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Messages - Rhonda9080

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Foliofn - LC / Re: Getting Shafted Buying Notes?
« on: September 25, 2017, 01:49:55 PM »
I have now been noting when the last payment was posted so I don't get into the cancelled, payment processing thing like I did before. Not rocket science, but I didn't understand at first why some sales or buys were cancelled. Dumb me.

Didn't know that about deceased! ****I like your Will Rogers quote so much!

Went from 12 to 6.5%.  >:(

Investors - LC / Re: Where is the sweet spot for loans? C,D,E? B,C,D?
« on: September 18, 2017, 10:24:50 PM »
I leaned a little too heavily on D, E, HR when I first started Prosper and LC. Prosper has been a little more steady, but my LC recently tanked with 37 charge-offs, and abt 10 right now in late period. ALL were D loans or lower. Its hit me pretty hard and I have been adding much more diversity and playing a lot more on the secondary market to rebuild. Also - the smaller your portfolio, the more you need balance. ****I haven't had an A, B or C loan charge off or default on either site in three years, but this could just be luck of the draw. Biggest thing I've learned, carefully choose your criteria as far as monthly payment vs income, delinquencies, credit usage, debt to income ratio. When I buy on folio, I usually go only for loans with 18 payments or less, credit going up or staying steady - check the income vs monthly payment. Hope this helps!

but use money to reinvest only in seasoned loans on folio with less than 15 payments left. I even bought a couple with less than 5 payments.

I did a project earlier in the year buying only loans with less than 15 payments and it was just as big a grace period rate as the regular loans. So far all recovered. I purchased on the theory that these people would pay off the loan if they had already paid into it but it seems like that doesn't work and they just get lazy about paying at all.

FYI. So far I have had 4 loans with 2 payments remaining go charged off. One of them was a bankruptcy so that is understandable. I wonder about the other 3. If things were that bad shouldn't there have been a bankruptcy involved? If things were not that bad...did they just choose to forgo the LC loan because they thought it would be the easiest to default on with less repercussions than say a credit card default?

I guess in the grand scheme of things you would rather have one pay for 34 payments than one with only a few payments...after all I did make money on those 34 month payment loans...I just wonder sometimes...

I guess with this type investment - its the risk one takes to (potentially) earn higher interest than measly bank "savings" account. I needed hit to my LC investments like hole in the head having recently been faced with a disabling disease, so I guess I'm a little in panic mode to get my LC investment back above water. I'm going to stick to a very strict criteria and hope for the best. As we all know, hardships happen. One wonders if such a default as described could even be due to a death or serious illness. I know that I have taken a serious hit with my income since my diagnosis, but so far, have made all my bills and debts. But it can be a struggle. 

« on: September 17, 2017, 09:27:52 PM »
Based on the better returns and liquidity, I'm thinking to let my Prosper account run its course, using reinvest at LC and their Folio secondary market. I really like Prosper, but the lack of liquidity is a big drawback for a small investor. 

FolioFN - Prosper / Re: FolioFn discontinued
« on: September 17, 2017, 09:23:23 PM »
This is an old thread, but having recently discovered Folio secondary market for WAY better returns on my LC notes, I am considering letting my Prosper notes run their course. The lack of liquidity is a problem and a bit scary for me as small investor. Plus, I like to play, even if its just extra peanut returns  ;D

General P2P Lending Discussion / Re: Fred93 returns - Lendingclub vs Prosper
« on: September 17, 2017, 09:19:33 PM »
I started off with exact same amounts in LC and Prosper, but over time, Prosper has not been stunning, and lagged behind LC until suddenly - just in past few months - I got a flurry of late and charge-offs in LC. Whoa! It was bad! I am getting LC back on track by use of the secondary market by selling off any questionable, late or non-seasoned notes. Returns so for 23+% (but only for the Folio notes).
While Prosper has slightly out-performed, using the Folio secondary platform has opened up more liquidity for my (SMALL) investment capital.

You just perfectly described me as Prosper borrower! I was never later on CC or loan payments, but my credit score drifted down over time, even though I was actually paying more than minimum amount each month. AND I am self-employed! I looked so much worse on paper, but as a x2 Prosper borrower, I turned out to be worth the risk.  ;D

Yeah, Prosper's lack of secondary market outlet makes me nervous. :-\

Foliofn - LC / Re: Was this a Good Deal or What?
« on: September 17, 2017, 08:24:17 PM »
Lucky you! As a buyer, my experience with secondary market has been good (23+ % returns on folio notes!!!) but I wish I could increase my sales of non-seasoned notes. I'm getting mediocre sales at abt 2.50 markup - but these are my falling credit or unseasoned notes so maybe I should be content? 

Recently, after a huge walloping loss to my LC account due to flurry of late and charge-offs, I greatly boosted my LC returns by buying only on the Folio platform, sticking to seasoned notes, etc. I'm so pleased with results so far that I've been rolling over my all reinvestment money from LC into the folio platform. I have a so-so 6.35% return from Prosper, but I'm considering liquidation as loans are finished because they don't offer secondary market.

Can anyone explain to me why Prosper discontinued secondary market? As a very small investor with little fresh investment funds, it certainly makes me nervous that I can't sell or buy - especially notes I could get at deep discount. Any opinions or discussion on this would be much appreciated!

General P2P Lending Discussion / HELP! LC portfolio got slammed to -2.57!!!
« on: September 17, 2017, 08:07:44 PM »
I am a very small investor on both Prosper and Lending Club. Recently, my LC portfolio got slammed to -2.57 due to a flurry of late and charged off loans. Oh! The pain in my little purse! Anyway, I was considering complete liquidation when I did a little study of the Folio platform and decided to try sell-off of all unseasoned loans, but use money to reinvest only in seasoned loans on folio with less than 15 payments left. I even bought a couple with less than 5 payments. My Folio notes return is projected at 23.32% now, and combined (with adjusted for past due) is now -59. I guess that's better than -2-57? Is there nya good long-term strategy for recouping losses and getting my P2P back on track?

Any advise would be very appreciated. I have my late and grace period notes up for sale at deep discounts (abt-30%) but no takers.

I also wish in some ways I could liquidate Prosper because they don't offer secondary market anymore, and I could use the liquid investment money to work with, but they are outperforming what I see on LC right now. Any advise there?

Thank you!

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