Clicky

  • Welcome to P2P Lending / NFT Lending Forum.
 

ETH.LOAN

News:

This was the original Lend Academy peer-to-peer lending forum, since forensically restored by deBanked and now reintroduced to eth.loan.

To restore access to your user account, email [email protected]. We apologize for errors you may experience during the recovery.

Main Menu
NEW LOANS:   | hitmonlee.eth 1.500 Ξ | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | ALL

LendingClub Notes Repurchase

Started by jameslend, October 19, 2022, 05:56:56 PM

Previous topic - Next topic

jameslend

Is anyone still on this form.

Just wondering if anyone got this notes repurchase email from them recently.

mrwhizzard

Quote from: jameslend on October 19, 2022, 05:56:56 PM
Just wondering if anyone got this notes repurchase email from them recently.
I did not. But I am down to my last active note, so I am probably not part of the target audience for such a message.

jameslend

Quote from: mrwhizzard on October 24, 2022, 02:21:27 PM
Quote from: jameslend on October 19, 2022, 05:56:56 PM
Just wondering if anyone got this notes repurchase email from them recently.
I did not. But I am down to my last active note, so I am probably not part of the target audience for such a message.

someone is here!

thanks for the data point

rj22

I am here... bi-yearly  ;)

I got the email about the notes repurchase, which I ignored, and then got an email from Alto saying I needed to transfer funds, so I went and finally logged into my LC account. I saw a whopping $16 there. Tried to see some kind of transaction history, where it came from, what they bought - nada.

But I transferred the $16 out. Later on I'll deal with what to do with the Alto account, right now it just has the cash sitting there, which given the way the markets have been going laterly.. probably not a bad thing.
formerly rj2

rj22

Aha! Finally got data off my statements. They didn't re-purchase anything from me. My account has been accumulating $3-4/m in "recoveries" from my charged off loans. I still "own" my charged off loans, they didn't buy them from me.

This is something LC has always gotten wrong: they value charged-off loans as $0, but they are not worth $0, there is an income stream from them.

So I guess they think they can just steal my charged-off loans? I don't have any normal loans left - before it closed I had sold off everything in the 2ndary market that wasn't expiring within a year, and then just ran down the account. However I still have those charged off since you can't sell them.

Well, I guess they're probably stealing about $50 from me. Not nothing. Not worth fighting with a brick wall either.
formerly rj2

BruiserB

I was getting recoveries showing up for a couple of weeks after they "repurchased" my outstanding loans.  But then I think my activity log also showed them repurchasing the defaulted loans at zero value and I haven't received any recoveries since that time.  They did cash out all of my outstanding loans at par value including those that were in late status...so given that some of those would probably eventually default, it's probably somewhat close to a wash with the recoveries now also being wiped out.  Although there would seem to be an occasional sizable recovery....not all of them were pennies.

I have now transferred all of my cash from LendingClub to the Alto account and have started the process of moving the funds from Alto to my other Roth Custodian.  I don't have the time or interest to start evaluating another "alternative" investment platform.  LendingClub was fun while it lasted.  Not sure it was ever really worth it....had some great years, but then some awful years and given the tax treatment of gains vs losses (in my non IRA account), I think I'd have done better in regular market index funds over the time.  Thankfully it was at least not a "scam" and I didn't lose anything I couldn't afford to. 

I still have notes on the taxable side, and they will all reach maturity by September 2024.  Seems like I'm getting the best returns ever now as most have aged past the likely default dates and are at high rates.  But I'm getting the great returns on just a fraction of the amount I once had invested.

lascott

I got an email that my 1099 was available but I get
> 504 Gateway Time-out
> The server didn't respond in time.
trying to get to the statements or to the Transfer for my current $1.68!

lascott

FYI, I was able to get in today to do the transfer as well as download the tax statements.

NEW LOANS:   | hitmonlee.eth 1.500 Ξ | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | ALL