P2P Lending / NFT Lending Forum

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.

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.

Not today "No listings were found based on your search criteria at this time."

That was with the default filter set.

I think he is doing OK.  I tried reaching out to him but we kept missing each other.  I should check on him again

https://forum.lendacademy.com/index.php?topic=21709.msg62242#msg88888888Quote"> from: rj2 on October 23, 2020, 03:08:01 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.

https://forum.lendacademy.com/index.php?topic=21709.msg62240#msg88888888Quote"> from: rj2 on October 23, 2020, 02:39:01 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).

https://forum.lendacademy.com/index.php?topic=21702.msg62220#msg88888888Quote"> from: avid investor on October 16, 2020, 11:44:45 AM

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" class="bbc_link" target="_blank">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.

https://forum.lendacademy.com/index.php?topic=21702.msg62223#msg88888888Quote"> from: lascott on October 16, 2020, 02:21:14 PM

https://forum.lendacademy.com/index.php?topic=21702.msg62222#msg88888888Quote"> from: jameslend on October 16, 2020, 01:38:03 PM

https://forum.lendacademy.com/index.php?topic=21702.msg62221#msg88888888Quote"> from: lascott on October 16, 2020, 12:04:38 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!

https://forum.lendacademy.com/index.php?topic=21701.msg62200#msg88888888Quote"> from: Lovinglifestyle on October 11, 2020, 04:58:54 PM