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Author Topic: LendingClub Notes Repurchase

j
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LendingClub Notes Repurchase
OP: October 19, 2022, 05:56:56 PM
Is anyone still on this form.

Just wondering if anyone got this notes repurchase email from them recently.
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m
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LendingClub Notes Repurchase
#1: October 24, 2022, 02:21:27 PM
Just wondering if anyone got this notes repurchase email from them recently.
I did not. But I am down to my last active note, so I am probably not part of the target audience for such a message.
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j
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LendingClub Notes Repurchase
#2: October 24, 2022, 03:41:24 PM
Just wondering if anyone got this notes repurchase email from them recently.
I did not. But I am down to my last active note, so I am probably not part of the target audience for such a message.

someone is here!

thanks for the data point
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r
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LendingClub Notes Repurchase
#3: November 18, 2022, 07:28:58 PM
I am here... bi-yearly  ;)

I got the email about the notes repurchase, which I ignored, and then got an email from Alto saying I needed to transfer funds, so I went and finally logged into my LC account. I saw a whopping $16 there. Tried to see some kind of transaction history, where it came from, what they bought - nada.

But I transferred the $16 out. Later on I'll deal with what to do with the Alto account, right now it just has the cash sitting there, which given the way the markets have been going laterly.. probably not a bad thing.
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r
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LendingClub Notes Repurchase
#4: November 18, 2022, 07:34:13 PM
Aha! Finally got data off my statements. They didn't re-purchase anything from me. My account has been accumulating $3-4/m in "recoveries" from my charged off loans. I still "own" my charged off loans, they didn't buy them from me.

This is something LC has always gotten wrong: they value charged-off loans as $0, but they are not worth $0, there is an income stream from them.

So I guess they think they can just steal my charged-off loans? I don't have any normal loans left - before it closed I had sold off everything in the 2ndary market that wasn't expiring within a year, and then just ran down the account. However I still have those charged off since you can't sell them.

Well, I guess they're probably stealing about $50 from me. Not nothing. Not worth fighting with a brick wall either.
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formerly rj2