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Author Topic: Deadbeats

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Deadbeats
OP: January 12, 2017, 12:00:00 AM
Why so many deadbeats out there who take out 25k loans and then don't make one payment and then file for bankruptcy. It's complete bull! Should be a crime and they shouldn't be able to get bankruptcy protection... especially so soon after taking that much cash out on a loan.
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Deadbeats
#1: January 12, 2017, 12:00:00 AM
These rare, but increasing, deadbeat loans with 0 repayment will quickly devastate any positive returns on a portfolio. I've noticed a spike in them in my 2016 originations, and they are a significant reason why the returns for the year were lackluster.

Without explicitly admitting this was a problem, both LC & P have talked about new measures to tighten standards (and even share some information re: new loan applications) in order to stem the rise of these instances of, well, fraud.

Now, when I start ryansp2ploans.com, it will be just like LC, but just before Charge Off occurs, I will release the name/address/info of the borrower to the investors so that they can do their best to recover any remaining loan. Who's in??!?!! ;)
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D
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Deadbeats
#2: January 13, 2017, 12:00:00 AM
Partner up with my startup... GuidoCollections.com and I'm in.
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S
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Deadbeats
#3: January 13, 2017, 12:00:00 AM
There was a Chinese P2P lender that accepted naked selfies as loan collateral. If the borrower didn't pay, the pics got released. Probably not the best way to up the ante when it comes to lighting a fire under the borrower, but you've got to give them credit for creativity!

https://www.yahoo.com/news/naked-selfies-used-collateral-chinese-loans-111137036.html
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Deadbeats
#4: January 14, 2017, 12:00:00 AM
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Deadbeats
#5: January 16, 2017, 12:00:00 AM
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Deadbeats
#6: January 16, 2017, 12:00:00 AM
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Deadbeats
#7: January 17, 2017, 12:00:00 AM
Paulie, I have had 7 of those out of 1140 loans.  You are a better loan picker than I!

Jenn
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Deadbeats
#8: January 17, 2017, 12:00:00 AM
I've had 25 rollers of 9450 notes purchased (0.26%). By "Note Issue Date":
2013 -9- C2, D4, C5, F2, D5, E1, D4, E2, E1
2014 -4- C4, D2, C2, D1
2015 -8- D2, C2, E1, E1, D3, E1, D2, E4
2016 -4- E2, E3, E4, E2

Of these the F2 in 2013 was a $100 note (big mistake)! Lesson learned.
It was one of my first rollers. I know from memory all the details of that borrower. I can see them in my sleep.

My total investment was $1050, recoveries were $167, and estimated recovery charges $17.00.
Total loss was $900 = average $36 per note.
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Deadbeats
#9: January 17, 2017, 12:00:00 AM
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#10: January 17, 2017, 12:00:00 AM
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#11: January 18, 2017, 12:00:00 AM
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#12: January 19, 2017, 12:00:00 AM
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Deadbeats
#13: February 22, 2017, 12:00:00 AM
I've actually had quite a flurry of those, 0-4 payments and then bankruptcy and it was across all credit grades.

It was funny, I said the word 'deadbeats' in an email to lending club (this was maybe 3.5-4 years ago) and the guy totally flipped out, insisting that I not call them that because LC doesn't pass through any "deadbeats".

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m
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Deadbeats
#14: February 24, 2017, 12:00:00 AM
At Lending Club, I have had 2 notes charge-off with $0 payment (out of 371 notes with 41 charge-offs), and another 2 with only a single payment before charge-off.

My Prosper account has had 1 charge-off with $0 payment (out of 511 notes, with 28 charge-offs).
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