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Messages - PennySaved

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Interest Radar / What features do you still use on IR?
« on: August 25, 2018, 11:00:00 PM »
I am using the auto-sell as I am winding down both my taxable LC and Roth IRA LC account.  Mostly been selling in my Roth account.  May start to aggressively sell some in my taxable LC.
Interest Radar / Is Interest Radar still active
« on: December 31, 1969, 07:00:00 PM »
I just logged into IR today.  On the home page (don't need to log in to see it), they have a new message:


Lending Club has changed a lot in the last 5 years since Interest Radar launched, so it's time to create a new experience from the ground up. Stay tuned for the new Interest Radar 2.0 coming soon!

August 23, 2018

This is good to know.   I want my recovery monies!
General Lending Club Discussion / Earth to Lending Academy Forum, Over?
« on: December 31, 1969, 07:00:00 PM »
I would be happy if went to $8 per share.  I still have the 175 shares of LC that I bought during the IPO at $15 a share.  Kept them even after others sold when the price went as high as $27 and they made a nice profit.  I was hoping the price would go up over recent times but it has been dismal.  I did not sell and take tax loss (at this point about $2000 loss) because I already had close to $3000 loss from LC chargeoffs for 2017 and I did not want to get into carryover losses on my taxes.  I think my LC chargeoff losses may be on track for 2018 to be about $1500, but who knows.  That's with me stopping re-investing mid 2016 and taking withdrawals.  I have gone from about $50K in notes and still have $5k notes left.

Hey, but I filled out papers for the claim on the class action suit, and may see some money back from that. Wondering when that will be paid.   Mostly, I am depressed about the stock loss but I knew it was a gamble when I bought the shares.  Luckily, LC limited the amount of shares it would see retail investors during the IPO.
General Lending Club Discussion / Invitation to Box account
« on: December 31, 1969, 07:00:00 PM »
I got email from Lending Club asking me to verify information on my account and an email to set up Box account to upload documents.  I missed the first notification because I don't log in to this email account associated with Lending Club as often as I should. The second notification had a deadline to respond or they would restrict access to my account.  So I got the Box account set up and loaded up the documents this weekend.  Will see what happens then.  I have been winding down my account since mid 2016 and still have $5,000 worth of notes left.  Here is the email they sent me:

Final reminder: Action required on your account.
Account ending in:   XXXXXXXXX

Hello LendingClub Investor,

We're reaching out with a final reminder regarding your account. As part of our ongoing effort to know our customers and fulfill our customer due diligence obligation, we periodically ask our customers to verify and update information regarding their accounts. Part of this effort includes collecting documents to verify information provided to us during account opening.

We take your privacy seriously, so we ask that you not send us any information requested below by email. Rather, we have established a secure portal for our customers to upload documents.

For your trust account, please submit the following:

A completed Trust Account Application packet
A copy of your ID
If the address on the photo ID does not match the application, a valid proof of address will be required (e.g. utility bill in your name)
A copy of an ID for all acting trustees
If the address on the photo ID does not match the application, a valid proof of address will be required (e.g. utility bill in the name of your co-trustee)
A completed W9 found in the Trust Account Application

You will receive an email today from LendingClub Investor Services inviting you to Box, our secure investor upload center. Please follow the link and create your Box account to quickly and securely upload your documents.
Once we review your documents, we'll email a confirmation to you, usually within 3-5 business days. We'll get in touch with you if we have any more questions or need additional information.

Thank you for your understanding. Please note, if we are unable to retrieve the necessary information to verify the account on file by Tuesday, August 28th, 2018, access to the account will be restricted. You will be unable to login, however, we will set you up on recurring withdrawals so that you receive any principal and interest payments that are made to your account. We will also set you up with monthly duplicate statements so that you have a record of your account activity.

If you have any questions about our request for additional information or if you would like to confirm the authenticity of the request, please feel free to contact us at the email address or phone number below.

Best regards,
We’re here to help
Call our Investor Services team at (888) 596-3159
Email us at
71 Stevenson St, Suite 1000, San Francisco, CA 94109
Investors - LC / LC Securities Litigation Class Action Settlement
« on: May 11, 2018, 11:00:00 PM »
I received in the mail today a Notice of Pendency and Proposed Settlement of Class Action for folks who purchased LC stock between December 10, 2014 through May 6, 2016.  I still have my 175 shares of LC stock purchased Dec 11, 2014 at $15 per share (now worth $3.32 per share).  Net recovery for class members is estimated to be $106.835 million.  So I am in the process of filling out the claim form which must be submitted no later than June 25, 2018.  I wondering if anyone else on the forum is making a claim and I had a few questions (below).

All the information I received in the mail about this proposed settlement can be found at
The claim form instructions at states:

If you purchased or otherwise acquired LendingClub Corporation (“LendingClub”) common stock and held the certificate(s) in your name, you are the beneficial purchaser or acquirer as well as the record purchaser or acquirer. If, however, you purchased or acquired LendingClub common stock and the certificate(s) were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial purchaser or acquirer, and the third party is the record purchaser or acquirer.

Use Part I of this form entitled “Claimant Identification” to identify each purchaser or acquirer of record (“nominee”), if different from the beneficial purchaser or acquirer of the LendingClub common stock that forms the basis of this claim. THIS CLAIM MUST BE FILED BY THE ACTUAL BENEFICIAL PURCHASER(S) OR ACQUIRER(S) OR THE LEGAL REPRESENTATIVE OF SUCH PURCHASER(S) OR ACQUIRER(S) OF THE LENDINGCLUB COMMON STOCK UPON WHICH THIS CLAIM IS BASED.

My shares were purchased through Fidelity Investments as the broker and remain in my Fidelity account so does that mean the certificates were registered in Fidelity’s name?  I assume I would be the “beneficial purchaser or acquirer” and that Fidelity would be the “record purchaser or acquirer.”  I am confused about where to put the name of the on the claim form (See page 3 of proof of claim and release of webpage above).  Below from the claim form are some of the fields I have questions about:

Last Name M.I. First Name (I would put my name here)

Check either IRA, Joint Tenancy, Employee, Individual, or Other (I would check individual, correct?)

Company Name (Beneficial Owner - If Claimant is not an Individual) or Custodian Name if an IRA (I would leave this blank, because I am the beneficial owner and I am an individual)

Trustee/Asset Manager/Nominee/Record Owner’s Name (If Different from Beneficial Owner Listed Above) (I would put Fidelity Investments here as record owner, correct?)

Account#/Fund# (Not Necessary for Individual Filers) (So do I include my Fidelity brokerage account number that shows my LC share information?  But it says not necessary for individual filers, and I am an individual filer, correct?  I have to submit with the claim form documentation showing my purchase of LC stock in December 2014 and my holdings as of May 6, 2016 and April 9, 2018 so I think it would be necessary/beneficial to show my account number)

My only documentation that I still had the stock as of April 9, 2018 is a copy of my online account balance-it does not show my name on the screen and only shows my partial account number.  The statements for this account are only issued quarterly and the next statement won’t be issued until June 30, 2018 and the claim must be submitted by June 25, 2018.  But my statements from December 31, 2014 and June 30, 2016 have my full account number, so I guess the claim reviewers can match up my online screen LC balance information to that account number.

I just want to make sure I don’t screw up something on submitting the claim form. According to page 15 of the Notice and Pendency and Proposed Settlement of Class Action (, I could get up to:

for shares retained at the end of April 9, 2018, the claim per share shall be $5.01 per share ($1.98 per share (25% of the decline from the $15.00 IPO price to the $7.10 May 6, 2016 closing price), plus $3.03 per share (the May 9, 2016 and May 10, 2016 market adjusted price declines)).
Investors - LC / Worst Month Yet
« on: October 14, 2017, 11:00:00 PM »
Interesting idea.  I have been liquidating both my regular and Roth IRA LendingClub accounts for a little over a year now.  I am now down to about $8,000 in the Roth IRA account.

I know there was a long thread some time ago about selling and buying between the regular and Roth IRA accounts.  I think the conclusion was it was not a good idea and  probably violated the self-dealing restrictions on IRAs.  But I remember that discussion being about theoretically selling regular LC notes at a loss in the regular account and taking the losses off your taxes.  One's LC IRA would buy them at the discount price and reap the profit (with no taxes if a Roth IRA) in the higher true value.  Which is not what you are suggesting, of course.

The other thing that bothers me about the IRA account is that I have some recovery money coming in from old chargeoffs.  Someone else said you can still close the IRA account to get out of paying fees, but you have to agree to forfeit future recoveries from charged off IRA Notes.  Probably not worth it to pay a $100 annual fee plus $50 fee if one wants to transfer the money to my Vanguard IRA.  My net recovery amount for Sept 2017 was about $10.
Investors - LC / Trolling Lawyers on Facebook
« on: October 13, 2017, 11:00:00 PM »
I went to American Validation's facebook page at

One of the post is about a lawsuit against LendingClub, see below.  Can't read the entire article with subscribing to Law360. Wonder what this lawsuit is about. 

LendingClub Investors Fight Class Cert. Objectors
By William Gorta

Law360, New York (October 6, 2017, 7:49 PM EDT) -- A proposed class of investors suing LendingClub Corp. over the alleged hiding of defective internal controls asked a California federal judge on Thursday to ignore a bid by objectors fighting certification of the class, saying the objectors are just trying to become the lead plaintiffs in the case.

The lead plaintiff in the federal suit — Water and Power Employees' Retirement, Disability and Death Plan of the City of Los Angeles — said the objectors, who are lead plaintiffs in a similar California state class action,...
Investors - LC / What amount does investors obtain after chagre-off?
« on: October 13, 2017, 11:00:00 PM »
What is the difference between recovery fee and collection fee?  Both show up as deductions against my account in monthly statements.
Investors - P / Change your Prosper password- Cloudflare hack
« on: February 25, 2017, 12:00:00 AM » was one of the websites purported to use Cloudflare.  Change your password.
Investors - LC / Roth IRA with P2P Lending
« on: February 15, 2017, 12:00:00 AM »
I have stopped investing in LC and have been transferring cash out from my regular and my Roth IRA accounts.  You can transfer uninvested money from your LC IRA back to your SDIRA account and at least it will be in an FDIC insured account earning a little interest instead of earning nothing in the LC account.

Effective October 1, 2013, uninvested funds in the Cash Account are deposited and held with one or more federally-insured
bank accounts which include Horizon Bank, an affiliate of Self Directed IRA Services, Inc. ("SDIRA"), as well as other
FDIC-insured bank accounts selected by SDIRA. The current interest rate is .15%

I just transferred about $14K from my Roth IRA SDIRA account to my Vanguard Roth IRA.  I thought the transfer fee would be $100 according to the fee schedule, but SDIRA charged me a $50 transfer fee.  I plan to transfer more when I get about another $10K from LC into the SDIRA account and will repeat until all the money has been paid back on the Roth IRA loans.  I have another $30K to go but don't want to wait until this whole amount is collected in the SDIRA cash account because of lost opportunity costs to invest during the length of time it takes to wait for the rest of the money. 

I never thought much about how to transfer or liquidate this account when I set it up.  I believe once the account is below $10K, then SDIRA will be charging me an annual fee of about $100.  This fee was waived when I started investing in the LC IRA as long as I got $10K invested in two years time.  One issue is that recovery money still trickles in over time from charged off loans and I guess I would need to keep the LC Roth IRA open for this reason, but the money trickling in would probably not be worth the annual fee keeping the account open.  Also SDIRA charges another fee to close the account.  Anyone thought of how to deal with the ongoing recovery amounts that will keep coming in?
Investors - LC /
« on: July 09, 2016, 11:00:00 PM »
PennySaved Taxable   7-10-16

Adjusted Net Annualized Return 8.36%

Weighted Average Interest Rate  12.94%

Weighted Average Age of Portfolio  22.5 mos

Number of Notes 4,048  (Of these, 1057 are paid off, 237 are charged off)

A    12.2%
B    28.7%
C    42.5%
D    10.2%
E    5.6%
F    1.1%
G    0.7%

42.2% 36 mos.   57.8% 60 mos.

I have stopped reinvesting and have started to sell notes on Folio.
I also have an Roth IRA account, will have to dig up stats on those numbers later.
Investors - LC / Charge off or sell off?
« on: February 24, 2015, 12:00:00 AM »

or   Lending Club Secondary Market: Profitability of Trade and Recovery Rate with Loan Status at Listing

Also there are many other good threads on charge-offed loans on the LC PeerCube forum.
Investors - LC / Notes I Had Funded "Disappearing"
« on: January 28, 2015, 12:00:00 AM »
Apparently LC sometimes takes back loans that they had issued.  Discussed on previous thread
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