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Messages - Debt Free

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1
Investors - LC / Re: Worst Month Yet
« on: January 25, 2020, 12:14:30 AM »
I am in the process of shutting down my SEP IRA this past week or so (~$240 cash in Strata, 69 charged off notes remain).

I spoke to Strata first and detailed my intentions of rolling (not direct transfer) the remaining cash and paying any fees with outside funds.  They stated quite certainly that there would be just a $50 final account termination fee.  I then spoke to Nate at LC.  He sent me the Account Closure Request (Strata form tweaked with LC logo and allowing the premature distribution WITH exception (something that is omitted on Strata's form quite specifically.))  The LC form gives a breakdown of Strata fees which appears to be different than the original form I received when I opened the account.  This form indicates account value < $10,000 fee of $50 and >= $10,000 fee of $150.  I originally thought the closure was going to run me $200+.  He also sent me a separate form for the transfer of the charged off notes to one of my taxable accounts.  I have a total of six accounts (2 IRAs and 4 taxable).  These will all be funneled down to one final account as a basket for all of the charged off notes.

If this plays out as described, total fees will run me $75.  $25 from a direct partial transfer of $15,000 last year and then this $50 for the final rollover.  Better than the $150 if I closed it all at once.  Probably could have avoided the $25 last year if I did that as a rollover as well as Strata told me there was no fee for checks.

I just got a followup email from LC indicating they received the paperwork and it is in process...
"...Your documents have been received! We're currently reviewing them and we'll be sure to get back to you with any updates as soon as possible. Typically, the account closure and Note transfer process can take 2-3 weeks to be fully completed..."

Hopefully this IRA will be wrapped up by the end of Jan or first of Feb and will post back with the final results.

2
Off Topic / Re: Cash Parking
« on: January 22, 2020, 08:37:15 PM »
Yes, I had seen the offer last week after the original post.  Put it off thinking it was a long term offer as I had seen the same deal mentioned on several other sites.  Then went to dig into it more and POOF! it was gone.

3
Off Topic / Re: Cash Parking
« on: January 22, 2020, 12:02:54 PM »
Was this a limited time offer?  I tried the link which didn't work.  Checked the Tab bank site and there was no mention of the Kasasa checking.

4
Investors - LC / Re: Worst Month Yet
« on: November 15, 2019, 12:07:18 PM »
Wondering the same thing.  I just sold the last note on two IRA's.  One shows $0.00 principal outstanding and 11/9/19 was supposed to be the last payment, but it now shows another payment owing in December.  Guessing some errant interest in the amount of something like $0.00032.

5
Reel those lines in boys!  Time to find a new fishing hole.

6
Investors - LC / Re: Other Investment Options at Strata
« on: August 22, 2019, 02:36:47 AM »
That is correct.  One "rollover" per year.  Thus my direct transfer for my first.  I finally gave up waiting and transferred the majority of my cash.  Was hoping that I would be able to liquidate everything prior to annual renewal (even though it was waived) and "roll it over" as I did with another IRA last year, but the issues with Folio prevented that.

Now I'm faced with having to convert the remainder to taxable and take the 10% hit unless Folio fixes the listing issues within the next year.

7
Investors - LC / Re: Other Investment Options at Strata
« on: August 20, 2019, 05:43:13 PM »
Direct transferred 99% of my SEP out of Strata for a $25 fee.  I have $200 across 15 notes remaining that the Folio platform will not list under "browse" feature for some reason for the past six months.  LC said they'd waive the $100 fee (due last month), but then I got an email from them stating that they are waiving it until September only.  A bit frustrating in that the Folio platform has bugs in it preventing me from selling off the remainder.

8
Investors - LC / Re: Cancelled and Cancelling
« on: July 30, 2019, 05:17:37 AM »
And the ? bubble gives no answer as well compared to the other categories.

9
I have twice.  Their response each time was that they were aware of it but it is Folio's issue.  Fortunately, I was able to unload 95% of my holdings prior to this bug rearing its ugly face.

10
Any filtered searches under Folio I make result in error pages.  When this started several months ago, I was able to simply clear my browser cache and the problem would go away.  Now even with a cleared cache, I get nothing but errors.  Wonder if it is related.

11
Another SMF forum that I admin on was attacked in the last 24 hours as well.  Recruit more moderators to handle these as they come in and it helps a lot.

12
Investors - LC / LC now dropping E grade loans
« on: May 07, 2019, 11:51:33 PM »
Posted on LC's front page today...

Investment Update posted 5/7/2019
As of May 7, 2019, LendingClub stopped offering new grade E Notes except those corresponding to certain previously qualified or approved loans.

Effective July 1, 2019, no grade E Notes or loans will be available on the platform.

13
Investors - LC / Re: How did this note ever recieve an A1 grade?
« on: November 10, 2018, 07:13:57 PM »
14 closed credit lines / loans that still appear on the credit report?

14
Introductions / Re: Lack of judgement
« on: July 14, 2018, 04:54:57 PM »
Lenders literally "have heard it all".  You borrowed the money.  It is YOUR responsibility to pay it back.

It is real simple to track your own payments and know if they had not taken a payment out.  You could just as easily have called them and say, "Hey, I see you haven't taken my payment out.  Let me make my payment now."

Your statement about absconding with the money to Mexico is a convincing confession to criminal fraud.  I hope Prosper opens a case with the police.

15
Yes, we all got the same notice.

However, when I skimmed through it this morning, I found this clause...

"Based on the analysis performed by Federal Lead Plaintiff and its damages experts, the estimated average recovery per share for a Class Member from the Settlement Fund (before the deduction of any Court-approved fees, expenses and costs as described herein) would be approximately $0.45 per share...(sic if all Class Members participate, yada yada)"

Again, I just skimmed it before I left, but that is the one thing that jumped out at me considering it last closed at $3.32.

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