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"Credit for Ineligible Loan"

Started by Peter, November 06, 2014, 11:00:00 PM

Previous topic - Next topic

muflafler

I had several transactions show up today, "Credit for Ineligible Loan."  Does anyone know what is going on when this happens?  The Account Activity page does not show the loan number or any other data, just this:


11/06/14   Transfer   Credit for ineligible loan   $24.44

I had 8 of these show up today, I've never seen it before.

brycemason

LC may have bought back loans that were either identify theft or never should have been on their platform in the first place. Given how many you had and how  rarely loans have been bought back due to identity theft, I vote for the latter.

core

If it was ID theft, then I would expect the full $25.00 to be credited, no?  The only way it would be for less is if there was a payment made on the loan.  Maybe I'm hanging out with the wrong kind of crooks, but the ID thieves I know don't usually start making payments on the victim's loan.  That kind of defeats the purpose.

OK, maybe some screwed up family member situation.  I can see that.


Kombinator

This is quite strange, possibly them cleaning their books to be queaky clean going into IPO, or buying back policy code  loans they accidentally released into general population...would be good to get a clear answer.


TravelingPennies

No question, looks like a monumental fuck up somewhere, just not clear where and how

samybob

I also have 6 of these, does anyone know for sure what they are? I didnt see any notes come off my account?

Date
Type
Description
Amount
11/06/14   Transfer   Credit for ineligible loan   $25.28
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.90
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.95
11/06/14   Transfer   Credit for ineligible loan   $24.94


TravelingPennies

Looks like they are just taking it out with accrued interest or at par, which explains the 25+/- numbers.

Really disturbing that there has been 0 communication on this issue from LC.

TravelingPennies

Ok, just called LC on this.  They were "recent" notes that should not have been allowed on the platform.  They have been bought back by LC, without fee.  If the amount is less than the note amount, you have already received one or more payments.  If it is more, it is due to accrued interest.  Sounds like "no harm no foul", if what I have been told is correct.

TravelingPennies

For what reason were these loans not allowed on the platform initially?

TravelingPennies

I didn't ask that, but I failed to add that I was told that the "problem was corrected".  Ergo, we should not be seeing more of these unless a new such problem occurs.

TravelingPennies

yes, I invest in $25 increments. So then this is no big dela, they are either paying us more and if they are giving us less its because we got a payment already. I would to know which notes these are so I can look at them.


NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL