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Investors - LC / Collections when the Notes platform is discontinued
« on: December 04, 2020, 12:00:00 AM »
My guess, and it's just a guess, is that the recoveries will be about 95% complete about a year after your last loan pays out.
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I am trying to figure out when my LC account winds down.
Fortunately when they announced folio was closing I decided to get out, and started selling all my notes. I tried to sell everything with >6m left, and succeeded in unloading most of it. I'm left with only six notes that mature >6m from now, which were hardship loans I was unable to trade. The rest of my portfolio is going to wind down to zero in the next 5-6 months.
However, I see in my activity that recoveries are still pretty significant. I am wondering for how long?
To use round numbers, I'm trying to estimate this: If I had $1000 worth of notes go bad in year X, how many recoveries do I expect in year X+1, X+2, X+3, etc.
That's creative. Yes, I could continue paying fees that are higher than the money coming in, and choose to give LC/Strata even more of my money and claim that I'm not being forced.
Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.
That sure lasted a long time!
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2
Investors - LC / Collections when the Notes platform is discontinued
« on: November 29, 2020, 12:00:00 AM »I am trying to figure out when my LC account winds down.
Fortunately when they announced folio was closing I decided to get out, and started selling all my notes. I tried to sell everything with >6m left, and succeeded in unloading most of it. I'm left with only six notes that mature >6m from now, which were hardship loans I was unable to trade. The rest of my portfolio is going to wind down to zero in the next 5-6 months.
However, I see in my activity that recoveries are still pretty significant. I am wondering for how long?
To use round numbers, I'm trying to estimate this: If I had $1000 worth of notes go bad in year X, how many recoveries do I expect in year X+1, X+2, X+3, etc.
3
Investors - P / Expect Increased Supply of Notes
« on: November 13, 2020, 12:00:00 AM »
Not today "No listings were found based on your search criteria at this time."
That was with the default filter set.
That was with the default filter set.
4
Investors - LC / RIP Lendingclub Notes
« on: October 26, 2020, 11:00:00 PM »
I think he is doing OK. I tried reaching out to him but we kept missing each other. I should check on him again
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Investors - LC / Collections when the Notes platform is discontinued
« on: October 22, 2020, 11:00:00 PM »6
Investors - LC / Collections when the Notes platform is discontinued
« on: October 22, 2020, 11:00:00 PM »That's creative. Yes, I could continue paying fees that are higher than the money coming in, and choose to give LC/Strata even more of my money and claim that I'm not being forced.
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Investors - LC / Collections when the Notes platform is discontinued
« on: October 22, 2020, 11:00:00 PM »8
Suggestions / Certificate Expiration
« on: October 21, 2020, 11:00:00 PM »
Not sure what cert you are referring to that expires in 2022...but your Cert FORUM.LENDACADEMY.COM expired on Oct 16. If unfamiliar with the renewal process you can call BigDaddy (the root cert authority for your cert) and ask for help.
FYI, your news.lendit.com cert expires Nov 25 (next month).
FYI, your news.lendit.com cert expires Nov 25 (next month).
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Investors - LC / Post-News IRA Strategy
« on: October 16, 2020, 11:00:00 PM »10
Investors - LC / Post-News IRA Strategy
« on: October 15, 2020, 11:00:00 PM »
This Investopedia article seems to indicate that you can do a self-directed transfer of IRA assets. It doesn't appear that you even need to tell STRATA where the money is going:
https://www.investopedia.com/ask/answers/179.asp
Distribution to the Account Holder
Another option—albeit a riskier one—is for the account holder to ask for a check from their existing custodian, making it their responsibility to deposit the money into a new Roth account. However, to be considered a tax-free rollover to a new Roth IRA, the money must be deposited in that account within 60 days after receipt of the check.3
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I am thinking about converting the LC IRA to a Roth this year if that's still possible. It looks as if STRATA will charge $50 for that service.
https://www.investopedia.com/ask/answers/179.asp
Distribution to the Account Holder
Another option—albeit a riskier one—is for the account holder to ask for a check from their existing custodian, making it their responsibility to deposit the money into a new Roth account. However, to be considered a tax-free rollover to a new Roth IRA, the money must be deposited in that account within 60 days after receipt of the check.3
--------------------------------------------------------------
I am thinking about converting the LC IRA to a Roth this year if that's still possible. It looks as if STRATA will charge $50 for that service.
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Investors - LC / Post-News IRA Strategy
« on: October 15, 2020, 11:00:00 PM »12
Investors - LC / Post-News IRA Strategy
« on: October 15, 2020, 11:00:00 PM »13
Investors - LC / Post-News IRA Strategy
« on: October 15, 2020, 11:00:00 PM »14
Investors - LC / RIP Lendingclub Notes
« on: October 11, 2020, 11:00:00 PM »Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.
That sure lasted a long time!
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