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Messages - lascott

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My son has sold all his LC notes.  All the money was transferred to STRATA with the transfer transactions matching between LC and STRATA.

However, his STRATA account shows over $40 for a balance in 'Unsecured Notes balance' still.  Has anyone else seen that?

We emailed both STRATA and LC about it but have not heard back.

Off Topic / Re: Cash Parking
« on: April 19, 2019, 10:51:29 PM »
The funds I chose to use for the IRA CD were at Fidelity in a Treasury ETF, so I sold and waited for settlement. When the cash was available in the account I completed the Fidelity form requesting the FBO check be mailed to me. Fidelity required a medallion signature on the form which I acquired at my bank (with much more bureaucratic difficulty than I thought reasonable). I mailed the form to Fidelity next day mail. Fidelity was quite responsive and mailed me the check within a very few days. ...
Aside: I think you can just drive to one of their many branches and sign it in front of them instead of the medallion sig. I've done that with other forms.  Maybe you don't have any near you but just in case others need to do something similar and it works for them.

I wish I knew more about China. I feel like the potential is huge over there. Does anyone know of a company that serves sort of as a middle-man over there?
And people think LC is risky!

China P2P Lending Crackdown May See 70% of Firms Close
By Alfred Liu
January 1, 2019, 9:15 PM CST

The number of Chinese peer-to-peer lenders may drop by 70 percent this year, a research firm that tracks the industry says, as the nation intensifies a crackdown on riskier forms of financing.

As few as 300 companies will remain by the end of the year, according to an estimate from Shanghai-based Yingcan Group. The number of operators dropped by more than 50 percent to 1,021 during 2018, it said, adding that thereís been no new entrants into the market since August.

Chinese leaders are dramatically shrinking a market that spawned the nationís biggest Ponzi scheme, protests in major cities, and life-altering losses for thousands of savers. Authorities are planning to wind down small- and medium-sized P2P lending platforms nationwide, people with knowledge of the matter had earlier said.

for years, Ross, DLIís 100% owner and then-chief executive officer, arranged with QuarterSpot to falsify borrower payment information for QuarterSpotís loans and to falsely report to DLI that borrowers made hundreds of monthly payments when, in fact, they had not.

many of these loans should have been valued at zero, but instead were valued at par, because of the false payments Ross helped engineer. The effect of this was that, between 2014 and 2017, DLI cumulatively overstated the valuation of its QuarterSpot position by approximately $53 million and misrepresented the Fundsí performance by approximately two to three percent annually.
Wowzer!  If the SEC investigation proves all that this is pretty bad and ridiculous for audit/transparency of DLI.

I don't know which credit bureau the CreditKarma score uses.
Did you pull a credit report from all 3 bureaus?

TU and EQ. I've been using them for a number of years. Like that they notify you if something changes.  I'm not their best customer because I don't get more CCs or home loans or personal loans via their affiliate links. :)

Some information provide here:

Direct Lending Investments Suspends Investor Withdrawals
Leading fund manager suspends withdrawals after a large holding defaults

From the investor letter:
VOIP Guardianís amounts due from these delinquent obligors is now $160 million, with the result that VOIP Guardian in turn remains unable to make its payments due to the Funds. We now suspect that the cessation of payments is the likely result of misconduct (although we have not yet determined by whom) and that a substantial portion of the $160 million may not be recoverable.
Again, here is what Brendan says in the investor letter:
The General Partner and the Board took this action because they determined in good faith that such a suspension is advisable to protect the Funds, including because it would be inappropriate to use the Fundsí liquid assets to redeem some investors ahead of other investors. The General Partner and the Board currently expect that the suspension will be in effect for an extended period of time. The Funds may make distributions and payments during this period if they determine that it is appropriate and if the Fundsí liquidity so permits.

Investors - LC / Re: Lending Club Notes AutoSelection Tryout
« on: March 19, 2019, 04:52:12 PM »
I want to share some update about this auto selection.

I invest 250 usd per week and it has been going for 1+ month. Here is an initial collection I got.

I will keep you guys updated. Actually, I am not sure about the performance. But since this model is trained with GBDT with 85% acc on C-F notes, I am thinking this could have a better performance. I will keep you guys updated
Keep testing but remember... it will take a couple/three years to see how it ends up.  There are stage/seasons to this type of investing.

Here is a article that talks about 3 seasons.

From AnilG/PeerCube:

Investors - LC / Re: Six month review of my Lending Club account
« on: March 08, 2019, 04:30:11 PM »
Did you study about p2p lending before you started? I guess not.

Wow....helpful.  Sure you are joy to be around.  Someone asking a question or exploring a concept is a bothersome thing for you.
I think you are misunderstanding. The person complained that at about 10 months defaults happening.  However, there are a LOT of articles on the timing of when you start LC lending and transition periods. Did you see/read the article I pointed to?

Investors - LC / Re: Available Cash -$1.49
« on: March 08, 2019, 12:03:15 AM »
OK, and more weirdness.

For loan 54885881 there is a pending payment of $0.53 for 3/5/19. When I look at my activity history for 3/6/19 I see that pending payment as -$0.53 whereas on 3/5/19 it's there as +$0.53

So it looks like on the 5th they credited my account 53 cents, and on the 6th they took it back. In the meantime they let me spend that money (and some others) and my account somehow ended up then with a negative balance.

I guess that's an explanation, but it doesn't seem like they should be crediting money to me that they haven't actually received. Weird.
I am seeing some of this too.

Borrowers - LC / Re: Loan funding help
« on: March 07, 2019, 09:30:36 PM »
Updated post. Almost there only 5025 more to go!
Thanks everyone who has helped so far!
As people get paid from previous loans (notes) then they have cash to invest in new loans.
As well as new investors join then they will be looking for loans to invest in.
It would appear your loan will be funded within a week at the rate it is going.

Funding Received   $26,200 (87.33% funded) ($3,800 left to get to $30K).
Investors         615 people funded this loan

Investors - LC / Re: Six month review of my Lending Club account
« on: March 07, 2019, 07:41:12 PM »
Unhappy because for the past few 2-3 months there has been gain anywhere from -1% to +1%. This is because of sudden explosion of defaults after about 10 months.

Would you share why you are unhappy? I'm not trying to assume anything and always like getting another perspective.  You might shine light on something that I'm not looking at.
Many of the newer folks have not researched enough I don't think.

Here is a article that talks about 3 seasons.

Borrowers - LC / Re: Loan funding help
« on: March 05, 2019, 03:55:08 PM »

Borrowers - LC / Re: Loan Status
« on: March 04, 2019, 11:08:33 PM »
<snip> Thanks for the edit btw and would you remove it from your quote 👌 lol thanks again
Keep up the great attitude!
(I did edit my quote).

Borrowers - LC / Re: Loan Status
« on: March 04, 2019, 10:48:33 PM »
Greatly appreciated, I feel like LC has been running me in circles and noone has been giving me a straight answer, thank you again very much!

I hope to get it funded and pay it back sooner then 3 years, my wife is working on another promotion soon and me another raise, this is to take care of all of our cards, loans, etc and just have this 1 loan and bills 👌 we make sure everything is balanced and paid on time if not early, anyways! Thank you again..
You are very welcome.  You two would be smart to pay it off sooner as paying interest just uses up (sorry to say 'waste') a lot of money that you could do something else with (emergency fund, savings, some celebration).  You should keep and use your hard earned money and not pay it in interest. Cool to use credit cards on a budget so you can pay them off monthly (avoid interest).

It appears since your joint income has been verified (* - in my graphic) that you are very likely to get your loan as I think people trust this type of investment more because a) joint account (two jobs) and b) no income inflation trickery.

Dylan,  I would edit your first post and get ride of your last name if I were you.

Borrowers - LC / Re: Loan Status
« on: March 04, 2019, 10:28:59 PM »
Good evening, I'm currently getting an loan with my wife and we have a 3 year plan set for this loan once it's funded the issue I'm having is 2 people from LC say it's funded one says its partly funded and one says it's going to be deposited soon. No update emails or updates lol just says "your application is under review"

The loan # is 147960968
Any information anyone can get for me would be appreciated, because this loan is to pay off all our credit cards, other loans etc and just have 1 set loan for 3 years and be done 👌

Thanks for your time and consideration
The Family :)
Best of luck. It does look like it is 72% funded (top right).

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