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Messages - rj22

#1
Investors - LC / LendingClub Notes Repurchase
November 18, 2022, 06:34:13 PM
Aha! Finally got data off my statements. They didn't re-purchase anything from me. My account has been accumulating $3-4/m in "recoveries" from my charged off loans. I still "own" my charged off loans, they didn't buy them from me.

This is something LC has always gotten wrong: they value charged-off loans as $0, but they are not worth $0, there is an income stream from them.

So I guess they think they can just steal my charged-off loans? I don't have any normal loans left - before it closed I had sold off everything in the 2ndary market that wasn't expiring within a year, and then just ran down the account. However I still have those charged off since you can't sell them.

Well, I guess they're probably stealing about $50 from me. Not nothing. Not worth fighting with a brick wall either.
#2
Investors - LC / LendingClub Notes Repurchase
November 18, 2022, 06:28:58 PM
I am here... bi-yearly  ;)

I got the email about the notes repurchase, which I ignored, and then got an email from Alto saying I needed to transfer funds, so I went and finally logged into my LC account. I saw a whopping $16 there. Tried to see some kind of transaction history, where it came from, what they bought - nada.

But I transferred the $16 out. Later on I'll deal with what to do with the Alto account, right now it just has the cash sitting there, which given the way the markets have been going laterly.. probably not a bad thing.
#3
We don't know each other, but we've had a good ride together! Back in May of 2018 your finances weren't in great shape, that ~660 credit score implies you were having a bit of a rough time, and you needed to refinance your credit cards. I know that $411.19 monthly payment wasn't always easy, there were a couple of times you only made a partial payment, and you had to defer your payments through COVID--but you made it! You always caught back up on your payments, and today, Nov 5th, 2021, you have finally paid off your loan. Great job! I see things are turning around for you, with that credit score now closing on 720. You must be feeling pretty good right now, and you deserve to feel good--congratulations on getting your financial affairs back in order!

I was one of the 363 people who invested in you back then, through the Lending Club platform. It was new to me in those days, and I was excited about the prospect of being able to get involved in lending directly to folks like you, through peer to peer lending. Alas, it didn't work out as well as I had hoped, Lending Club eventually terminated the peer to peer lending system, and I am exiting the platform.

In fact, yours was the very last loan I still had outstanding on the platform, and today I got the 44 cents that was my share of your final payment, and the last loan payment I will receive. I am sure you were glad to make that final payment, and I am glad to receive it!

As of today, we're both done with Lending Club. Thanks for being a great borrower! So sad we won't be able to do this again.
#4
Investors - LC / AltoIRA == Bozos
November 04, 2021, 08:55:34 PM
Yay! I am relieved you got your money, as I am following along myself pretty soon.

I am seeing recovered loans paying a few bucks a month. Look in your "activity" on LC and you can see what you're getting--more than I expected in my case though it's dwindled significantly in the last few months. Dunno what happens if you keep it there - would you be able to earn enough to get it out without incurring fees greater than the income?
#5
Investors - LC / AltoIRA == Bozos
October 19, 2021, 01:16:01 PM
The last of my loans will pay off this month. I will then be starting this process, sounds like a huge PITA. Please let us know when you actually get your money!

What you have posted is concerning.
#6
Investors - LC / The wind-down
October 02, 2021, 04:20:12 AM
My account is now over 99% cash, with only a few trivial holdings left, but I have not yet transferred my IRA out because LC's recoveries continue to throw off more cash than I would earn by moving my IRA balance to a high interest savings account. So I am treating it as a cash balance.

Probably that'll change soon.
#7
Investors - LC / The wind-down
August 04, 2021, 12:52:06 PM
I am down to $20 in outstanding principal across six notes that represent three underlying loans (bought the same loan multiple times on folio). Still getting a couple bucks a month from them, and a couple bucks a month from recoveries.

Gonna have to decide at what point just to call it quits and lose what's left on the table. It's in an IRA, there are fees to transfer out, so those last few loans are blocking me from getting the rest of the accrued cash out. I have a chunk of cash un-invested and losing out on other opportunities.

Presumably the point to transfer is when the lost interest from a high interest savings account exceeds the ongoing payments from loans and recoveries. Depending on how recoveries are doing, that  point may come in two months when most of the remaining loans will be paid off, and it'll just be one loan plus recoveries.
#8
Investors - LC / The wind-down
July 04, 2021, 01:51:52 AM
I am down to under 15 notes but it'll be a year before those play out, and I'm still seeing recoveries.

As for the return, I ended up with about 5% overall. Not enough in my opinion. It was an interesting experience though. But given how hard (impossible) it is to liquidate a lending club portfolio the return ought to have been more -- if I had held a bond portfolio instead I could have liquidated it very quickly by selling to someone else But with LC you're really locked in for years.
#9
Investors - LC / AltoIRA transfer
June 20, 2021, 06:09:25 PM
My LC notes transferred to my Alto account within days, the cash sitting in my Strata account took weeks, but eventually it came across.

I need to see what happened - June is my anniversary month. I have a sneaking feeling that Strata held back the transfer just long enough to charge me an annual fee, but I haven't seen a statement yet.