Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: Show Me The $ on April 04, 2013, 02:02:13 AM

Title: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 02:02:13 AM
I have a loan classified as fully paid and yet principal is $24.45?



Loan ID     Note ID    Portfolio Investment Interest Rate Term Outstanding Principal  Accrued Interest Payments Received Payment Due Date


3288772   18804437   None       $25.00         C1 14.33%    36     $24.45                     $0.00               $0.85       4/4/13   
Title: Re: can someone please explain this for me?
Post by: yojoakak on April 04, 2013, 02:10:34 AM
link?
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 02:12:32 AM
was working on it :)

(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fi48.tinypic.com%2F2gshlwl.png&hash=4c8976cadc87f46c852faeb255670c69)

furthermore, I cannot find any history of this loan ID in my account history. How is that possible?
Title: Re: can someone please explain this for me?
Post by: DanB on April 04, 2013, 02:13:02 AM
It's not fully updated yet. It should say "in the process" of being fully paid. Wait a day or two & you should see that it'll fully update.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 02:14:34 AM
yet here it says...

(https://forum.lendacademy.com/proxy.php?request=http%3A%2F%2Fi46.tinypic.com%2F11imx5k.png&hash=36dcc39ce55ee12b557ec1b6a6acc66c)
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 02:15:12 AM
Yes....but that is almost a full month old, and I do not see any payment on the dates indicated for that load ID except a smaller payment

352934825   03/08/13   Lender Service Fee   Service Fee, Loan 3288772      $0.01
352934824   03/08/13   PAYMENT   PAYMENT, Loan 3288772   $0.85   
Title: Re: can someone please explain this for me?
Post by: DanB on April 04, 2013, 05:08:09 AM
I'm not 100% sure that I'm even understanding what you think the problem is here, nor am I sure that I'm even understanding what you're asking right now. What I am reasonably sure about is that there is no problem here. So let me try one last attempt to explain in more detail.

 From what I can see this is a $25 note that made 1 regular payment on 3/4 & is in the process of making a large payment on or about 4/4 (today) of around $24.45 which will make this account fully paid. This process should be "complete" around 4/8 (next Monday). Now as to when the actual log actually updates all of this info. may take anywhere from the next day to the next few days. At that point, the balance will show zero or damn close to zero & the status will remain as "fully paid". And there will be $24.45 deposited into your cash balance. The End. Why does it already show fully paid & yet still show a balance?? Because it is still updating & that's just the way LC does the updating. I have seen the exact process I've just described happen literally hundreds of times.............though I must admit the process afforded me much less intrigue than what you apparently seem to be perceiving here.


Sorry but I have no idea what you're talking about something being "almost a month old" or "smaller payment" etc.

PS............There is no actual phrase "in the process" of being fully paid. That was merely my explanation to you as to what is actually happening here with your note.

Title: Re: can someone please explain this for me?
Post by: rawraw on April 04, 2013, 06:25:09 AM
I have the same problem (maybe same note?  I think I had a few more payments).  LC said it can take up to a month or two for a fully paid note to clear the system.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 07:59:38 AM
I'm not 100% sure that I'm even understanding what you think the problem is here, nor am I sure that I'm even understanding what you're asking right now. What I am reasonably sure about is that there is no problem here. So let me try one last attempt to explain in more detail.

 From what I can see this is a $25 note that made 1 regular payment on 3/4 & is in the process of making a large payment on or about 4/4 (today) of around $24.45 which will make this account fully paid. This process should be "complete" around 4/8 (next Monday). Now as to when the actual log actually updates all of this info. may take anywhere from the next day to the next few days. At that point, the balance will show zero or damn close to zero & the status will remain as "fully paid". And there will be $24.45 deposited into your cash balance. The End. Why does it already show fully paid & yet still show a balance?? Because it is still updating & that's just the way LC does the updating. I have seen the exact process I've just described happen literally hundreds of times.............though I must admit the process afforded me much less intrigue than what you apparently seem to be perceiving here.


Sorry but I have no idea what you're talking about something being "almost a month old" or "smaller payment" etc.

PS............There is no actual phrase "in the process" of being fully paid. That was merely my explanation to you as to what is actually happening here with your note.

Dan,

Sorry if I was unclear, it was way too late/early (not sure which). The loan was issued 2/4/13 and one payment was made on 3/8/13 which was the first and only payment made. However, here we are over a month later and that note is still listed as having a principal balance of $24.45 and a status of fully paid. To me, that does not make much sense. What am I missing?
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 08:02:34 AM
  LC said it can take up to a month or two for a fully paid note to clear the system.

If this is true, why is the case and why is it acceptable? They either got paid...or didnt. If they got paid, they should give us the funds to take or reinvest or bet on black. I don't get it!
Title: Re: can someone please explain this for me?
Post by: DanB on April 04, 2013, 08:38:29 AM
I'm not 100% sure that I'm even understanding what you think the problem is here, nor am I sure that I'm even understanding what you're asking right now. What I am reasonably sure about is that there is no problem here. So let me try one last attempt to explain in more detail.

 From what I can see this is a $25 note that made 1 regular payment on 3/4 & is in the process of making a large payment on or about 4/4 (today) of around $24.45 which will make this account fully paid. This process should be "complete" around 4/8 (next Monday). Now as to when the actual log actually updates all of this info. may take anywhere from the next day to the next few days. At that point, the balance will show zero or damn close to zero & the status will remain as "fully paid". And there will be $24.45 deposited into your cash balance. The End. Why does it already show fully paid & yet still show a balance?? Because it is still updating & that's just the way LC does the updating. I have seen the exact process I've just described happen literally hundreds of times.............though I must admit the process afforded me much less intrigue than what you apparently seem to be perceiving here.


Sorry but I have no idea what you're talking about something being "almost a month old" or "smaller payment" etc.

PS............There is no actual phrase "in the process" of being fully paid. That was merely my explanation to you as to what is actually happening here with your note.

Dan,

Sorry if I was unclear, it was way too late/early (not sure which). The loan was issued 2/4/13 and one payment was made on 3/8/13 which was the first and only payment made. However, here we are over a month later and that note is still listed as having a principal balance of $24.45 and a status of fully paid. To me, that does not make much sense. What am I missing?

Wow, I've obviously lost 90% of my ability to explain overnight, so I give up. Can someone else take over for me, please, I'm begging here.  BTW. how exactly is 3/8/13 to 4/4/13 "over a month later"? Sounds like 27 days to me.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 08:45:41 AM
I'm not 100% sure that I'm even understanding what you think the problem is here, nor am I sure that I'm even understanding what you're asking right now. What I am reasonably sure about is that there is no problem here. So let me try one last attempt to explain in more detail.

 From what I can see this is a $25 note that made 1 regular payment on 3/4 & is in the process of making a large payment on or about 4/4 (today) of around $24.45 which will make this account fully paid. This process should be "complete" around 4/8 (next Monday). Now as to when the actual log actually updates all of this info. may take anywhere from the next day to the next few days. At that point, the balance will show zero or damn close to zero & the status will remain as "fully paid". And there will be $24.45 deposited into your cash balance. The End. Why does it already show fully paid & yet still show a balance?? Because it is still updating & that's just the way LC does the updating. I have seen the exact process I've just described happen literally hundreds of times.............though I must admit the process afforded me much less intrigue than what you apparently seem to be perceiving here.


Sorry but I have no idea what you're talking about something being "almost a month old" or "smaller payment" etc.

PS............There is no actual phrase "in the process" of being fully paid. That was merely my explanation to you as to what is actually happening here with your note.

Dan,

Sorry if I was unclear, it was way too late/early (not sure which). The loan was issued 2/4/13 and one payment was made on 3/8/13 which was the first and only payment made. However, here we are over a month later and that note is still listed as having a principal balance of $24.45 and a status of fully paid. To me, that does not make much sense. What am I missing?

Wow, I've obviously lost 90% of my ability to explain overnight, so I give up. Can someone else take over for me, please, I'm begging here.  BTW. how exactly is 3/8/13 to 4/4/13 "over a month later"? Sounds like 27 days to me.

No need to be nasty Dan. it is about a month, i am sorry, I owe you 3.3 days, give me a break man!
Title: Re: can someone please explain this for me?
Post by: DanB on April 04, 2013, 09:17:52 AM
Give you a break? Hey you're the one asking for help here. It's not my job to answer your questions. The least you can do is be accurate in your statements. I'm done here.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 09:19:53 AM
Give you a break? Hey you're the one asking for help here. It's not my job to answer your questions. The least you can do is be accurate in your statements. I'm done here.

Quite frankly sir....you are a jerk. The last time I checked forums such as this were meant to help people, not be A-holes to them. I am sorry my questions are not intelligent enough to be worthy of your precious time. Besides, who the hell said you had to answer them? If you don't like it, stop participating. Have a nice day
Title: Re: can someone please explain this for me?
Post by: SarahV on April 04, 2013, 09:22:16 AM
I don't know why it is, or why LC thinks it's acceptable, but all extra payments - anyone who pays in full or pays extra on their principal - take a while to get through the system. Maybe these payments have to be processed manually and there is a backlog? I dunno. Also, it is typical to see them credit one "normal" payment out of the larger payment the borrower made, and then the rest of the money shows up later in a separate payment.

I have a note that paid $17 and change with a completion date of 3/15. 3/25 I got $11.02 and a separate payment of $5.89 (I have no idea why they thought that made sense). Another one had a completion date of 3/18 and payment arrived 3/26. So they always have a delay.

That said, a month (or nearly a month) seems too long to me and I would write LC an e-mail and ask about it.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 04, 2013, 09:24:07 AM
I don't know why it is, or why LC thinks it's acceptable, but all extra payments - anyone who pays in full or pays extra on their principal - take a while to get through the system. Maybe these payments have to be processed manually and there is a backlog? I dunno. Also, it is typical to see them credit one "normal" payment out of the larger payment the borrower made, and then the rest of the money shows up later in a separate payment.

I have a note that paid $17 and change with a completion date of 3/15. 3/25 I got $11.02 and a separate payment of $5.89 (I have no idea why they thought that made sense). Another one had a completion date of 3/18 and payment arrived 3/26. So they always have a delay.

That said, a month (or nearly a month) seems too long to me and I would write LC an e-mail and ask about it.

Thank  You Sarah!
Title: Re: can someone please explain this for me?
Post by: DanB on April 04, 2013, 09:42:42 AM
Give you a break? Hey you're the one asking for help here. It's not my job to answer your questions. The least you can do is be accurate in your statements. I'm done here.

Quite frankly sir....you are a jerk. The last time I checked forums such as this were meant to help people, not be A-holes to them. I am sorry my questions are not intelligent enough to be worthy of your precious time. Besides, who the hell said you had to answer them? If you don't like it, stop participating. Have a nice day

Apology accepted. Now if you could be polite & say "thank you" for trying to answer my question...............then we would be even.
Title: Re: can someone please explain this for me?
Post by: mitgib on April 04, 2013, 10:04:54 AM
I don't know why it is, or why LC thinks it's acceptable, but all extra payments - anyone who pays in full or pays extra on their principal - take a while to get through the system. Maybe these payments have to be processed manually and there is a backlog? I dunno. Also, it is typical to see them credit one "normal" payment out of the larger payment the borrower made, and then the rest of the money shows up later in a separate payment.

I have a note that paid $17 and change with a completion date of 3/15. 3/25 I got $11.02 and a separate payment of $5.89 (I have no idea why they thought that made sense). Another one had a completion date of 3/18 and payment arrived 3/26. So they always have a delay.

That said, a month (or nearly a month) seems too long to me and I would write LC an e-mail and ask about it.

LC uses Windows, that should explain everything dumb that happens
Title: Re: can someone please explain this for me?
Post by: Fred on April 04, 2013, 10:39:37 AM
LC uses Windows, that should explain everything dumb that happens

I think this is more about process than platform (hardware+software).
Title: Re: can someone please explain this for me?
Post by: Peter on April 04, 2013, 04:45:41 PM
Give you a break? Hey you're the one asking for help here. It's not my job to answer your questions. The least you can do is be accurate in your statements. I'm done here.

Quite frankly sir....you are a jerk. The last time I checked forums such as this were meant to help people, not be A-holes to them. I am sorry my questions are not intelligent enough to be worthy of your precious time. Besides, who the hell said you had to answer them? If you don't like it, stop participating. Have a nice day

Yes, DanB can be a jerk and he is clearly being one here. These forums are about helping each other and I feel strongly that anyone should be able to ask any question they like without fear or reprisal. DanB is a long time investor and contributor on this forum as well as the blog and he has a great deal of knowledge. He can also be incredibly impatient and tactless. You are not the first person to be at the receiving end of one of these exchanges, I put up with it because he has a vast knowledge that can be very helpful. I have sent DanB a private message reminding him of my expectations for conduct on this forum. 
Title: Re: can someone please explain this for me?
Post by: rawraw on April 04, 2013, 05:09:26 PM
My note cleared yesterday.  :)

Stop stressing over it man.  Life is too short
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 05, 2013, 02:20:57 AM
Give you a break? Hey you're the one asking for help here. It's not my job to answer your questions. The least you can do is be accurate in your statements. I'm done here.

Quite frankly sir....you are a jerk. The last time I checked forums such as this were meant to help people, not be A-holes to them. I am sorry my questions are not intelligent enough to be worthy of your precious time. Besides, who the hell said you had to answer them? If you don't like it, stop participating. Have a nice day

Thanks Peter! I am just trying to navigate my way. I appreciate the forum and those who contribute for a common good. Thanks for teh friendly side of helping  8)


Yes, DanB can be a jerk and he is clearly being one here. These forums are about helping each other and I feel strongly that anyone should be able to ask any question they like without fear or reprisal. DanB is a long time investor and contributor on this forum as well as the blog and he has a great deal of knowledge. He can also be incredibly impatient and tactless. You are not the first person to be at the receiving end of one of these exchanges, I put up with it because he has a vast knowledge that can be very helpful. I have sent DanB a private message reminding him of my expectations for conduct on this forum.
Title: FOLLOW UP
Post by: Show Me The $ on April 05, 2013, 10:32:39 AM
After waiting "almost" a month for this fully loan to pay off, I sent LC an email. I did NOT get a reply after 2 days BUT miraculously, the loan has been cleared up. My bet is a HUGE backlog and understaffing at LC. As soon as a complaint comes in, things get expedited. Just my opinion. Very strange system indeed.
Title: Re: FOLLOW UP
Post by: Fred on April 08, 2013, 09:57:36 PM
This is probably the key:  :o

... I sent LC an email.
Title: Re: can someone please explain this for me?
Post by: Show Me The $ on April 09, 2013, 05:50:52 AM
As a follow up, I got a response.

Let's just say I was right, it WAS a problem. Let's also say that I found a kink in the lC system that I choose not to publicize here as I don't want the exploit being used.