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Messages - Debt Free

#31
Investors - LC / Trolling Lawyers on Facebook
October 13, 2017, 11:00:00 PM
Sounds like something from the sovereign citizen movement...

"... The gold fringe around the American flag, as displayed in many federal courts, designates them as Admiralty courts ..."  blah, blah, blah.
#32
Investors - LC / LC Holiday Today?
October 09, 2017, 11:00:00 PM
Columbus Day
#33
Investors - LC / Selling Houston loans
August 31, 2017, 11:00:00 PM
Just had my first Houston loan go IGP.

"8/23/17 (Wednesday)   Borrower contacted Payment Solutions specialist and promised to pay."
Loan Summary
Note Issuance Date   2/12/16
Note Amount   $25
Loan Amount   $11,200
Rate   F1 : 23.13%
Term   60  months
Status   In Grace Period
Recent Credit Score   655-659
Credit Score Change  Down
Received Payments
Last Payment Received (8/1/17)   $0.71
Payments to Date (18)   $12.49
Principal   $4.78
Interest   $7.71
Late Fees Received   $0.00
Upcoming Payments
Next Payment Due (8/27/17)   $1.41
Remaining Payments (42)   $29.68
Expected Final Payment   1/27/21
Outstanding Principal   $20.22
Accrued Interest   $0.45

Nine total Houston loans.  Two of which were processing payments over last couple days.  One paid and this one IGP.  All have been Never Late and now are currently listed on Folio.
#34
$10,000 avoids the annual fee.

Ironically, SDIRA's form does not include the 60-day rollover option.  In theory, you should be able to take a distribution (one per year) via ACH (no charge for ACH), deposit those funds into another IRA within 60 days, and you will not be taxed.

Their form does not list roll-over as a distribution type.  I will be attempting this method later next year, and will challenge their form and the fee.
#35
Yep, read that a couple days ago.  Not the new kid in town anymore.
#36
Ironically I just read an article comparing Lending Club to other online lenders.  This is one of the items pointed out that Lending Club says their loan process "typically takes about 7 business days."
#37
Investors - LC / Has anyone seen this
May 24, 2017, 11:00:00 PM
May be borrower requested to mail in their payments.  I've seen that many a time.  Can't attempt an ACH without authorization of the borrower.
#39
Investors - LC /
March 24, 2017, 11:00:00 PM
So having invested in LC (both notes and IPO) for several years, I have found my account now being held "hostage" due to "anti-money laundering law" according to LC.

As a sole proprietor, I have kept cash in one LC account for my business and I draw the interest out at EOY as my "Christmas Bonus".  This last Christmas  was about my fourth year of doing so with this account.  Also, I had changed the linked bank account to send the money to a different business account than what I've normally used for the withdrawal.  I then changed it back to the original account in February so that I could deposit some extra cash back in.

During this time, the bank for my business accounts (20 year relationship) I've decided to move away from due to some of their new policy changes (Third variation of the bank.  Original bank victim in the financial crisis sold to bank #2 who merged recently with bank #3).  I've established relationships with another bank (5 year personal relationship, internet bank, now getting most of my business accounts) and a credit union (20 year personal relationship, brick-and-mortar, getting the remainder).

I went to change the linked bank account in LC and see the following when I clicked on the link...

Quote
#40
7 charge offs in Jan, only 1 in Feb on one of my 6 accounts.  But pretty much the average across each of them.
#41
Off Topic / Cash Parking
March 14, 2017, 11:00:00 PM
Go Navy!!!
NFCU
Special EasyStartSM Certificate (Share/IRA/ESA)   $50 min $3,000 max   12 months   3.00%
#42
I don't know Prosper, but I wonder if you can capture the remainder with a 60-day rollover paid directly to you?
#43
Investors - LC / My Decaying Star .......
March 08, 2017, 11:00:00 PM
We all keep commenting on winding down for 3 / 5 years based on note terms.  However, as you're experiencing, I doubt they'll last that long overall.  Even with steady paying borrowers, I suspect that as their notes wind down that there will be the inclination to pay them off when it gets down to 3-6 months left.
#44
Foliofn - LC / Is this legal?
March 03, 2017, 11:00:00 PM
You're asking the wrong people.  Ask those who will be defending your position.  Here's a google list of them...

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=securities+defense+attorney&" class="bbc_link" target="_blank">https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=securities+defense+attorney&*

What you're asking has wash sale written all over it.
#45
Hopefully your notes are not your only investment.  If they are not, then an option could be to allocate the entire portfolio to an individual, and then other assets to other heirs.  Example:  Your house valued at $200,000, equities/MF IRA#1 $300,000, Prosper IRA#2 $100,000, property $70,000, cash $30,000.  Number of heirs = 4.  Total value = $700,000.

Sale of house and property gives you $300,000 in cash, IRA#1 $300,000, IRA#2 $100,000

Heir #1 receives $75,000 portion of IRA#1  +  IRA#2 = $175,000
Heirs #2-4 receive $75,000 portion of IRA#1  +  $100,000 cash = $175,000 each

Heir #1 can then manage the notes account from then on.