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#31
Investors - LC / What do You do for a living (you know, in real, non LC life:) )
June 05, 2013, 11:00:00 PM #32
General Lending Club Discussion / Desperate Borrowers.
May 12, 2013, 11:00:00 PM
The borrower's last QA talks about 3 car loans and a pay day loan that alone is costing him $800 a month. But his revolving credit balance was only showing $8392 owed. I imagine that most of the lenders on this loan probably had invested before they saw his numerous pleadings posted later. But looking upfront, his LC loan payment of $768 would be more than 10% of his monthly gross income of $5667. That would be one red flag right there. Also he only has 5 open credit lines- another risk factor. Peter said he filters out those loans with less than 8 open credit lines. Also Inquiries=2 and revolving line utilization = 96.5%, other risky factors. It is really sad to read the borrower's desperation. For those of you without access to Lending Club, here is what we are talking about below.
Borrower added on 07/18/12 > i need the money despertetly to re establish financial security for my family. With this loan i could pay off All high intrest debt and cautch up on bills please grant this loan for the love god my family needs it to sastain the future. this is my last resort. PLEASE HELP!!!!
Borrower added on 07/24/12 > any and all help is greatley aprieceiatd Im trying so hard to get on the right trak this is my very last option they say if I get at least 60% funded I automaticaly get the loan so please help all u can I've never had to ask strangers for help before bot I don't know what else to do at this point
Borrower added on 07/26/12 > things are graully geting better and I have sold a few thing I am speaking with a financial advisor so I can insure a prosperous future and build my bussiness but I first need to rebuild my personal finance so again thank you and I still 12,125 to get the loan so PLEASE HELP . AND GOD BLESS
Borrower added on 07/26/12 > Thank u so much all of u I've spent my life helping others . It is soo nice to see that people are here to help in my time of need. if i don't reach 60% it's all for not this sight has given me hope. Please help
Borrower added on 07/26/12 > almost there lees then 4000 to make 60% less then 12000 to make the requested amount. I promise this money will be put to good use THANK YOU
Borrower added on 07/28/12 > Tell your story. What is your loan for?
Borrower added on 07/28/12 > almost there thanks so much!!!!!!!!
Borrower added on 07/28/12 > I am so blessed to have found this sight thank you so much to ALL of the investers I need 4,850 to meet the requested amount. Please help .
Borrower added on 07/29/12 > Thans soo much only 2,550 to go Please help
Borrower added on 07/18/12 > i need the money despertetly to re establish financial security for my family. With this loan i could pay off All high intrest debt and cautch up on bills please grant this loan for the love god my family needs it to sastain the future. this is my last resort. PLEASE HELP!!!!
Borrower added on 07/24/12 > any and all help is greatley aprieceiatd Im trying so hard to get on the right trak this is my very last option they say if I get at least 60% funded I automaticaly get the loan so please help all u can I've never had to ask strangers for help before bot I don't know what else to do at this point
Borrower added on 07/26/12 > things are graully geting better and I have sold a few thing I am speaking with a financial advisor so I can insure a prosperous future and build my bussiness but I first need to rebuild my personal finance so again thank you and I still 12,125 to get the loan so PLEASE HELP . AND GOD BLESS
Borrower added on 07/26/12 > Thank u so much all of u I've spent my life helping others . It is soo nice to see that people are here to help in my time of need. if i don't reach 60% it's all for not this sight has given me hope. Please help
Borrower added on 07/26/12 > almost there lees then 4000 to make 60% less then 12000 to make the requested amount. I promise this money will be put to good use THANK YOU
Borrower added on 07/28/12 > Tell your story. What is your loan for?
Borrower added on 07/28/12 > almost there thanks so much!!!!!!!!
Borrower added on 07/28/12 > I am so blessed to have found this sight thank you so much to ALL of the investers I need 4,850 to meet the requested amount. Please help .
Borrower added on 07/29/12 > Thans soo much only 2,550 to go Please help
#33
Investors - LC / Finally had my first defaut—
April 17, 2013, 11:00:00 PM
This loan would not have made my revised filters. DTI=30.64% I try to loan only to DTI < or = 20%
Inquiries in last six months=2. I try and keep inquiries to 0, learned this from Peter's advice. Monthly income= $3453 per month. I loan only for monthly income> $5000/month Revolving credit balance= $35,937. I avoid loans with revolving credit balance > $30,000 even if they have high income.
Inquiries in last six months=2. I try and keep inquiries to 0, learned this from Peter's advice. Monthly income= $3453 per month. I loan only for monthly income> $5000/month Revolving credit balance= $35,937. I avoid loans with revolving credit balance > $30,000 even if they have high income.
#34
Investors - LC /
April 06, 2013, 11:00:00 PM
Are you investing with Lending Club or Prosper or both? Did you read Peter's tax guide?
http://www.lendacademy.com/the-2013-lending-club-and-prosper-tax-guide/" class="bbc_link" target="_blank">http://www.lendacademy.com/the-2013-lending-club-and-prosper-tax-guide/
I do my taxes by hand and don't use Turbo Tax. But people might be willing to any questions if we had more details. Basically, the 1099-OIDs include all interest received plus late fees minus service fees. You don't need to worry about any adjustments for accrued interest. Other posters are arguing that the OID interest should include accrued interest for various reasons, but actually LC and Prosper are not including it. This is causing confusion.
OID interest gets reported on Part I Interest of Schedule B along with any other interest your received from other accounts. The total of that interest gets reported as Taxable Interest on line 8A of Form 1040. Charge-offs of principal from notes, get reported as short term losses on Form 8949. You can report them in a shorthand way as Peter describes in his writeup with just the total losses with date acquired (a) and date sold (b) as "various". Report the total chargeoff amount as Cost or other basis in column (e). Proceeds in column (d) is zero. Leave adjustment columns (f) and (g) blank. Report total loss as a negative number in column (h). For description in column (a) you would put something like Lending Club Note Defaults- Bad Debt.
OR
You can do as I did and report each charged-off note individually on Form 8949. For (a) description of Property, I would write Lending Club Note ID xxxxxxx- Bad Debt Statement attached, where xxxxxx is the specific Note ID #. For column (b) date acquired, I would put the date of issue of the note and for column (c) date acquired or sold, I would put the date of chargeoff. Proceeds in column (d) is zero. Cost of other basis in column (e) is the amount of principal remaining unpaid for that the note that was charged off. You will have to get the dates and the principal amount charged off from looking at the note history online. You can also get some of the data from downloading a spreadsheet of data for your own notes. Leave adjustment columns (f) and (g) blank. Report amount of unpaid principal per note as a loss in column (h). Total the losses and report in total column at bottom of page. I had to report mine on two pages.
Be sure to check Box C at the top of the page (Form 8949) if you are reporting losses from Lending Club. Box C is for Short Term Transactions not reported to you on Form 1099-B. If you are reporting Prosper losses, then according to Peter, they provide these numbers on a 1099-B. Then you may have to check Box A or B on Form 8949 depending on whether the basis was or was not reported to the IRS. I believe that is shown on the 1099-B. I don't have Prosper losses, only losses from LC, so I don't know for sure. Then I attached a generic Statement of Bad Debt to cover an explanation for all the charged off -notes. I think I provided this in another post, I will have to go back and pull it out.
Onward to Schedule D, where you need to report the short-term loss total from Form 8949 in Part I of Schedule D on lines 1, 2 or 3 depending on whether the loss is associated with Form 8949 checkboxes A, B or C, respectively. You add these short term losses to any other short term losses or gains you reported. Then combine them with any long-term gains or losses reported in Part II of schedule D. Then just keep following instructions for reporting on Schedule D, Capital Gains and Losses.
http://www.lendacademy.com/the-2013-lending-club-and-prosper-tax-guide/" class="bbc_link" target="_blank">http://www.lendacademy.com/the-2013-lending-club-and-prosper-tax-guide/
I do my taxes by hand and don't use Turbo Tax. But people might be willing to any questions if we had more details. Basically, the 1099-OIDs include all interest received plus late fees minus service fees. You don't need to worry about any adjustments for accrued interest. Other posters are arguing that the OID interest should include accrued interest for various reasons, but actually LC and Prosper are not including it. This is causing confusion.
OID interest gets reported on Part I Interest of Schedule B along with any other interest your received from other accounts. The total of that interest gets reported as Taxable Interest on line 8A of Form 1040. Charge-offs of principal from notes, get reported as short term losses on Form 8949. You can report them in a shorthand way as Peter describes in his writeup with just the total losses with date acquired (a) and date sold (b) as "various". Report the total chargeoff amount as Cost or other basis in column (e). Proceeds in column (d) is zero. Leave adjustment columns (f) and (g) blank. Report total loss as a negative number in column (h). For description in column (a) you would put something like Lending Club Note Defaults- Bad Debt.
OR
You can do as I did and report each charged-off note individually on Form 8949. For (a) description of Property, I would write Lending Club Note ID xxxxxxx- Bad Debt Statement attached, where xxxxxx is the specific Note ID #. For column (b) date acquired, I would put the date of issue of the note and for column (c) date acquired or sold, I would put the date of chargeoff. Proceeds in column (d) is zero. Cost of other basis in column (e) is the amount of principal remaining unpaid for that the note that was charged off. You will have to get the dates and the principal amount charged off from looking at the note history online. You can also get some of the data from downloading a spreadsheet of data for your own notes. Leave adjustment columns (f) and (g) blank. Report amount of unpaid principal per note as a loss in column (h). Total the losses and report in total column at bottom of page. I had to report mine on two pages.
Be sure to check Box C at the top of the page (Form 8949) if you are reporting losses from Lending Club. Box C is for Short Term Transactions not reported to you on Form 1099-B. If you are reporting Prosper losses, then according to Peter, they provide these numbers on a 1099-B. Then you may have to check Box A or B on Form 8949 depending on whether the basis was or was not reported to the IRS. I believe that is shown on the 1099-B. I don't have Prosper losses, only losses from LC, so I don't know for sure. Then I attached a generic Statement of Bad Debt to cover an explanation for all the charged off -notes. I think I provided this in another post, I will have to go back and pull it out.
Onward to Schedule D, where you need to report the short-term loss total from Form 8949 in Part I of Schedule D on lines 1, 2 or 3 depending on whether the loss is associated with Form 8949 checkboxes A, B or C, respectively. You add these short term losses to any other short term losses or gains you reported. Then combine them with any long-term gains or losses reported in Part II of schedule D. Then just keep following instructions for reporting on Schedule D, Capital Gains and Losses.
#35
Investors - LC / New LC Filter for Monthly Income
December 31, 1969, 06:00:00 PM
I used it yesterday, worked OK.
#36
Investors - LC / Number of Available Loans During 24 hrs: Grades A-C and D-G
March 08, 2013, 11:00:00 PM
Wow, great research. It looks like early birds get the worms.
#37
Investors - LC /
December 31, 1969, 06:00:00 PM
I understand from AmCap his discussions of OID, what it is supposed to be and what LC says it is from their prospectus. But for my charged-off LC loans, the Interest OID reported for these loans was actual interest received and did not include any accrued interest during the time that payments were missed by the borrower before the loan was charged. While this may be incorrect reporting of interest by LC, it sure makes it easier for reporting the charge-offs on my taxes. I don't have to do any calculations per charged-off note to adjust the basis of the notes as was explained in another posting (was maybe by AmCap, not sure). That threw me off and had me scrutinizing every charge off carefully to figure out the actual interest received versus the interest OID reported by LC, on both the original and revised OID forms issued. Basically, LC did not include accrued interest and I then figured out that they had deducted the service fee from the interest before reporting it as OID. Maybe this is why LC is reporting OID this way- to save us a lot of work on calculating the amount of charge-offs to deduct for taxes. Maybe technically they should not be doing this, but I, for now, am glad they are. Now that I understand all this, hopefully next tax year will go a little smoother.
Perhaps what they should be doing is correctly reporting OID with accrued interest, then for charge-off loans issuing lenders a report with each charge-off adjusted by accrued interest (this would be a bear for us to figure out for every charged off note) so we have a accurate listing of the losses to report on Schedule D. We would be allowed to deduct this accrued interest because it had been included it as taxable interest OID, maybe in the same tax year or the prior tax year. Anyway, as time goes on perhaps the tax reporting will become simpler and more understandable. And big thanks to Peter, for taking the effort to explain the tax forms for both Prosper and LC.
Perhaps what they should be doing is correctly reporting OID with accrued interest, then for charge-off loans issuing lenders a report with each charge-off adjusted by accrued interest (this would be a bear for us to figure out for every charged off note) so we have a accurate listing of the losses to report on Schedule D. We would be allowed to deduct this accrued interest because it had been included it as taxable interest OID, maybe in the same tax year or the prior tax year. Anyway, as time goes on perhaps the tax reporting will become simpler and more understandable. And big thanks to Peter, for taking the effort to explain the tax forms for both Prosper and LC.
#38
Investors - LC / Do you invest in a loan because of touching or excellent description?
December 31, 1969, 06:00:00 PM
Watermen: See if you are "touched" by any of these loan descriptions for some of my notes that have been charged off. Some of my chargeoffs had no descriptions. Looking back on some of these, I can see some red flags now. I am not sure if everything in the descriptions was posted at the time I reviewed and funded the loan. I think you should beware if anything in the description makes the borrower sound too desperate or trying to sell you too hard on funding the loan.
The reason for the loan is to pay off 3 credit cards that reached its limit and has high intrest. Im very stable at work. I have been working for the same company for 4 years. Stopped paying after 10 months, Miami FL
I am working to get out of debt and increase my cash flow with this loan. I have been with same company for the past 4 years. I have know the owners personally for the last 12 years. I have debt but I always pay my bills. Thank you for your assistance with this loan. Once again I want to thank all investors for their consideration. I want to re-enforce to all my goal of getting out of debt by lower my monthly payments and having a timeline to get out of debt rather than revolving debit. Stopped paying after 10 months, Las Vegas, NV
I wish to use these funds to consolidate all of my credit card debt that is currently at high APRs. By spreading out the payments over 60 months and benefiting from a lower monthly payment, I can pay down my other unsecured debt quicker leaving me with just this loan after approximately 42 months. Stopped paying after 4 months, Southgate, MI
I would very much like to consolidate my debts into a single payment. The interest rate you have provided is similar to the rates on the credit cards I already have. Thank you for helping me and my family. I will also be paying off a Wells Fargo Loan with these funds. If I am able to get all 35,000 I will be able to pay off all of my unsecured debt. Thank you for helping me and my family Stopped paying after 4 months, West Jordan, UT
This loan will be used to pay off several smaller balanced credit cards. I pay a little over minimum each month, but by doing this it will take over 10 years to pay off. I'm looking for one TERM loan that will have everything paid off in 5 years (or less if I can pay more than the monthly rate). Credit cards will be cancelled so they do not get used up again, and can be debt free in 5 years. Stopped paying after 9 months, Aloha, OR
I will use the funds to consolidate existing debt to one easy payment. have been a member of the (smwia) sheet metal workers local union 105, for the past 5 years. My career has complete job securtity(Insured, 401, pension). Stopped paying after 8 months, Lake Elsinore, CA
Borrower added on 08/12/11 > Purpose of loan: This loan will be used to consolidate a couple of smaller loans (car and CC) into one monthly payment.My financial situation: I am a good candidate for this loan because I am a hard worker. I have a good, stable job. I have never defaulted or missed a payment on any of my debts.
Monthly expenses:
Housing: $2,670
Insurance: $150
Car expenses: $300 (replaced with this loan)
Utilities: $150
Phone, cable, internet: $100
Food, entertainment: $350
Clothing, household expenses: $500
Credit cards and other loans: $1000 (mostly student loans from grad school)
Other expenses: $720 (Tithing)
Borrower added on 08/15/11 > This loan, due to being one lower monthly payment, will free up an additional $700 in my budget. Stopped paying after 10 payments, Lake Tapps, WA
To consolidate and track my progress in reducing money going out. Stopped paying after 5 monts, Sylmar, CA
Debt Consolidation Please explain the reason why you carry a large revolving credit balance. A: (02/16/2012-06:39) - Emergency Flood - insurance did not cover damages. Stopped paying after 5 months, Cumberland, RI
I am trying to get myself back in financial shape. I've cut up the cards, worked out a budget that I'm able to stick to, and I'd like to make a single payment instead of several. Even better, I'd like to pay the interest back to the community instead of several faceless banks... Thank you for considering my request!Borrower added on 09/06/11 > I plan to pay off all my unsecured debts, which currently total just below $19000 and carry monthly payments of about $1200. I have a very secure job; I've been there for sixteen years with no reason to think that income won't be there in the future. The problem I've gotten myself into is that my expenses don't leave any room to make progress on the debts.
null Stopped paying after 9 months, Aloha, OR
Borrower added on 12/07/11 > I'm using this loan to pay off high interest cards. I'm paying close to 300 a month and they aren't moving! With this loan ill be paying a little less but the debt will be getting paid off! This club sounds like a life saver! Borrower added on 12/09/11 > I really appreciate all help in securing this loan! Borrower added on 12/09/11 > I greatly appreciate all help with securing this loan! Borrower added on 12/12/11 > I'm asking lenders to please invest in this loan, Im paying off this loan early so you will receive your investment return quicker. Borrower added on 12/13/11 > I'm asking investors to please invest in another share on this loan if you can. This loan will help me greatly get on track with everything financially, I'm nervous not enough progress is being made on this loan with only 6 days left and 7k to go! Borrower added on 12/14/11 > NEED HELP INVEST HERE! Borrower added on 12/18/11 > Please help I only got 2 days left! Merry Christmas and thank you all !!! Stopped paying after 4 payments, Youngstown, OH
I plan to pay my credit cards debts in one monthly payment with lower interest rate. I have never been late on my bill payments. I have a stable job and have been working with the same employer for more than 5 years. Stopped paying after 6 months, Alto Loma, CA
Would like to pay off higher interest rate credit cards. Q. Please explain the reason why you carry a large revolving credit balance.A: (01/21/2012-13:26) - Was out of work for awhile. I have had my job for a few years now. I am making more money and would like to have a more structured plan to pay off my debt. Stopped paying after 2 payments, Vista, CA
Consolitate 2 major credit cards into 1 lower payment. Borrower added on 08/11/11 > I have a very stable job that i have been working at for over 5 years. I intend to have my loan payments deducted from my account to ensure proper repayment. Stopped paying after 7 payments, Midlothian, VA
This is for debt consolidation and will make my debt obligations much more manageable. Stopped paying after 8 payments, West Warwick, RI.
Borrower added on 08/10/11 > Looking to pay off high interest credit card through this loan. I consistently pay my bills on time and have stable employment in Health Care. Thanks so much to those of you that offer your assistance! Borrower added on 08/14/11 > PLEASE CHECK MY HISTORY... I HAVE NEVER MISSED A PAYMENT. The nursing field is always in demand so I definitely have job security in this unstable economy. If you invest in me, you will definitely be returned your investment PLUS interest! Thanks for your consideration! Borrower added on 08/15/11 > PLEASE CHECK MY HISTORY... I HAVE NEVER MISSED A PAYMENT. The nursing field is always in demand so I definitely have job security. If you invest in me it is a sure profit because it WILL be repaid. I take my responsibilities seriously and I appreciate the opportunity this will give me. Hopefully one day I can invest in someone else as you have done for me, thanks again! Stopped paying after3 payments (and one of these was late and the last one was partial payment) Parkville, MD
This loan will help me consolidate over 90% of my credit card debt. The rest is on low interest cards. The debt was not for luxuries, but for day to day expenses and for unexpected expenses. I plan to close two credit cards immediately if I can consolidate my debt. About one year ago, our current house was refinanced at 4.75% for 30 years. Also, I am happy that my retirement funds have grown to >$20,000 over the last 10 years. My emergency account is started, only a few hundred dollars, but I feel good it is started. I have finished my BS degree ( over 60% paid by work), received my extra salary, and have been employed by my current employer for a little over 4 years and been at my per diem job for 6 years. I have a total of 10 years in my current field. I look at this loan as a last step to complete my financial makeover. Thanks. Stopped paying after 12 payments. Manahawkin, NJ
This loan will be used to help pay for rent and other bills Borrower added on 08/29/11 > Personal Loan to help pay rent and other bills. null Stopped paying after 2 payments. Chatsworth, CA
PAY OFF SOME CREDIT CARDS
https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" /> Borrower added on 07/21/11 > mostly to pay off care credit- cancer treatment emergencies: their interest rate is crazy, but needed it at the time. Consolidating to have one payment a month is much easier than having 4/5 payments. Stopped paying after 2 payments, Leesburg, FL
585355 added on 12/04/09 > I also make $5,050 in supplemental income working in the summer. I make minimal extra money throughout the school year as a substitute in the afterschool program. A low-ball figure of my yearly earnings is $52,732 (or $4394/mo.) My fiance and I both have mortgages. His child support and new car payment (to replace a car that no longer ran), have recently increased our monthly payments to a point where we have had to rely on credit cards for necessities so that we can put all of our income towards staying current on bill payments. Therefore, I have an uncomfortable amount of debt right now which is making it difficult for me to qualify for the loan I need to rid myself of my mortgage payment (the only reasonable offer I have received on my house, which is an offer I would like to take to vastly lower our monthly payments, would require me to pay $17,000 at closing to cover the difference to my mortgage company and closing costs.) I have wonderful credit other than my debt-to-income ratio because I am timely with my payments, and I just need a company to take into consideration that I will be relieving myself of $158,000 worth of debt if I qualify for this personal loan to allow me to sell my house. I realize that a personal loan of this size would typically require collateral, such as the house which I am hoping to sell, but I hope that there can be some consideration in this matter also. I am basically caught in a catch 22 because if I don't qualify for the personal loan and have to keep my house longer, my debt will continue to accrue thus making it even less likely that I will ever qualify for the loan due to my debt-to-income ratio; meanwhile, the housing market is continuing to dwindle, making it more likely that I will not get any better offers on my house. And finally, I would also like to add that I have been employed as a teacher with the State of Delaware for 7+ years now and I will be completing my Masters degree in December so my income will continue to increase. 585355 added on 12/05/09 > I was able to negotiate with the buyers so they are trying to fund $4000 more of the mortgage. Therefore, hopefully if they are able to get approval, I will only need $14,000 to cover the closing costs, transfer tax, and difference. Stopped paying after 7 payments, Milton, DE I am still smacking myself on the head for funding this loan
The reason for the loan is to pay off 3 credit cards that reached its limit and has high intrest. Im very stable at work. I have been working for the same company for 4 years. Stopped paying after 10 months, Miami FL
I am working to get out of debt and increase my cash flow with this loan. I have been with same company for the past 4 years. I have know the owners personally for the last 12 years. I have debt but I always pay my bills. Thank you for your assistance with this loan. Once again I want to thank all investors for their consideration. I want to re-enforce to all my goal of getting out of debt by lower my monthly payments and having a timeline to get out of debt rather than revolving debit. Stopped paying after 10 months, Las Vegas, NV
I wish to use these funds to consolidate all of my credit card debt that is currently at high APRs. By spreading out the payments over 60 months and benefiting from a lower monthly payment, I can pay down my other unsecured debt quicker leaving me with just this loan after approximately 42 months. Stopped paying after 4 months, Southgate, MI
I would very much like to consolidate my debts into a single payment. The interest rate you have provided is similar to the rates on the credit cards I already have. Thank you for helping me and my family. I will also be paying off a Wells Fargo Loan with these funds. If I am able to get all 35,000 I will be able to pay off all of my unsecured debt. Thank you for helping me and my family Stopped paying after 4 months, West Jordan, UT
This loan will be used to pay off several smaller balanced credit cards. I pay a little over minimum each month, but by doing this it will take over 10 years to pay off. I'm looking for one TERM loan that will have everything paid off in 5 years (or less if I can pay more than the monthly rate). Credit cards will be cancelled so they do not get used up again, and can be debt free in 5 years. Stopped paying after 9 months, Aloha, OR
I will use the funds to consolidate existing debt to one easy payment. have been a member of the (smwia) sheet metal workers local union 105, for the past 5 years. My career has complete job securtity(Insured, 401, pension). Stopped paying after 8 months, Lake Elsinore, CA
Borrower added on 08/12/11 > Purpose of loan: This loan will be used to consolidate a couple of smaller loans (car and CC) into one monthly payment.My financial situation: I am a good candidate for this loan because I am a hard worker. I have a good, stable job. I have never defaulted or missed a payment on any of my debts.
Monthly expenses:
Housing: $2,670
Insurance: $150
Car expenses: $300 (replaced with this loan)
Utilities: $150
Phone, cable, internet: $100
Food, entertainment: $350
Clothing, household expenses: $500
Credit cards and other loans: $1000 (mostly student loans from grad school)
Other expenses: $720 (Tithing)
Borrower added on 08/15/11 > This loan, due to being one lower monthly payment, will free up an additional $700 in my budget. Stopped paying after 10 payments, Lake Tapps, WA
To consolidate and track my progress in reducing money going out. Stopped paying after 5 monts, Sylmar, CA
Debt Consolidation Please explain the reason why you carry a large revolving credit balance. A: (02/16/2012-06:39) - Emergency Flood - insurance did not cover damages. Stopped paying after 5 months, Cumberland, RI
I am trying to get myself back in financial shape. I've cut up the cards, worked out a budget that I'm able to stick to, and I'd like to make a single payment instead of several. Even better, I'd like to pay the interest back to the community instead of several faceless banks... Thank you for considering my request!Borrower added on 09/06/11 > I plan to pay off all my unsecured debts, which currently total just below $19000 and carry monthly payments of about $1200. I have a very secure job; I've been there for sixteen years with no reason to think that income won't be there in the future. The problem I've gotten myself into is that my expenses don't leave any room to make progress on the debts.
null Stopped paying after 9 months, Aloha, OR
Borrower added on 12/07/11 > I'm using this loan to pay off high interest cards. I'm paying close to 300 a month and they aren't moving! With this loan ill be paying a little less but the debt will be getting paid off! This club sounds like a life saver! Borrower added on 12/09/11 > I really appreciate all help in securing this loan! Borrower added on 12/09/11 > I greatly appreciate all help with securing this loan! Borrower added on 12/12/11 > I'm asking lenders to please invest in this loan, Im paying off this loan early so you will receive your investment return quicker. Borrower added on 12/13/11 > I'm asking investors to please invest in another share on this loan if you can. This loan will help me greatly get on track with everything financially, I'm nervous not enough progress is being made on this loan with only 6 days left and 7k to go! Borrower added on 12/14/11 > NEED HELP INVEST HERE! Borrower added on 12/18/11 > Please help I only got 2 days left! Merry Christmas and thank you all !!! Stopped paying after 4 payments, Youngstown, OH
I plan to pay my credit cards debts in one monthly payment with lower interest rate. I have never been late on my bill payments. I have a stable job and have been working with the same employer for more than 5 years. Stopped paying after 6 months, Alto Loma, CA
Would like to pay off higher interest rate credit cards. Q. Please explain the reason why you carry a large revolving credit balance.A: (01/21/2012-13:26) - Was out of work for awhile. I have had my job for a few years now. I am making more money and would like to have a more structured plan to pay off my debt. Stopped paying after 2 payments, Vista, CA
Consolitate 2 major credit cards into 1 lower payment. Borrower added on 08/11/11 > I have a very stable job that i have been working at for over 5 years. I intend to have my loan payments deducted from my account to ensure proper repayment. Stopped paying after 7 payments, Midlothian, VA
This is for debt consolidation and will make my debt obligations much more manageable. Stopped paying after 8 payments, West Warwick, RI.
Borrower added on 08/10/11 > Looking to pay off high interest credit card through this loan. I consistently pay my bills on time and have stable employment in Health Care. Thanks so much to those of you that offer your assistance! Borrower added on 08/14/11 > PLEASE CHECK MY HISTORY... I HAVE NEVER MISSED A PAYMENT. The nursing field is always in demand so I definitely have job security in this unstable economy. If you invest in me, you will definitely be returned your investment PLUS interest! Thanks for your consideration! Borrower added on 08/15/11 > PLEASE CHECK MY HISTORY... I HAVE NEVER MISSED A PAYMENT. The nursing field is always in demand so I definitely have job security. If you invest in me it is a sure profit because it WILL be repaid. I take my responsibilities seriously and I appreciate the opportunity this will give me. Hopefully one day I can invest in someone else as you have done for me, thanks again! Stopped paying after3 payments (and one of these was late and the last one was partial payment) Parkville, MD
This loan will help me consolidate over 90% of my credit card debt. The rest is on low interest cards. The debt was not for luxuries, but for day to day expenses and for unexpected expenses. I plan to close two credit cards immediately if I can consolidate my debt. About one year ago, our current house was refinanced at 4.75% for 30 years. Also, I am happy that my retirement funds have grown to >$20,000 over the last 10 years. My emergency account is started, only a few hundred dollars, but I feel good it is started. I have finished my BS degree ( over 60% paid by work), received my extra salary, and have been employed by my current employer for a little over 4 years and been at my per diem job for 6 years. I have a total of 10 years in my current field. I look at this loan as a last step to complete my financial makeover. Thanks. Stopped paying after 12 payments. Manahawkin, NJ
This loan will be used to help pay for rent and other bills Borrower added on 08/29/11 > Personal Loan to help pay rent and other bills. null Stopped paying after 2 payments. Chatsworth, CA
PAY OFF SOME CREDIT CARDS
585355 added on 12/04/09 > I also make $5,050 in supplemental income working in the summer. I make minimal extra money throughout the school year as a substitute in the afterschool program. A low-ball figure of my yearly earnings is $52,732 (or $4394/mo.) My fiance and I both have mortgages. His child support and new car payment (to replace a car that no longer ran), have recently increased our monthly payments to a point where we have had to rely on credit cards for necessities so that we can put all of our income towards staying current on bill payments. Therefore, I have an uncomfortable amount of debt right now which is making it difficult for me to qualify for the loan I need to rid myself of my mortgage payment (the only reasonable offer I have received on my house, which is an offer I would like to take to vastly lower our monthly payments, would require me to pay $17,000 at closing to cover the difference to my mortgage company and closing costs.) I have wonderful credit other than my debt-to-income ratio because I am timely with my payments, and I just need a company to take into consideration that I will be relieving myself of $158,000 worth of debt if I qualify for this personal loan to allow me to sell my house. I realize that a personal loan of this size would typically require collateral, such as the house which I am hoping to sell, but I hope that there can be some consideration in this matter also. I am basically caught in a catch 22 because if I don't qualify for the personal loan and have to keep my house longer, my debt will continue to accrue thus making it even less likely that I will ever qualify for the loan due to my debt-to-income ratio; meanwhile, the housing market is continuing to dwindle, making it more likely that I will not get any better offers on my house. And finally, I would also like to add that I have been employed as a teacher with the State of Delaware for 7+ years now and I will be completing my Masters degree in December so my income will continue to increase. 585355 added on 12/05/09 > I was able to negotiate with the buyers so they are trying to fund $4000 more of the mortgage. Therefore, hopefully if they are able to get approval, I will only need $14,000 to cover the closing costs, transfer tax, and difference. Stopped paying after 7 payments, Milton, DE I am still smacking myself on the head for funding this loan
#39
Investors - LC / CORRECTED 1099-OID and 1099-B now available from Lending Club
February 18, 2013, 11:00:00 PM
My corrected 1099-OID from Lending Club is posted on their site today. I will have to persue and compare to my previously issued 1099-OID. Still trying to understand how LC reports OID, especially for my chargeoffs.
I was expecting some data for my 21 chargeoffs with loss of $400 plus for 2012 on the 1099-B. But I only see six notes reported with a total of $1.90 sales price. All Cost Basis reported as zero. DUH? I don't think I had any sales on Folio for 2012. I thought this 1099-B form was supposed to get me out of reporting all the individual note bad debts on Form number 8xxx? attached to Schedule D. I was hoping to have one number to report as loss on Schedule D. I will have to wait until I get home from work to digest this new information.
I was expecting some data for my 21 chargeoffs with loss of $400 plus for 2012 on the 1099-B. But I only see six notes reported with a total of $1.90 sales price. All Cost Basis reported as zero. DUH? I don't think I had any sales on Folio for 2012. I thought this 1099-B form was supposed to get me out of reporting all the individual note bad debts on Form number 8xxx? attached to Schedule D. I was hoping to have one number to report as loss on Schedule D. I will have to wait until I get home from work to digest this new information.
#40
General P2P Lending Discussion / Contemplating P2P as a Business for Tax Purposes
February 06, 2013, 11:00:00 PM
I am totally confused by the OID numbers and how to use them to adjust basis for losses. In 2010, I only had two charge-offs, one at Prosper and one at Lending Club. But I did not have that many loans. Then I ramped up my investment. I did not have any chargeoffs in 2011, but now I have 21 loans charged-off in Lending Club. This is the first year I am getting OID reported from Lending Club. Before I just used the interest total from the year end statement for reporting interest income on my taxes. From what I can tell, my total 2012 OID reported from Lending Club is less than the total interest reported on the year end statement. The difference seems to be about the year's total of service charges,which I calculated from each month's statement.
When I go and look at my charged-off loan list in Lending Club online, the table list show Accrued interest column as zero for all charged- off loans. I went and tallied the 2011 and 2012 interest for each charged off note and compared it the 2012 OID reported for each note. In all cases, the 2012 OID was just a little less than the 2012 interest reported by looking at each individual loan's payment history. The slight difference, mostly a cent or two per loan, is due to the service fees. So I don't think I need to adjust anything on my basis for figuring capital loss on the charged off loan as bad debt. All I need is the unpaid principal amount per loan. I got that easily from the CSV download file filtered for the charged off loans. Then I just had to delete the few loans that were charged off prior to 2012 and the couple charged off in 2013.
I have not bought or sold any loans in 2012, so I could see where accrued interest and OID interest numbers may have to be used in figuring basis for loss. But not for my charge-offs.
When I go and look at my charged-off loan list in Lending Club online, the table list show Accrued interest column as zero for all charged- off loans. I went and tallied the 2011 and 2012 interest for each charged off note and compared it the 2012 OID reported for each note. In all cases, the 2012 OID was just a little less than the 2012 interest reported by looking at each individual loan's payment history. The slight difference, mostly a cent or two per loan, is due to the service fees. So I don't think I need to adjust anything on my basis for figuring capital loss on the charged off loan as bad debt. All I need is the unpaid principal amount per loan. I got that easily from the CSV download file filtered for the charged off loans. Then I just had to delete the few loans that were charged off prior to 2012 and the couple charged off in 2013.
I have not bought or sold any loans in 2012, so I could see where accrued interest and OID interest numbers may have to be used in figuring basis for loss. But not for my charge-offs.