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Messages - SBryantMS

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P2P-Picks / Personal Portfolio Returns
« on: July 09, 2013, 11:00:00 PM »
Auto-invest will help alleviate this, too, when it's implemented.

Investors - LC / New C/Net Interview with Renaud Laplanche
« on: June 07, 2013, 11:00:00 PM »
"More than three-quarters of your loans go to refinancing credit card debt. Are you just contributing to the United States debt problem by shuffling debts around, letting consumers borrow more money but not actually get out of the hole?

Most of our consumers aren't refinancing balance because they're maxed out. They're refinancing to get a lower interest rate. We pull credit reports three and six months after funding a loan to see if the balance has come down. In 80 percent of the cases, borrowers show a lower balance three and six months later than the time they took the loan. We're instrumental in helping the American consumer deleverage and get out of debt faster."

Emphasis mine: Thoughts?  Does 80% seem like a reasonable number? Sounds extremely high to me!
Investors - LC / Did payments not post today?
« on: December 31, 1969, 07:00:00 PM »
Years ago, I had a customer deploy a new software release.  Tested great, but when it went into production -- took 7 days to post 5 days (Monday through Friday) worth of transactions.  They had to pull it on the first three day weekend -- two days to finish posting -- one day to go back to the old system.

LC seems to be encountering IT growth problems -- I wonder how the "Larger" accounts are reacting to these issues?

To me the bigger issue is "can they throw hardware at the problem" or "have the software capabilities been exceeded?"

Interest Radar / Thank you
« on: December 31, 1969, 07:00:00 PM »

But the real value is helping me get out of bad loans before they default.  For me, early warning and pricing info has paid for the service many times over!   
P2P-Picks / Model Questions
« on: February 16, 2013, 12:00:00 AM »
I unilaterally will not invest in some loan categories i.e. Business, Medical, Moving, Vacation or Other. 

I have a bias toward Credit Card and Debt Consolidation.

What effect does this external action have on your model, assuming that I regularly pick loans selected by your model from the other categories?
P2P-Picks / Suggestions Thread
« on: February 16, 2013, 12:00:00 AM »
I thought I would open the new forum with a suggestion thread.
Investors - P / My $25 lesson on bankruptcy
« on: February 04, 2013, 12:00:00 AM »
Many years ago, I spent a little time pursuing several claims through BK court and watching other filings while waiting for my case, IMHO, if no one shows up to challenge the debt, then the debt will be discharged. 

When I asked to address the court on my claim, there was usually a lot of paper shuffling as they try to figure out where this debt was in the filing and did I have standing to address the claim.  Having spent several hours watching BK court in action, very few creditors showed up and the few that did got little satisfaction from the court. 

I went just because these are small business inventory debts and it allowed me to question the defendant (pound of flesh) -- my goal was to move my claim up higher on the list.  If I asked the right questions and got the right answers, I moved into the priority class.   

The bottom line question which we will never be able to answer -- did the lender challenge the debt?   
Investors - LC / Problems logging into LC
« on: December 31, 1969, 07:00:00 PM »
Still broke for me  :'(
General Lending Club Discussion /
« on: January 12, 2013, 12:00:00 AM »

Several points to consider:

1) Lending Club still states the following:

"If you do not receive any Form 1099s from Lending Club or FOLIOfn by January 31, it likely means that your interest and other payments did not meet Form 1099 criteria for receiving a form."

2) What it appears to me is that Lending Club is treating the "Notes" the same as a "discounted bond", thus meeting the IRS requirement of the 1099-OID in active years and a 1099-B in the year that the bond matures.     

     So it is possible that many lenders will still not receive 1099s as the IRS only mandates a 1099 of any type when the reporting amount is $10 or more.

3) Since Lending Club is now going to issue 1099-OIDs on notes issued after 10/14/2008, what is interesting is that if they issue 1099-OIDs for 2012 then they should be required by the IRS to issue a matching 1099-B for 2013 for ALL notes that "Mature" in that year.  In the 1099-B case, lenders may still be under the $10 rule.

Bottom line, tax reporting on a retail 800+ loan portfolio could become a labor intensive effort as the 1099-B will require a basis amount and the total of the prior years OID amounts to avoid DOUBLE taxation

My concern is that they maintain the $10 rule and don't provide 1099s under that amount. 

I understand that you have contacts at LC and hope that your new Tax blog entry can clarify their future direction.

Investors - LC / This one surprised me
« on: December 31, 1969, 07:00:00 PM »
My question -- after the fact -- is:

If they had a mortgage, why was a skip-trace needed?  I assume that they have already abandoned the house?  Is BK, their next stop?  Is this one of those, take a loan -- make one payment -- then head to BK? 

I have assumed in the past that a mortgage was a good indicator to prevent the "one and done" loans. 

Can someone with collections experience, please explain.

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