Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: howler99 on December 08, 2012, 09:55:02 AM

Title: Engaged external collections agency
Post by: howler99 on December 08, 2012, 09:55:02 AM
Well it was bound to happen sooner or later but now I have a note Late 31-121 days with the note, "Engaged external collections agency", and this was after 1 payment on a loan of $4000. The note amount is just $25

Anyone ever see one of these come back from the dead?
Title: Re: Engaged external collections agency
Post by: yojoakak on December 08, 2012, 10:27:50 AM
Not great, but not the end of the World.

The External Collections agency is supposed to take a cut of any payment, but when I check my Account Activity this does not always appear to be the case.


(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fsadpanda.us%2Fimages%2F1282275-M40T47R.png&hash=bfb0c36162294ed95863f7a45d7315fb)
https://www.lendingclub.com/public/rates-and-fees.action
Title: Re: Engaged external collections agency
Post by: DanB on December 08, 2012, 09:05:30 PM
howler99.......Yes, I have seen it partially come back from the dead on one occasion. The loan defaulted but "collections" eventually recovered $5.25 from a $19 or so balance. Collection fee was only 5 cents, oddly enough.
Title: Re: Engaged external collections agency
Post by: J2E on December 09, 2012, 12:03:33 PM
I currently have 3 notes 31+ days late and 1 default.  Once they hit that 31+ late, I pretty much consider them a loss.  I do list them for sale, but haven't gotten any bites, I've listed them for $7 with 23.xx remaining in principle. 
Title: Re: Engaged external collections agency
Post by: howler99 on December 10, 2012, 08:43:07 PM
Well not very encouraging, but thanks for info. I just had another one go 31+ days. Maybe everyone is out buying Christmas presents and just haven't got around making their Lending Club payments.    :)