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Topics - WES

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1
Investors - LC / Closed acc
« on: February 04, 2021, 01:44:58 PM »
I closed my LC account in early 2018. In early 2020, I discovered that LC never processed the close request. They sent me a check for the balance, and I submitted a second close request in February 2020.

This week, I got a "your 1099-B is available" email. That was to be expected for any recoveries in Jan & Feb of 2020. But I discovered that they have continued to credit my account with recovery amounts, as recently as seven months after the account was closed.

The rep insists the account is closed, and he "guesses the tax department just did things a little differently this year," whatever that means.  ??? He's mailing me a check for the few dollars recovered.

Anyone else have this happen?

My bet is that this happens again for 2021.

2
I received a survey invite on April 26 from Lending Club. I wonder if this went out to all retail investors? Or just those (like me) who are winding down their accounts?

4
Investors - LC / Liquidating IRA account for rollover
« on: January 30, 2018, 05:10:45 PM »
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.

In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.

In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.

About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).

In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.

Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.

Thank you, LC!

Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.

5
Investors - LC / Renaud Laplanche's Credify to compete in LC space
« on: November 16, 2016, 10:26:58 AM »
http://www.wsj.com/articles/fired-lendingclub-ceo-plans-a-second-act-1479298312

Anything to differentiate the two?

"Renaud Laplanche has quietly started a new company called Credify Finance Corp. that will make loans via the internet just like LendingClub, according to corporate filings in several states. . . . The company hopes to start extending credit to consumers in 2017 . . ."

6
General P2P Lending Discussion / Kickfurther withdrawals
« on: June 02, 2016, 05:25:06 PM »
Kickfurther says "We have resolved the issue with withdrawals to your bank account."

Three of my withdrawals, dating back to early April, had not been processed as of this morning. We shall see.

7
General P2P Lending Discussion / PayPal freezes Kickfurther account
« on: February 01, 2016, 12:57:47 PM »
Message today from Kickfurther:
Quote
PayPal recently froze the funds in our account. They have a long history of doing this, and recently settled a class action lawsuit related to this as well (https://www.paypal.com/webapps/mpp/class-action-settlement).

Because we need to quickly deploy capital that comes in through PayPal to complete purchase orders for our partner businesses, we obviously can't wait 6 months for our PayPal account funds to be unfrozen.

Until further notice all PayPal transactions are currently blocked on Kickfurther.

WTF?

8
General P2P Lending Discussion / Bloomberg story on merchant cash advance
« on: October 06, 2015, 04:22:17 PM »
Quote
Completely unregulated, last year it surpassed the U.S. Small Business Administration as a source of loans for less than $150,000, . . . .They figured out how to hook people such as florists and pizzeria owners with promises of fast cash and discovered just how ridiculous the profits could be—even if it meant driving their borrowers into bankruptcy.
http://www.bloomberg.com/news/features/2015-10-06/how-two-guys-lost-god-and-found-40-million

10
Rolling Jubilee has repaid $13  million in loans for over 9000 students. And spinoff movement  Debt Collective announces a "strike" today, refusing to pay loans and demanding that DOE cancel debt for education at for-profit schools like Corinthian.
Quote
If you owe the bank a thousand dollars, the bank owns you.
If you owe the bank a trillion dollars, you own the bank.
Together, we own the bank.
http://www.theatlantic.com/education/archive/2015/02/the-guardian-angels-of-student-debt/385756/

Chart of who owes what in student debt: http://taxprof.typepad.com/taxprof_blog/2015/02/ny-fed-.html

11
Investors - LC / Alibaba
« on: February 03, 2015, 10:48:42 AM »
http://seekingalpha.com/news/2266206-alibaba-lending-club-form-financing-partnership

Lending Club is teaming up with Alibaba to offer short-term loans to US businesses buying Chinese products: up to $300K, typically for a few months, at rates of 0.5%-2.4%.

12
General P2P Lending Discussion / One borrower's SoFi experience
« on: December 10, 2014, 01:45:48 PM »
A lawyer refinances her student debt:
http://corporette.com/2014/12/10/refinancing-student-loans/

13
Investors - LC / IPO: Confirm your Indication of Interest
« on: December 09, 2014, 09:15:16 PM »
Deadline: December 10, 2014

How is this done?

15
Investors - LC / Who might buy LC?
« on: November 14, 2014, 01:07:33 PM »
https://www.pehub.com/2014/11/lendingclub-with-plans-to-go-public-also-seeks-a-buyer/

Peter's blog today guesses that Facebook may be a plausible buyer given their history with LC. Who else would fit and why:
  • WalMart: expand their foray into consumer banking services

  • Amazon: internet expertise and lots of cash
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