Engaged external collections agency

[howler99]

Well it was bound to happen sooner or later but now I have a note Late 31-121 days with the note, "Engaged external collections agency", and this was after 1 payment on a loan of $4000. The note amount is just $25

Anyone ever see one of these come back from the dead?

[yojoakak]

Not great, but not the end of the World.

The External Collections agency is supposed to take a cut of any payment, but when I check my Account Activity this does not always appear to be the case.


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https://www.lendingclub.com/public/rates-and-fees.action" class="bbc_link" target="_blank">https://www.lendingclub.com/public/rates-and-fees.action

[DanB]

howler99.......Yes, I have seen it partially come back from the dead on one occasion. The loan defaulted but "collections" eventually recovered $5.25 from a $19 or so balance. Collection fee was only 5 cents, oddly enough.

[J2E]

I currently have 3 notes 31+ days late and 1 default.  Once they hit that 31+ late, I pretty much consider them a loss.  I do list them for sale, but haven't gotten any bites, I've listed them for $7 with 23.xx remaining in principle. 

[TravelingPennies]

Well not very encouraging, but thanks for info. I just had another one go 31+ days. Maybe everyone is out buying Christmas presents and just haven't got around making their Lending Club payments.    https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />