Author Topic: It looks like I bought a note that was already paid off.  (Read 8796 times)

yojoakak

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Re: It looks like I bought a note that was already paid off.
« Reply #15 on: January 07, 2015, 08:23:29 PM »
QUESTION: How would you even be able to tell if they switched from monthly to daily, since their numbers already don't add up.


See also:
How does LendingClub calculate Interest?
http://www.lendacademy.com/forum/index.php?topic=595.0
« Last Edit: January 07, 2015, 08:27:50 PM by yojoakak »

Fee

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Re: It looks like I bought a note that was already paid off.
« Reply #16 on: January 07, 2015, 09:08:57 PM »
QUESTION: How would you even be able to tell if they switched from monthly to daily, since their numbers already don't add up.

I asked them and they said that there isn't and that there never will be any way to tell.


See also:
How does LendingClub calculate Interest?
http://www.lendacademy.com/forum/index.php?topic=595.0

hoggy1

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Re: It looks like I bought a note that was already paid off.
« Reply #17 on: January 08, 2015, 03:06:32 PM »

Lending Club API License and Terms and Conditions:
Quote
V. RESTRICTIONS ON USE

    You agree that you shall not:
...
   Use any automated system or software other than the API to extract data from the Site ("screen scrape");
...

Sounds like this would include FolioFn? Is this the same agreement where you agree not to say anything derogatory about LC? Did all you API guys really sign this?
Steve

david450

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Re: It looks like I bought a note that was already paid off.
« Reply #18 on: January 08, 2015, 04:49:25 PM »
had same experience and apparently same conversation with LC

This is one of the things that can happen because of the way LC processes payments.

I don't think it was still listed after the final payment has been processed, but the fact that LC back dates the payment to the last normal
payment raises the red flag.   (hopefully new accounting rules will make some beneficial changes here).

I see it as a variant of the note on which you lose money from because the borrower pays off early.

After many iterations with LC, I came away with the idea that a loan paid off after a normal payment, but before the next one is treated like a late payment of principle on that former payment,  subject to a late fee if LC so deems it, but no interest.

(and of course they won't deem it if this is one of the borrowers they have incented to take out a new loan at a lower interest rate).

--db--


hoggy1

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Re: It looks like I bought a note that was already paid off.
« Reply #19 on: January 08, 2015, 05:56:09 PM »
I came away with the idea that a loan paid off after a normal payment, but before the next one is treated like a late payment of principle on that former payment,  subject to a late fee if LC so deems it, but no interest.

Possible you are correct about the accounting methodology but it would be a "late payment of ADDITIONAL principle on that former payment" so certainly not subject to a late fee.
Steve

david450

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Re: It looks like I bought a note that was already paid off.
« Reply #20 on: January 10, 2015, 09:23:41 PM »
thanks  ----agree with your observation

yojoakak

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Re: It looks like I bought a note that was already paid off.
« Reply #21 on: April 21, 2015, 12:21:40 PM »
Settlement dates are not to be trusted.

Check your account activity or the PaymentsReceivedToDate column in https://www.lendingclub.com/account/notesRawDataExtended.action

My prediction: there was a $0.92 cent payment on 12/5/14 and a full payoff sometime later, after the note was already in your account.

Heads up! The new "Multiple Payments" feature should make cases like this easier to figure out, although it's still a little wacky. Was it 2 payments totaling $13.61 on 1/6/15 or a $13.61 payment on 12/5/14?

« Last Edit: April 21, 2015, 12:25:28 PM by yojoakak »

P2PFact

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Re: It looks like I bought a note that was already paid off.
« Reply #22 on: April 22, 2015, 03:39:46 PM »
Whoa.  That's not entirely true.  The REST API has no mechanism to allow investors to get performance information (or even credit details) for the notes they own, so if you want such, you are forced to screen scrape.  You have no other choice.  Of course you would get this info from the page in question.

Fre93, just wanted to confirm that there is no way to get cash flow history of the loans I own except screen scraping? This really sucks. Sometime I don't even know where my cash balance comes from.

yojoakak

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Re: It looks like I bought a note that was already paid off.
« Reply #23 on: April 22, 2015, 04:33:29 PM »
Fre93, just wanted to confirm that there is no way to get cash flow history of the loans I own except screen scraping? This really sucks. Sometime I don't even know where my cash balance comes from.

You can find some of that information in the big payment history file available from  http://additionalstatistics.lendingclub.com/

But not updated FICO scores.