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Messages - New Jersey Guy

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Florida doesn't know how like it is to have you as a citizen.

Thanks, Cnmor!

New Jersey sent me a "Wish you well....Don't come back" card.  I thought that was nice of them.

I really wanted to move out west to work with DanB in the porn industry.  Back in December, he offered me a job mopping up the sets after shoots.  But, I really think I could star in his movies.  I've been emailing him daily about it, but haven't heard back.

He must be real busy. 

If this is right, was the external agency authorized to negotiate a settlement? 

Phone Log Sept. 21, 2013, 2:33 PM PST:

Collections:  Good after noon Mr. Smith.  This is Mohammad from the collections department at Lending Club.  I'm calling in regards to your past due account with us.
Borrower:  You're who?
Collections:  The collections department for Lending Club.  You know, the people you borrowed $7,000 from.
Borrower:  Yea, so what do you want?
Collections:  Well, we were wondering if you were planning on making your account current any time soon. 
Borrower:  Well, I don't think that's any of your damn business.  I'm tired of this every month s**t and I'll pay it when I feel like it.
Collections:  Sure, I understand, and that is acceptable.  Do you think it's possible we could work something out?
Borrower:  Hardly.  But what did you have in mind?
Collections:  I don't know.  Maybe $10?
Borrower:  I need cigarettes, so that's not happening.
Collections:  How about $10 two weeks from now?
Borrower:  Nope.  I'll need cigarettes then, too.  What did you say your name was?
Collections:  Mohammad
Borrower:  Well listen here Mohammad.  It took me a while after sobering up to realize I spent that $7000 a month after I got it.  I made a few payments as a token of good will, but now I don't understand why I need to pay the entire balance.  I mean, it's not your money, is it?
Collections:  No sir.  I personally do not have any money invested in your loan.  But 220 other people do.
Borrower:  Well, screw them.  If they had the extra cash to loan me and other people, then they don't need the money.  I mean, what kind of idiots loan money to total strangers with no collateral? 
Collections:  Yes sir.
Borrower:  You know what Mohammad?  I like you.  You seem like a stand-up kinda guy.  So here's what I'm going to do.  I'll give you 300 bucks next month just to shut you the ***k up.  Then, I'll give you $1300 next month in December.  In January, if I feel like it, I'll give you $645.  Come February and March, another $645.  After that, not a dime more.  I don't want to hear from you, your boss, or any of your 13 wives for that matter.  I don't think it's fair that I need to continue paying this.  This is America, G** ***n it, and we don't have to pay our debts.  Take it or leave it greaseball.  What's your answer?
Collections:  Sir, that sounds like a very good deal. I will make the notes, and you.....
Borrower <Clicking sound>
Collections:  Hello?  Hello?  Sir, you still there?

End of call.  2:36 PM PST

You're right about one thing.  That note (and probably the others) are just moments away from default.

Typically, those notes will sell once they get to the $1.00 mark.  If his prices aren't close to that, he'd better hurry!

Investors - LC / Anybody Know What this Collection Log Entry Means?
« on: May 25, 2014, 12:36:55 PM »
This guy still owes 21 payments on his account.

What did LC do?  "Pardon him" from paying?

3/20/14 (Thursday)    Borrower completed all payments for the negotiated settlement amount and will not be making additional payments

Check Loan

Investors - LC / Re: wave of grace notes
« on: May 25, 2014, 12:12:14 AM »
My bleeding has seemed to slow down a bit.
For the month:

8 BK's (which will eventually default)
3 Defaults.

I probably have 2 dozen notes that I had to dump for $2 or less, because they went over 60 days late.  Like I said, it just seems like people have quit paying over the past couple of months.

Investors - LC / Re: Downloaded notes file - FICO's not accurate!
« on: May 24, 2014, 09:04:00 AM »
I think there's a lot that's not as accurate as you are led to believe.

I looked at a late note for sale.  The FICO chart showed a nice, even score for 7 months.  When I looked at the loan stats again, the loan was well over a year old.  The last report on the FICO chart was fall of last year.


Could be worse than that.
Could be wife and kids.
Pretty much the same thing except the later won't stop soaking you for cash/

General P2P Lending Discussion / Re: state requirement
« on: May 21, 2014, 06:56:54 PM »
Hey....what's wrong with Folio?  We bathe (every so often).

Check out this guys FICO Graph

170 Point drop in a month?  I've seen 200 point drops over the course of 4 or 5 months, but this one takes the cake.

I mean, you'd have to really work hard to drop your score that fast.  What do you have to do to achieve this feat?  Maybe he lost his job at Corkey's?

Investors - LC / Re: wave of grace notes
« on: May 19, 2014, 09:18:16 PM »
I got hit with 3 more defaults over the weekend.

Investors - LC / Re: wave of grace notes
« on: May 18, 2014, 03:22:02 PM »
See, this is what I'm talking about.  My newest Interest Radar email:

Loan ID    Note ID    Grade    Principal    Previous Status                       Current Status
1165300    9054473   D1 (17.3%)   9.12   Current                               In Grace Period
1165300    9048706   D1 (17.3%)   9.12   Current                               In Grace Period
1166036    9054480   D3 (18.3%)   9.23   Current                               In Grace Period
1227146    9899100   D3 (18.3%)   10.74 Late (16-30 days)               Late (31-120 days)
1227146    9865767   D3 (18.3%)   10.74 Late (16-30 days)               Late (31-120 days)
1543621    13795772   E3 (21.5%)   3.46   Current                               In Grace Period
6889518    29700166   F4 (24.9%)   23.65   Late (16-30 days)       Late (31-120 days)

No good news.  Just more people who aren't paying.

Investors - LC / Re: wave of grace notes
« on: May 18, 2014, 10:42:39 AM »
Yea, things have really taken a turn for the worst.

I had 4 Bk's in the month of April.  For me, that alone is pretty high.

Between May 1 and May 5, I got hit with 5 more Bk's.  Yea five in 5-days!
As of today (the 18th), I'm sitting on 8 Bk's for the month.
It's almost like I'm afraid to open up any email from Interest Radar.  Anymore, it's just bad news.

Slower Folio sales is really compounding the problem as these BK's and defaults just chew into what little profit I'm making.  But this is just part of the problem.  If I was selling more, I wouldn't care.

Lately, it just seems that borrowers just aren't paying!  I'm not talking about speculative notes.  I'm talking about good, Current notes.  I have notes that have paid perfectly for 20 months or better now all of a sudden missing payments.  I have notes going from Current to 31-120 days late.  I have past-perfect payers going on payment plans.  Heck, I think I have a note with only one payment left 100 days late.
Is anybody else with a quality portfolio noticed more notes going late?  Or is it just me?

Here's another observation.

Yea, I basically look at C,D and E grade notes.  We all know those aren't the best to begin with.  That's besides the point.
What's puzzling, is that it appears the majority all have FICO drops with the majority under a score of 600.  It's one after another after another after another.

When I pull up the FICO chart, I've noticed that the drops are very recent, perhaps over the course of the past 2 to 5 months.  These are drops ranging from 50 points to 120 points.  Just killer drops, even too severe for me!
It's another indication people aren't paying.  So what's happened over the last 6 months?

I think the only people making money from LC this year are the Bankruptcy lawyers. 

Interest Radar / My Bank transactions > Upload: Is it not working?
« on: May 15, 2014, 10:16:30 AM »
I couldn't get my notes to upload.

"Upload error
No note was loaded. Make sure the file was downloaded directly from Lending Club prior to upload, and try again."

Tried 3 times and kept getting the same error message.  I tried to upload an earlier list that I knew worked, and it didn't go either.

Investors - LC / Re: wave of grace notes
« on: May 13, 2014, 10:04:34 AM »
I notice the same thing once or twice per month.  I think it's a small glitch in LC system that usually corrects itself not long after.

On a sour note, though, I have noticed a lot of people actually missing payments over the past 45 days.  I've had a very rough time with bankruptcies, too.  They are killing me.

Investors - LC / Re: Percentage of X note(s) did not issue
« on: May 11, 2014, 12:45:48 PM »
Now that I'm in Florida, I tried my very first ever legal purchase of a note on LC.  In excited anticipation, I watched as my $25 sat there.  Yea, for nearly two weeks it just sat there.  The note didn't issue.

Since I'm used to purchasing on Folio, I'll stick to it.  The gratification is nearly instantaneous.  The only thing I have to worry about is that somebody actually makes a payment and I don't get the note!

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