P2P Lending / NFT Lending Forum

I guess my question is, why is LC doing this? If they are paid notes, with no money coming back to the lender, why bother? Anyone have any thoughts?
I have seen them do this in the past, i.e. fraud, but it usually happens very early in the loan lifecycle. These just don't make sense from my limited POV.
In my case I really don't care what they do since I'm closed out. But if there's money coming back to me, I'd at least like to know the why and what for, and how often.

Hoping there are others still around that have closed out their IRA accounts. Here's my question:

My notes that can sell are now sold- there's three notes that are BK that should go away very soon. I still see recoveries coming in- in the last few days it's been $25-100.

How long did you, or did you, leave the account open to catch these remaining recoveries? I'd like to transfer out from Strata the last of my IRA funds, but given the last batch of recoveries, I'm inclined to wait a bit.

To give a frame of reference, at my high point I had $150K in notes, and about $40K in BK/CO.

Is it worth while to wait a bit for more recoveries before I transfer out and close up shop, or should I just go ahead and pull the trigger?

I know from others that once I transfer out the last step is to contact LC and have them close the account, at which point any funds that come in are forfeited. Looking to see based on others how much that might be based on their experiences, so I can decide what's right for me. If waiting another month gets me a significant chunk of change back I'm willing to wait.

https://forum.lendacademy.com/index.php?topic=4871.msg43486#msg88888888Quote"> from: Fred93 on May 25, 2018, 02:26:17 PM

So thought I'd post my update as OleBill did. My taxable account has one 31-120 note left that when it comes off of Payment Processing (fails) in the next day or two will get sold.

I'm down to 10 notes in the IRA account that are in the same state. Once I sell them, the Taxable account will sit dormant for a while to capture the recoveries that may come in. Since it doesn't cost anything to maintain it, I'll leave it for a while.

I've heard from others that the IRA account is a different story. Assuming that they charge for the fees either on the anniversary date, or at the end of the year, I'll keep an eye out for both and close it before either occurs.

In the end, I did make money on both accounts, even with the losses incurred from excessive chargeoffs, and losses due to selling. Just no where near what I expected, what was advertised, or what I was receiving at the start.

I do have a large position in their stock- will play with that for a while and try to make the money there that didn't end up coming in through loans.

Finally off to other things that make more money and take less time/effort.

+1.

https://forum.lendacademy.com/index.php?topic=4834.msg43253#msg88888888Quote"> from: SLCPaladin on April 07, 2018, 11:45:58 PM

This question is aimed at others who have liquidated their LC accounts. I'm to the point where I have about 45 notes in my Taxable account, and about 500 notes in my IRA account. These would seem to be the notes that for whatever reason no one wants. (At any cost)

Selling them is becoming more and more difficult- I'm up to an 11% discount now and not really selling much of them. A good day of sales is 20-30 of them, a typical day is 5-10.

Here's the question:

1. To sell your remaining notes- did you have to put an extreme discount on them to move them?
2. What was the discount?
3. What other strategy did you use that I may not have considered or thought of?

I'm not looking to have a fire sale as I've lost enough money between chargeoffs and discounted sales. If the general consensus is to just let them run off on their own, I may do that.

Curious to hear other's thoughts/experiences.

I just hope it's good, or not too bad. Given their recent price drop I took the opportunity to purchase some more stock. Would be nice to catch a spike or a bounce. $1 or $2 would be real nice.

What bothers me is no news as to why.

Hadn't seen it yet- but at the same time also not surprised either. The other funds are/were in the 7-9% range so it makes sense that it would have changed. 6% is still fine for me as it is a set it/forget it scenario for the most part. Good to know though as I have some investments to make there- I'll look at the other funds again and see if I want to invest there vs. the Income one.

https://forum.lendacademy.com/index.php?topic=4755.msg42645#msg88888888Quote"> from: rawraw on December 19, 2017, 07:34:04 PM

It's 24/7. However they only settle buys/sells in the evening M-F. Usually starts about 3PM PST and till about 7:30PST from my past experience both buying and selling.

https://forum.lendacademy.com/index.php/topic,4752.msg42549.html?PHPSESSID=54d3f143d16284b87893c07bdad56d70#msg88888888Quote"> from: Rob L on December 07, 2017, 09:41:46 AM

https://forum.lendacademy.com/index.php?topic=4755.msg42559#msg88888888Quote"> from: rawraw on December 07, 2017, 07:50:04 PM

I did similar a few weeks ago- from start to finish it took about 10 business days. Strata called me to verify it because of the amount. I would say if it's been past what Vanguard said, call Strata and confirm they received it.