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Messages - New Jersey Guy

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Off Topic / Re: Moving to Florida. Simon, loan me some money!
« on: May 11, 2014, 09:43:06 AM »
Well, I'm down here in Florida!  Sorry I've been offline lately.  I've been working my Folio account (with little to show) and that's been the extent of my online activity.

First things, first.  In order to fit in I've maxed out all my credit cards and skipped payments.  I figure once I can get my FICO just under 600 I should be about par with everybody else.  Then I'll ask Simon for loan, and I'll stiff him, too.

I don't mind the blistering heat.  I'd rather sweat than freeze anytime.  Besides, Never in my life have I ever remembered scraping sunshine off my cars windshield.  And the mosquitoes?  Not many.  The roaming hoards of Lizards keep them at bay.

Off Topic / Re: Use your Credit Card or get spanked!
« on: April 13, 2014, 04:33:44 PM »
Dang Core!  I'm not going to write a full blog on my one, isolated case!  I learned my lesson.  So the point is, if you have cards, you gotta use them.  That's it!  Post closed!

I can tell you're missing Dan!   ;) 

Investors - LC / Re: Peter's Tax Post
« on: April 12, 2014, 10:59:52 PM »
I think he did it on the 8949.  Like I stated on my post, the buy/sell numbers were less than the buy/sell numbers reported on the 1040D.  I figured he subtracted the losses there.

I do know the amount of gains he reported is exactly what my 2013 spreadsheets show after I deducted losses and charge-offs, so I suppose he's right.

Again, I've posted 100 times,  I don't pretend to understand any of this stuff.  I just stuff it all in an envelope and ship it off to him.  Although, I do know he does have experience doing returns with LC 1099's.  The whole time I'm on the phone with him, he's explaining this and that and I'm going "Yea", "Okay", "Sure".  In truth, the whole time he's talking I'm just scratching my ass because I had no clue what the fk he was saying.  He's talking and I'm thinking to myself " Yea, just ship that shit off and tell me how much I owe you so I can get it over with".

Off Topic / Use your Credit Card or get spanked!
« on: April 12, 2014, 10:44:13 PM »
I've had a credit card since 2006 with a $3000 limit.  Since it was nothing really special, I kept it aside for emergencies.  It's been sitting there, unused, for like the past 20 months. emergencies, and the bank, without warning, closed the card.  I lost 12 points on my credit score. 

Upon calling the bank, they said I'd have to re-apply if I wanted to reopen the account.  Sorry, but that would not reinstate the age of the card and would probably result in a hard pull.  In addition, a new card will cost you a few more points to boot.  I was steamed.

Lesson.  If you have credit cards sitting around unused, find something to buy even it it's only a few bucks.

Introductions / Re: Intro
« on: April 12, 2014, 11:00:50 AM »
I bet this community will grow exponentially given so many interesting people here.

Mmmmmm, that's correct.  We noticed a surge in new members when inmates at minimum security prisons were allowed to use the internet. 

Investors - LC / Re: Peter's Tax Post
« on: April 12, 2014, 10:57:19 AM »
Here is the paperwork my accountant used to file my P2P income.

Form 1040
Line 8A......Interest
Line 13.......Capital Gains.

Form 1040D- Capital Gains and Losses.
Line 1B......Shows what I paid for the notes, and what they sold for. 
Line 7........Shows the difference (profit)
NOTE:  Nothing for Lending Club is shown in Part 2-Long term capital gains.  So all gains were short term.

Form 8949-Sales and other Dispositions of Capital Assets.
I think he took the losses off on this form.  The buy/sell numbers are lower than what is on the 1040D, but the profit is identical.

Form 116-Foriegn tax credit.
I have no clue what this is for.

Form EIC-Child tax credit.
Nothing to do with P2P, just kids.

Investors - LC / Re: Unfunded
« on: April 11, 2014, 06:21:55 PM »
There was one that I know of.
It was a guy who produced porno films and was suspected of jumping out of a jetliner with a whole bunch of cash.

Off Topic / Re: Moving to Florida. Simon, loan me some money!
« on: April 11, 2014, 12:51:36 PM »
you probably gained a few IQ points.

Probably not.
I stocked up on striped shirts, sandals, black knee-high socks, and plaid shorts that you pull up over your belly button.
When in Rome.........!

Off Topic / Moving to Florida. Simon, loan me some money!
« on: April 11, 2014, 10:45:19 AM »
Just a quick note.  For those who may not have known, I'm relocating from New Jersey to Florida.  That's why I've been absent for the past couple of weeks.  I'll be arriving on Tuesday.

Knowing that, two things come into mind.

1.)  I can no longer be the New Jersey Guy.  So now what?  XNew Jersey Guy?

2.)  I'll apply for a $35K LC loan.  After it issues, I'll let my FICO drop 100 points and will default come September or October.  This will keep in line with Simons statistics on how Florida folks suck.

Introductions / Re: Newbie feeling late to the party?
« on: April 11, 2014, 10:32:46 AM »
I use Interest Radar. If you can get past the learning curve, the tool is extremely powerful. The best part is that it's the only service that filters notes on Folio in addition to the primary market.

Bohb is correct about getting over the learning curve in Interest Radar.

The overall mind-set new investors have about P2P lending is that you have to invest in new loans through Lending Club (or Prosper).  If your money isn't getting invested fast enough, Folio is an excellent secondary market, and Interest Radar is the best tool for it.

There is no law that says you are only allowed to buy fresh notes.  There has been a lot of discussion about how to buy high quality, issued notes off the secondary market.  Granted, you can't "Auto-Invest", and you have to look at each note individually.  That's where Interest Radar comes in.  It will cut through the thousands of notes and only present notes that meet your filters. 

Please consider bringing back the descriptions. In addition to helping investors, it contributes to the sense of "peer to peer" lending. I feel like this is a step away from the spirit in which Lending Club was founded.

There have been a lot of "steps away from the spirit" over the past 7 months.
With institutional investors grabbing loans as fast as they appear, Lending Club felt it just wasn't worth the extra steps (not to mention privacy issues).

I agree with you, though.  The personal touch is gone.  The description always gave you a better feel to whom you were lending money to.  Plus, I always get a kick out of default notes where the description says something liek "I always pay my bills on time and I won't let you down!"

Have to focus on the cost/benefit of it.

Gotta agree here.  Pursuing lawsuits cost money.  Lawyers cost money.  Additional personal to staff a law office costs money.  Is it worth sending somebody out to represent a BK-13 if the amount of the default is only $4K or $5K?  I don't think so.  Besides, like I said, it's not LC's money.  So, why should they have to pony up all the work and money?  Just not worth it. 

On the flip side.
Where do these loans go?  Do they just rot away forever in LC's computers past the statute of limitations?
If they were mine I'd bundle them up and sell them to an outside attorney who would be interested in pursuing them.  It's done all the time.  There's money to be made for the right person who has the expertise to go after it.

While defaulting on a LC loan can have a serious impact on the borrowers credit score, suing them seems unlikely. 

It was your money, not Lending Clubs. 

Borrowers - LC / Re: In need of a short term loan
« on: March 09, 2014, 06:02:35 PM »
 My THREE questions are: QUESTION ONE: Does your Gross $ Monthly Income include spouse, fiancee, partner? If not included, what is household's Gross $ Monthly Income? Or Gross $ Yearly Income? (FYI: Borrower who submitted application is income established initial eligibility. After funded, borrower income qualifies promissory note that must be issued. A-B-S-O-L-U-T-E-L-Y no cosigners. But does permit another's income to help repay your unsecured personal loans.) QUESTION TWO: All loans feature NO prepayment penalty. You initially selected 3-week loan repayment length. Time you realistically anticapte to service loan (active status) before is paid off: Full term: 3-weeks? or Short term (number days please): 2-3 days? 1-2 days? < 24 hrs.?  No intention to pay the loan at all, default inevitable? QUESTION THREE: All loans won't 100 pct fund. When listing expires, IF loan 60 pct PLUS funded, is eligible to be issued. Would you accept partial loan M-O-R-E than 60 pct funded? (Loans historically are minimum 80 pct funded; but usually end 90 pct funded.) (FYI: Partial, or 100 pct loan, APR identical. Required employment, optional income, verified early help loan quickly fund. Pace quickens when loan nears expiration date. Best option is FLEXIBLITY, because AON (ALL-OR-NONE) demand is rarely successful. If CC REFI, Debt Consolidation, Medical Expense, advantageous to accept 80 or 90 percent. fixed interest, term limited, partial loan to pay off higher APR interest debts. After 6-days current payments, you're automatically eligible relist unfunded $'s, or can list another loan purpose, $ amount. Partial loan reduces interest $'s paid majority of your more expensive APR pct debts. Partial loan is "Plan B" alternative that you should consider as backup option IF loan does not attract full 100 pct funding.)

Best wishes loan quickly funds. Lender 505570 U S Marine Corps Retired Va Bch VA

Investors - LC / Re: Folio Traders - Roll Call
« on: March 06, 2014, 10:20:16 PM »
Add in the obvious NJG and that brings us to 6

Yea, I'm here and have been watching!  I have nothing to add because I'm going through the first quarter blues (I mean red).

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