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Messages - WES

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Investors - LC / Re: Closed acc
« on: February 09, 2021, 05:18:01 PM »
AcaciaRose -- you'll need to phone customer service. They will mail you a check for the balance in your account.

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.

Investors - LC / Re: Worst Month Yet
« on: July 06, 2019, 04:24:40 PM »
Nice! This week my account is finally down to under 100 notes, and the balance is less than $700. I should be all done by early 2020.  :)

Investors - LC / Re: LC loan quality shift April 2019
« on: June 04, 2019, 11:59:33 AM »
Yep. I saw this two years ago -- I was a manual investor with very strict criteria. My yield over ten years plus is 9%, with several accounts, so I can't complain, but there's no way I could continue that now, and it's too much work to compete with the bots. Some time ago, I sold all my 60 month notes via Folio, at a small discount. I have a handful of notes left and should be fully withdrawn by year-end. Good-bye Lending Club. IMO things went downhill for the retail investor after the Renaud Laplanche scandal became known.

PS -- getting out of Strata (the IRA trustee) was a true PITA, and further evidence that LC doesn't want to bother with the retail segment anymore.

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?

Investors - LC / Re: Liquidating IRA account for rollover
« on: February 06, 2018, 11:04:05 AM »
Final update: I received my Strata withdrawal paper check today by USPS. The check is dated 13 days after LC sent the request. And today I received email from LC that Strata would also send a reimbursement of the $100 annual fee, at LC"s request since I clearly intended to close the account prior to the date upon which the fee was assessed.

Investors - LC / Re: Liquidating IRA account for rollover
« on: February 02, 2018, 06:04:11 PM »
Update: Strata finally closed out the account and cut a check. It took them two weeks from the time LC electronically sent the request! (Just enough time to ding me for an annual account fee?)

And I have not been reimbursed the annual fee, despite the LC rep saying that they would. O well.

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.

Investors - LC / Renaud Laplanche's Credify to compete in LC space
« on: November 16, 2016, 10:26:58 AM »

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 . . ."

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.

Laplanche & three others. SF Chron names Jeff Bogan, Adelina Grozdanova. Who is the other LC'er axed?

It's not the origination dates, although that's stupidly bad. It's the self-dealing via Citrix. Laplanche can't sail away from this mess. Looks like the yacht may be up for sale soon.

Investors - LC / Re: 7 year LC investor here, looking for other old timers
« on: February 13, 2016, 10:50:28 AM »
I dipped a toe into P2P in early 2007 with Prosper. My lifetime experience there was about 6%. My IRR was above 10% until I got bit by some of those "teaser" notes they offered in the old days, the ones with instant rebates. I invested cautiously in the days of the initial auction platform and never had losses. I closed that account to focus on Lending Club, a much preferable platform IMO.

I first invested in LC in 2009. My overall IRR across several accounts has dipped over the past three or four years, from a high of 14% to a plateau of around 11% to around 8.5% now. I judiciously tracked charge-offs for the first many years, and tweaked my filters accordingly. I tried pruning my portfolio by selling off late loans but found no measurable increase in performance for a hella lot of work.

Now, I use an automated investment program, supplemented with manual investments. I recently increased my individual note investment. I restrict my term to 36 months, and strive to eliminate duplicate investment in a single note across my accounts -- this is difficult and I wish LC would allow accounts to be linked for this purpose.

I have developed a relationship with a very good LC customer service rep, who has been there since forever, pays attention, gives a shit, and answers my questions. I have also participated in LC telephone interviews re my investor experience.

I sold my IPO shares right off the bat (thank you, LC!) for a nice profit. What other company allows "customers" to participate in their IPO? As a small investor, LC stock is too risky for my blood. I may regret that decison some day. Oh well.

General P2P Lending Discussion / PayPal freezes Kickfurther account
« on: February 01, 2016, 12:57:47 PM »
Message today from Kickfurther:
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 (

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.


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