1. What does a borrower telling LC "cease and desist" mean, does this mean LC will no longer attempt to collect?
3. What is an "advanced collector"
1. What does a borrower telling LC "cease and desist" mean, does this mean LC will no longer attempt to collect?
There's a federal law called the "Fair Debt Collection Practices Act" (FDCPA) which limits what debt collectors can do. One of the things it says is that if you send a letter to a debt collector which tells him to stop contacting you, then he must stop. Doesn't matter whether you owe the money or not. If you say stop, he has to stop. There are exceptions. Debt collector can send you a letter saying he filed a lawsuit, or some similar things. You can read about FDCPA online in a lot of places. Many government web sites give advice for borrowers being called by debt collectors. None however, give advice for lenders who are not being paid back.
http://www.consumerfinance.gov/askcfpb/329/are-there-laws-that-limit-what-debt-collectors-can-say-or-do.html
https://www.consumer.ftc.gov/articles/0149-debt-collection
https://en.wikipedia.org/wiki/Fair_Debt_Collection_Practices_ActQuote3. What is an "advanced collector"
I believe it's just a higher pay grade. The first level people are like the folks who answer when you call the cable TV company. If they can't solve your problem by telling you to plug in the TV, they pass you to 2nd level support.
See thread and old article I mentioned here http://forum.lendacademy.com/index.php/topic,3656.msg32425.html#msg32425
So once the borrower since "cease and desist" the loan is effectively an automatic charge off, or can it still be worked by a 3rd party agency?
Charged off. Bankruptcy: economically infeasible to recoverMy question is, do you notice in your recoveries that you ever see much from BK? Do you ever get more from the different kinds of BK? Does certain BK yield more recoveries? Just had a note go Chapter 13. I do not expect anything from a BK note, so anything is just gravy.
I am curious to expand this thread a bit, not trying to derail it.
I am curious about how bankruptcies are handled. My very first BK note was a straight roller for $10k after 1 payment and LC statedQuoteCharged off. Bankruptcy: economically infeasible to recoverMy question is, do you notice in your recoveries that you ever see much from BK? Do you ever get more from the different kinds of BK? Does certain BK yield more recoveries? Just had a note go Chapter 13. I do not expect anything from a BK note, so anything is just gravy.
Is there anywhere where the collection log/recovery information can be harvested into a data file? I would be willing to investigate this, I find it interesting. From what I have read the visibility into "post charge-off" behavior is very limited. It seems visibility into collections in general is. From what I have read, we cannot even get time-series data on loan progression through the statuses, we have to rely on LC's graph.
Total PMTS Received $27,221,921.10
PCO Recoveries $432,085.84 1.59% of Total PMTS Received
PCO Recov Fees $(38,224.16) 8.85% of PCO recoveries
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Net Proceeds $27,615,782.78 Bottom line what we investors received
See thread and old article I mentioned here http://forum.lendacademy.com/index.php/topic,3656.msg32425.html#msg32425
I have read through this. I was curious if there was any more details available somewhere. So once the borrower since "cease and desist" the loan is effectively an automatic charge off, or can it still be worked by a 3rd party agency?
I have an interesting C and D.
5/12/17 (Friday) Payment Solutions specialist contacted 3rd party and 3rd party agreed to pay a settled amount
5/12/17 (Friday) 3rd party contacted Payment Solutions specialist and was unable to pay at this time
5/10/17 (Wednesday) Borrower requested that Lending Club cease and desist all communications
5/10/17 (Wednesday) 3rd party contacted Payment Solutions specialist and was unable to pay at this time
I'm curious what bucket this falls in. Would it still be a charge-off, even though a settlement was reached?
I have an interesting C and D.
What was the final disposition of this note? I have a note with a "settled amount" in the collection log now, as well:Quote5/12/17 (Friday) Payment Solutions specialist contacted 3rd party and 3rd party agreed to pay a settled amount
5/12/17 (Friday) 3rd party contacted Payment Solutions specialist and was unable to pay at this time
5/10/17 (Wednesday) Borrower requested that Lending Club cease and desist all communications
5/10/17 (Wednesday) 3rd party contacted Payment Solutions specialist and was unable to pay at this time
I'm curious what bucket this falls in. Would it still be a charge-off, even though a settlement was reached?
Going back to look at this note, Loan id: 69513508, doesn't look like the settlement amount was ever paid, a payment was posted 12/9 that was a 1/3 of the regular monthly payment, loan charged off January.
Well, it doesn't look like mine is going to have a big payoff either. There's now a payment pending in the amount of $0.06 (when the monthly payment amount was previously $0.69):