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Topics - dr.everett

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It's making reading unread topics useless... ::)

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Anyone else having logon issues since Lending Club Me Too'd with the six-digit logon code a few days ago? I never receive mine after logging on. Tried multiple times. Tried sending multiple times, still no go.

(And yes my email is working. :) ) (And yes I have checked my spam)

If I was more active with LC I'd call them but I'm only checking to see if there are any recoveries.

Am I the only lucky one?

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Got this in my email today:

Your LendingClub account will close soon.

Account ending in: XXX00

Dear ,

We noticed your account has had a zero balance and no new investment activity for an extended period of time. Because of this, we will be closing your account in the coming weeks.

Will I still be able to access my account after closure?

After your account is closed, you'll be able to log in to access past statements only. To add funds and invest in LendingClub Notes, you'll need to open a new account.

Still want to be a part of LendingClub?

If you want to keep this account open, simply reply to this email or contact Investor Services by September 10 using the phone number or email address below.
We're here to help. If you have questions or need assistance with your account, please feel free to contact us.

Best regards,
The LendingClub Team

I did reply to them that I wish to keep my account open- if anything to continue to get my recoveries, and maybe to cost them a few extra cents. :)

Will see  what the reply is.

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One of the few things I still have an interest in about LC is their stock- I've got 26K shares. It seems to be fairly cyclical lately- before earnings it goes up a bit, after earnings, way down. I've watched it enough that I think I have a reasonable sense of timing. ;)

Odd thing is that it went up quite a bit the last few days for no apparent reason. Not complaining, but does anyone know why? There's not anything in their press releases that I found, and we're still months off from the quarterly earnings. (Should be August 8th or thereabouts)

Any thoughts?

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Investors - LC / IRA Notes sold- what next?
« on: May 31, 2018, 06:32:04 PM »
Hoping there are others still around that have closed out their IRA accounts. Here's my question:

My notes that can sell are now sold- there's three notes that are BK that should go away very soon. I still see recoveries coming in- in the last few days it's been $25-100.

How long did you, or did you, leave the account open to catch these remaining recoveries? I'd like to transfer out from Strata the last of my IRA funds, but given the last batch of recoveries, I'm inclined to wait a bit.

To give a frame of reference, at my high point I had $150K in notes, and about $40K in BK/CO.

Is it worth while to wait a bit for more recoveries before I transfer out and close up shop, or should I just go ahead and pull the trigger?

I know from others that once I transfer out the last step is to contact LC and have them close the account, at which point any funds that come in are forfeited. Looking to see based on others how much that might be based on their experiences, so I can decide what's right for me. If waiting another month gets me a significant chunk of change back I'm willing to wait.

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This question is aimed at others who have liquidated their LC accounts. I'm to the point where I have about 45 notes in my Taxable account, and about 500 notes in my IRA account. These would seem to be the notes that for whatever reason no one wants. (At any cost)

Selling them is becoming more and more difficult- I'm up to an 11% discount now and not really selling much of them. A good day of sales is 20-30 of them, a typical day is 5-10.

Here's the question:

1. To sell your remaining notes- did you have to put an extreme discount on them to move them?
2. What was the discount?
3. What other strategy did you use that I may not have considered or thought of?

I'm not looking to have a fire sale as I've lost enough money between chargeoffs and discounted sales. If the general consensus is to just let them run off on their own, I may do that.

Curious to hear other's thoughts/experiences.

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Investors - LC / Kind of bittersweet these last few days...
« on: November 08, 2017, 07:52:22 PM »
So these last few days have been kind of bittersweet given all the things going on with lending club. The earnings announcement, the changes to lending models.  For the first few years lending club seemed like it was going to be the next hot thing. I no longer think that. With only a few thousand dollars left in my taxable account to liquidate, and my Ira account down to 50% left, I'm very close to being done with lending club.

I made my first transfer into Fundrise yesterday. Other than the fact that the transfer from SDIRA services took a long time, my lending club Ira money is now at its new home.  I know what to expect with the next transfer, and following transfers.

While I won't be lending money through lending club, I still will be involved with lending club via it's stock. Luckily had some money ready to take advantage of the recent stock price drop. 😉

Here's to hoping the stock price goes up, and lending club figures out what's wrong with their current returns.

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Investors - LC / Started the IRA Liquidation today- get 'em while you can
« on: September 19, 2017, 10:48:58 PM »
So for the regulars that are still here and looking to buy- I've got my IRA notes on liquidation. Selling at just the 1% markup so I don't lose (more) money. Get 'em while you can. My sale, your gain.  8) Currently about $103K on sale. I'd like to get this over quickly so I can move on.

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General Discussion / Fundrise- Anyone set up an IRA with them ?
« on: September 03, 2017, 03:44:08 PM »
Checking to see if anyone has gone through the process of setting up an IRA with Fundrise? I've got a regular account with them so far and am planning to set up an IRA. I'm at the point where I've opened an account with MTC (The custodian) and am waiting on them to confirm the account has been opened. It's been a little less than a week since I did this online- haven't heard anything back from MTC as to status.

I know it's a holiday and I know that these things take time (just found out I can't rollover my existing IRA until 30 days after I've left my current job to allow everything to "settle".)  ::)

I'm hoping MTC moves a bit quicker.

Anyone done what I'm trying to do and have any advice, gotchas to watch out for, etc.? Advice or firsthand experience would be greatly appreciated.

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Received the following email from Lending Robot today- really annoyed  >:(
__

We are temporarily suspending our secondary market automated trading feature, as we have noticed issues with performance. This causes some slowdown on our servers, which are not really justified because the trading volume is still very low. Any sales currently listed will run until the last remaining days of active sales. Recurring sales will not be set to recur as we disable the secondary market trading feature.

Naturally, you can still trade on the Lending Club's secondary market manually, by visiting the Lending Club site.

We apologize for any inconvenience this may cause you. We understand it can be frustrating, but also believe it will ultimately help us serve you better.

Regards,
The LendingRobotTeam
__

Hoping they fix this fast.

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LendingRobot / Lending Robot not placing Folio orders
« on: May 23, 2017, 01:31:12 PM »
Is it just my luck, or are others seeing that LR is not placing Folio buy orders. Seems the last time was Sunday evening at about 8:40pm for me.
Sent them an email asking to have it checked out.

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So I've been gone for a week on work, no time to look at any of my LC stuff during that time. That's the whole reason I use automation to the level that I do.

So I'm back from work and there's 2 emails greeting me this morning from LC- one from each of my accounts. Large amounts of money available to be invested. Hmm- that's odd. Usually I get an email with a few hundred dollars left over from the previous day's buying, but not Thousands waiting.

Problem with Lending Robot? No- checked and it has been diligently buying notes that I like- there are just not as many that I want as there have been in the past.

I have a pretty extensive ruleset that is ranked from most desirable to least desirable- usually only half of it gets hit before my money is invested. Appears LR went through the whole ruleset which I've never seen before.

So here's my question- anyone else who buys in volume on Folio see similar behavior? Or have I finally become too unique in what I buy, and have bought all the purple unicorns that exist?  ;)

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Investors - LC / Is it just me or did FOLIO not settle properly tonight?
« on: February 28, 2017, 01:15:42 AM »
I'm guessing it's not just me- but did others get little if any settlement from FOLIO today?

Case in point- I have about $1k in notes from Friday that didn't settle tonight in my IRA account, and similar in my Taxable account. I know for a fact that I didn't end up buying that many notes during the day Friday- seems like something is up. One note settled in my IRA, zero in the Taxable. Both are showing around $1k left to settle. Usually this happens like clockwork on a Monday with the exception of holidays.

Anyone else seeing the same? I figure if they don't settle tomorrow evening I'll be making a phone call to LC on Wed. morning.  >:(

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Investors - LC / Got surveyed again by LC
« on: February 25, 2017, 02:32:06 PM »
So got the survey email from LC again a few days ago- survey was largely the same as before- focused on the following items:

1. Recommend LC to your friends? (No- for the issues I'll mention later)
2. Website meeting your needs (Mostly- but not high marks there either)
3. Returns meeting your expectations? (Hell no)
4. Defaults meeting your expectations? (F... no)
5. What can we do to make it better?
6. Can we contact you about your responses?

We've all covered the things that we don't like currently about LC- not providing the returns they once did, more defaults, less fraud (rollers), listening to us more. These were the things I listed as reasons I wouldn't recommend LC to others at this time, and largely have influenced my decisions about LC going forward.

Like others I just recently decided to stop actively investing in LC and start directing my money elsewhere until I see improvement.

Website mostly does what I want- I've told them multiple times what they can do to improve there and they don't seem to listen. (Which is part of a larger trend IMO)

My only other question is did I miss anything key? If they do call I want to make sure I cover all the bases- not just the talking points they used to respond to my concerns and yet not address them.

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Investors - LC / Who buys a note like this from Folio?
« on: January 07, 2017, 03:16:55 AM »
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=61503198&order_id=114358862&note_id=98059822

I'm curious as to what others smarter than I think.

This note, along with 4 of its brothers sold for me tonight on Folio at a 38% discount. For me this is an older note from 5/17/16 when I was switching automation and had two systems purchasing. At the time this was a good note, however a few months after purchase the FICO plummeted. (FICO Graph attached)

The automation did what it was supposed to and listed the note as IGP- then Late 16-30. It paid to Current today. It's been Late 16-30 every payment the last 4 months. While I'm bummed to lose a little money on it, the Catbert in me is ROTFL right now at the thought that someone will likely lose out on their purchases when this note finally stays bad.

Is that a fair assessment or am I missing something?

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