before.  So I basically had no opportunity to sell these notes while they were still just marginally awful and someone might have picked them up at a 20% discount, and now I'm stuck with them til they die.  Thank you, lending club.
Investors - LC / New Platform, Part 2
« on: July 09, 2018, 11:00:00 PM »
Ok, so apparently enough people complained about the new platform with the pie chart and so on that they rolled the interface back to the old version. Thank you, Admin!!!  Not sure if this is going to be a "try, try again" situation or if they just gave up, but IF they're going to roll out something else, what would you WANT to see in a new interface?

I did like being able to see loan and note ID on one screen, that was a nice improvement.

I want to manage my portfolios by seeing the note, the portfolio it's currently in (including no portfolio at all), and have the ability to assign or reassign that note to a different portfolio, on the same screen. (Like we do now). 

My number one feature that's currently missing would be the ability to see the projected maturity date of my notes - or at least the remaining number of payments - without having to open each one individually, and have the ability to sort them by maturity date.
Investors - LC / New Platform
« on: December 31, 1969, 07:00:00 PM »
Looks like they rolled this back to the old interface?  If so, was it because of our incessant bitter complaints?  Maybe other "changes" are in the works.   :P   Keep it coming!!
Investors - LC / New Platform
« on: December 31, 1969, 07:00:00 PM »
I called again this morning as my unassigned notes are starting to pile up and it's basically impossible to find them using the details screen.  Rep directed me to portfolio screen which states in tiny font that I have 13 unassigned notes.  The 13 is blue, so I'm supposed to know to click on that to bring them up.  Ah, of course. I can see why this is in eight point type hidden on the second page because this is so much less important than


Seriously, if anyone's listening, pie charts are for selling things and broad overviews.  Useless for real time feedback or precise management.

13, when I clicked on it, sent me back to the useless details screen listing all 1000+ notes.  oops.

After putting me on hold for a few minutes, rep came back with the word: there's a bug and they're working on fixing it.  Really?   How fascinating!  Are they really working on it, or are they just trying to find a way to insert a sparkly heart and a smiley face in my chargeoff screen? (Must say rep was awesome and apparently just as unhappy with the new layout as the customers.)

While I'm at it, if they're redecorating the entire ballroom, why not put note portfolio assignment functions on the PORTFOLIO PAGE instead of the note listing page?

 I didn't inquire about any of the other problems as I don't use those features, but I'm guessing there's a bug they're working on to fix those too.  Or maybe, I've just spent more time and effort creating this post than anyone's directed toward making a viable website.

Investors - LC / New Platform
« on: June 27, 2018, 11:00:00 PM »
Oh holy f***.  Let me guess.  Some 22 year old genius who has never owned nor managed an LC lender account has created our wonderful new platform that makes it basically impossible to customize and manage portfolios.  Thank you so much, Lending Club.  Like this investment didn't suck enough.
"The yuppies flipped houses to poor folks.  The banks waved both in with a grin.  The government insured all the papers.  The taxpayers got robbed, again!"  +1.  It doesn't really matter if it was flippers or po folk.  Markets created a demand for mortgage loans because they were seen as so safe.  Banks filled the demand with crap loans to everyone on earth.  And then it all fell apart, what a surprise.
Foliofn - LC / I just made a $4500 donation to the Folio community
« on: October 15, 2017, 11:00:00 PM »

sorry for your loss.  How do you filter notes in your portfolio by credit rating?  I place great stock in fico scores, and I'm pretty tired of having to open each and every single note to see anything but the meaningless arrow.
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