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Messages - PennySaved

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PennySaved Taxable   7-10-16

Adjusted Net Annualized Return 8.36%

Weighted Average Interest Rate  12.94%

Weighted Average Age of Portfolio  22.5 mos

Number of Notes 4,048  (Of these, 1057 are paid off, 237 are charged off)

A    12.2%
B    28.7%
C    42.5%
D    10.2%
E    5.6%
F    1.1%
G    0.7%

42.2% 36 mos.   57.8% 60 mos.

I have stopped reinvesting and have started to sell notes on Folio.
I also have an Roth IRA account, will have to dig up stats on those numbers later.

Investors - LC / Re: 8349 Form for charge off loans
« on: April 13, 2015, 05:40:42 PM »
The problem is that LC is not reporting the chargeoffs on a 1099-B form, like Prosper does. They are reporting them on their own created form called, 2014 Schedule of Charged Off Notes.  It does not have this code "M" on it.  So that is why LC is telling you to use the code "M" in column F of Form 8949 when you report these chargeoff on Form 8949.  I don't know if you can create your own 1099-B form for the chargeoffs.  I don't know anything about the tax software.  I have always done my taxes by hand.

Investors - P / Re: 1099-B Tax Form - Charge Off Reporting - Date Sold
« on: March 03, 2015, 05:28:02 PM »
You are supposedly to report all the charge-offs as short term loss, regardless of the date.  IRS requires that losses due to bad debt be reported as short term losses.

Investors - LC / Re: Charge off or sell off?
« on: February 24, 2015, 03:51:31 PM »

or   Lending Club Secondary Market: Profitability of Trade and Recovery Rate with Loan Status at Listing

Also there are many other good threads on charge-offed loans on the LC PeerCube forum.

Investors - LC / Re: Does Lending Club ever sue?
« on: February 17, 2015, 09:05:57 AM »
Your 2014 Consolidated 1099 Package and Details from LendingClub only reports your 2014 chargeoffs.  Recoveries reported in 2014 could be from other loan charge-offed in years prior to 2014, if you were investing with Lending Club prior to 2014. 

Investors - LC / Re: Notes I Had Funded "Disappearing"
« on: January 31, 2015, 08:40:42 PM »
I think I have about ten of these "Disappeared" notes showing up on the LC 1099-B tax form for recoveries.  They show the Sale price as $24.xx and the income as $0.xx and Gain/loss as $0.00 (zero).  All were sold on 11/6/14.  I tried to find the first couple by searching on the LC Website in my account but they are not there.  I looked at All notes, searching by both Note ID and Loan ID, but could not find them.  So I guess the small amounts of change per note was refunded to the investor when the loans were taken back by LC but it seem strange how it ends up on the 1099-B recovery form.  It is not technically recovery of defaulted loan, but since the gain/loss reported is zero, I guess it has no effect on my taxes.    I will report it on my tax forms because I like my numbers to match up to what LC submitted to IRS.  Date of acquisition for all ten notes are various dates in Sept 2014.

Investors - LC / Re: Notes I Had Funded "Disappearing"
« on: January 28, 2015, 04:07:32 PM »
Apparently LC sometimes takes back loans that they had issued.  Discussed on previous thread

General P2P Lending Discussion / Re: Lenders population breakdown
« on: January 09, 2015, 01:55:54 PM »
Also a Costco member!

General P2P Lending Discussion / Re: Lenders population breakdown
« on: January 09, 2015, 01:54:42 PM »
LC individual investors are required to have at least $70K annual income or net worth.  So that tells you something.  I seem to remember an older Lend Academy thread where posters were voluntarily providing personal background information, but I don't know how to find it.    I am LC and Prosper lender because of the low interest rate available for savings.  FYI, I am older (fiftysomething), white, but female.  Also engineer (chemical engineering) and Federal govt employee.

Investors - LC / Re: UPDATED: Opened at $24.75
« on: December 11, 2014, 03:40:34 PM »
I'm taking out a 35000 dollar loan to buy LC shares fue fue fue

Will this be a LC loan?

Investors - LC / Re: LC Share Allocation
« on: December 11, 2014, 12:26:04 PM »
I only asked for 250 shares and I got 175.

Investors - LC / Re: IPO Pop - Place Your Bets
« on: December 10, 2014, 10:10:42 PM »
$17  Hey, I once won the office basketball tournament pool based on sheer guesswork and knowing nothing about basketball teams.  I will be drinking whatever red wine was left in the unfinished bottle I took home from the condo holiday party last night.  I don't drink hard liquor much- I get into too much trouble when I do.  I remember drinking rum and coke in college for 25 cents a pop when they were on special at our favorite watering hole.

Investors - LC / Re: IPO Eve. IPO Changed to $15 a share!
« on: December 10, 2014, 09:44:00 PM »
I just confirmed for 250 shares.  I had already transferred $4K to the Fidelity account, that was the maximum I was willing to spend (gamble)or (lose).  I have never bought any stock of one company directly before, only bought shares of diversified funds.  Part of me thinks I might be crazy for participating in this and part of me says go for it and take a risk.  Just like when I starting investing a bit at a time in LC loans back in March 2009 and that has worked out well for me, so far.  Does any one know what the broker fee will be?

Thanks for heads up on the DSP confirmation timing.  I am not see any emails from Fidelity yet, but I will keep checking tonight.

I would guess no one has 4000 shares, it's all 350, based on how much of a pain in ass it would be for LC to tailor make their offering for the 100 odd people that have enough loans to qualify for super special treatment, but aren't actually sitting on the company board.

Conversely, if it isn't hard to tailor make a 4000 share offering for a special snowflakes, why not give 1000 2000 3000 share stepping stones for the less special but still baller investors?

Conversely conversely, I don't care either way, what I came here to ask is when do call put options open on LC?

The only original reference I saw to someone getting 4000 shares was in this comment below:
Sully December 2, 2014 at 5:53 pm
Rec’d the e-mail from Fidelity. Minimum intent to purchase is 25 shares…maximum is 4000. At least that’s the e-mail I rec’d.

Sully was making a comment on Peter's LendAcademy homepage Dec 1 article: Lending Club Offering 50 Million Shares at $10-$12 in IPO

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