Title: Recoveries
Post by: AmCap on May 19, 2013, 11:00:00 PM
Post by: AmCap on May 19, 2013, 11:00:00 PM
All - is anybody else being credited with a boatload of recoveries today?
Title: Recoveries
Post by: Zach on May 19, 2013, 11:00:00 PM
Post by: Zach on May 19, 2013, 11:00:00 PM
Title: Recoveries
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
$150 or so. I'll know more when I get home since LC is determined to make me use the mobile site on my phone >.<
Title: Recoveries
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Title: Recoveries
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
That seems really high. When were most of those loans charged off?
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Sent from my HTC DNA using Tapatalk2
Title: Recoveries
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Title: Recoveries
Post by: Randawl on May 19, 2013, 11:00:00 PM
Post by: Randawl on May 19, 2013, 11:00:00 PM
That's awesome, great to hear it! Congratulations!
Title: Recoveries
Post by: New Jersey Guy on May 19, 2013, 11:00:00 PM
Post by: New Jersey Guy on May 19, 2013, 11:00:00 PM
I got about $6.40 on $433 of principle. I can retire now.
"My Portfolio" isn't showing any payments in the payment column. Has it been paid? I won't believe it til I see it. I had two defaults in Feb. showing "Check Received" in the payment log. A month later, no payments were made, and the log entries were deleted. Hmmmmm.
"My Portfolio" isn't showing any payments in the payment column. Has it been paid? I won't believe it til I see it. I had two defaults in Feb. showing "Check Received" in the payment log. A month later, no payments were made, and the log entries were deleted. Hmmmmm.
Title: Recoveries
Post by: core on May 19, 2013, 11:00:00 PM
Post by: core on May 19, 2013, 11:00:00 PM
Title: Recoveries
Post by: Peter on May 19, 2013, 11:00:00 PM
Post by: Peter on May 19, 2013, 11:00:00 PM
I am showing a boatload as well in my main account. I haven't added them up but I think it is the 15-20 range but less than $50. Better than nothing.
As for the check received I have seen that before - almost certainly a bounced check. If LC were really going to pocket the money I don't think they would let you know a check was received in the first place.
As for the check received I have seen that before - almost certainly a bounced check. If LC were really going to pocket the money I don't think they would let you know a check was received in the first place.
Title: Recoveries
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
Post by: TravelingPennies on May 19, 2013, 11:00:00 PM
"It's possible that's what happens when a check bounces?"
"As for the check received I have seen that before - almost certainly a bounced check"
Peter, you should ask about these so-called checks. I don't think they are personal checks from the borrower. I think the outside collection company collects the money, then forwards the money back to LC in the form of a check. That's what "Check Received" means.
Here's my March 1 post showing the 2 loans in question.
http://www.lendacademy.com/forum/index.php?topic=764.msg4037#msg4037
"As for the check received I have seen that before - almost certainly a bounced check"
Peter, you should ask about these so-called checks. I don't think they are personal checks from the borrower. I think the outside collection company collects the money, then forwards the money back to LC in the form of a check. That's what "Check Received" means.
Here's my March 1 post showing the 2 loans in question.
http://www.lendacademy.com/forum/index.php?topic=764.msg4037#msg4037
Title: Recoveries
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Title: Recoveries
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
"when the distressed market froze in January or so (NJ Guy, you should recall this)."
I remember all too well! Went from riches Q4 2012 to rags Q1 2013. I have absolutely no explanation for that one.
I remember all too well! Went from riches Q4 2012 to rags Q1 2013. I have absolutely no explanation for that one.
Title: Recoveries
Post by: p2p2p2p2p on May 20, 2013, 11:00:00 PM
Post by: p2p2p2p2p on May 20, 2013, 11:00:00 PM
Have had recoveries before but not to today's extent. Maybe the collection agency finally sent over a check. Have to remember to report this as a capital gain and not ordinary income, since the losses were written off as capital losses
Title: Recoveries
Post by: yaoyao on May 20, 2013, 11:00:00 PM
Post by: yaoyao on May 20, 2013, 11:00:00 PM
I have never had a recovery yet. How do you know that you have a recovery? I did have a charge-off note. Do you have to click on the notes individually?
Title: Recoveries
Post by: thezinfan on May 20, 2013, 11:00:00 PM
Post by: thezinfan on May 20, 2013, 11:00:00 PM
1) why are any of you holding notes until they charge off? 
2) I recall last year around this time I received a recovery payment. Maybe they happen quarterly?
3) Is the recovery about 3-5%?
4) yaoyao - go to Account summary, the click on the MORE DETAILS hyperlink in the middle left section
2) I recall last year around this time I received a recovery payment. Maybe they happen quarterly?
3) Is the recovery about 3-5%?
4) yaoyao - go to Account summary, the click on the MORE DETAILS hyperlink in the middle left section
Title: Recoveries
Post by: yaoyao on May 20, 2013, 11:00:00 PM
Post by: yaoyao on May 20, 2013, 11:00:00 PM
Got it. Thanks.
In my case, I bought this note (current) with up-trend FICO and good income at a discount (7%). I didnt pay attention to collection logs (borrower contacted LC). Within a month, the borrower provided Bankruptcy counsel information. I was not able to sell the note. I also buy distressed notes from time to time. Some of them may be charged off eventually. It is just part of the game.
In my case, I bought this note (current) with up-trend FICO and good income at a discount (7%). I didnt pay attention to collection logs (borrower contacted LC). Within a month, the borrower provided Bankruptcy counsel information. I was not able to sell the note. I also buy distressed notes from time to time. Some of them may be charged off eventually. It is just part of the game.
Title: Recoveries
Post by: AmCap on May 20, 2013, 11:00:00 PM
Post by: AmCap on May 20, 2013, 11:00:00 PM
Yeah when you buy distressed notes you take the risk you can't resell them...a lot of those notes I flipped for a pretty good return, but for some of them I got left holding the bag.
Title: Recoveries
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
In May I've sold 3 notes that were clearly marked BK chapter 7, and one marked Borrower Deceased, and someone bought them for a few percent discount each. I guess if you are actively buying "bad" notes as a recovery play you'll run into some charge offs. I buy on the retail platform and sell on folio, which i know isn't an option for everyone.
Title: Recoveries
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Post by: TravelingPennies on May 20, 2013, 11:00:00 PM
Well, I had written off this strategy as a money loser, but I may need to reevaluate after this development.
Title: Recoveries
Post by: yojoakak on May 20, 2013, 11:00:00 PM
Post by: yojoakak on May 20, 2013, 11:00:00 PM
Title: Recoveries
Post by: Zach on May 20, 2013, 11:00:00 PM
Post by: Zach on May 20, 2013, 11:00:00 PM
Good catch. I be never noticed that before.
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Sent from my HTC DNA using Tapatalk2
Title: Recoveries
Post by: rawraw on May 21, 2013, 11:00:00 PM
Post by: rawraw on May 21, 2013, 11:00:00 PM
I received 5 cents on one of the first notes I ever had that charged off on LC back in 2011.
Title: Recoveries
Post by: lender_john on May 21, 2013, 11:00:00 PM
Post by: lender_john on May 21, 2013, 11:00:00 PM
Title: Recoveries
Post by: TravelingPennies on May 22, 2013, 11:00:00 PM
Post by: TravelingPennies on May 22, 2013, 11:00:00 PM
It just struck me; they probably did a sale to a debt buyer for a portfolio of charged off loans.
Title: Recoveries
Post by: Randawl on May 22, 2013, 11:00:00 PM
Post by: Randawl on May 22, 2013, 11:00:00 PM
Title: Recoveries
Post by: New Jersey Guy on May 22, 2013, 11:00:00 PM
Post by: New Jersey Guy on May 22, 2013, 11:00:00 PM
"It just struck me; they probably did a sale to a debt buyer for a portfolio of charged off loans."
Fine by me. I got $6.30 back. It's better than the nothing I had prior.
Fine by me. I got $6.30 back. It's better than the nothing I had prior.