Effect of Payment Plan on 60 month note

[Grant]

I called LC Investor Services yesterday to ask for clarification about some of the information I've seen on one of my notes which went bad after the 1st payment.  One of the questions I asked was "what happens if this 60 month note goes into a payment plan?  If it is put into a payment plan, does that mean payments will be made after 60 months and I won't receive them per the prospectus?"

I was told that 60 month loans will never be extended and one function for a payment plan in this scenario is to divide the missed payments into the remainder of the loan making future payments slightly higher.  Assuming the payment plan is carried through the investor won't lose out on any payment.

[Zach]

https://forum.lendacademy.com/index.php?topic=607.msg2453#msg88888888Quote"> from: Grant on January 05, 2013, 02:44:10 PM

[rawraw]

https://forum.lendacademy.com/index.php?topic=607.msg2457#msg88888888Quote"> from: zpbsfg on January 05, 2013, 04:09:44 PM

[TravelingPennies]

From the 11/28/2012 Prospectus, page 70: https://www.lendingclub.com/fileDownload.action?file=Clean_As_Filed_20121128.pdf&type=docs" class="bbc_link" target="_blank">https://www.lendingclub.com/fileDownload.action?file=Clean_As_Filed_20121128.pdf&type=docs
Quote

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=607.msg2461#msg88888888Quote"> from: Grant on January 05, 2013, 05:40:58 PM