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Messages - kib

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@jctraugott, I absolutely agree with this.  I haven't been in from the beginning, but I've seen many of the things you mention and yes, this one is the straw that's breaking the camel's back.  I've gone from feeling like part of the team, to feeling ignored but functional, to this "talk to the hand" business.  The risk of non-liquidity was always clear, but there was no stated risk that I suddenly wouldn't be able to reasonably manage my money OR get it back.  This is like they locked the door to participation with all my money on the other side and they won't even acknowledge it.  "You want out?  Sure, just go to this secondary site and put your notes up at a 20% loss and we'll take the profit from that, thanks for the donation." 

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Investors - LC / Re: So Done.
« on: October 23, 2019, 11:30:19 AM »
@anilG   ... from my perspective, this model was supposed to give ordinary folks a modest market share, letting them give other people a hand while still allowing them to earn something on their money, while helping other ordinary folks not get fleeced.  To step away from Big and create a more reasonable peer to peer experience that was still not as risky as private lending to one individual. It wasn't supposed to be just another pie for the institutions which have everyone by the b*lls already.

There's also this:  investors in multiple states including mine have been blocked from participation in purchasing notes.  The risk of non-liquidity was always clear, but presently my money is locked up and not only is it illiquid, I can't manage it properly.  If I want "out" from this nightmare my only option is sale at a deep discount on the secondary market, and said discounted notes will be immediately swept up by a big bank bot, once again screwing my fellow small-time participants in favor of the wolves.

I'm sure this was naive of me, but right now I feel like this is the worst of worlds:  Big gets almost all of the profit, the platform, tools and process available to ordinary people seems shoddy and suspect, and the lenders are locked into whatever nasty ride Big cooks up next.





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Investors - LC / Re: So Done.
« on: October 22, 2019, 11:21:44 AM »
I'm not that emotional about all my investments, but this one I got into to help people.  Real people, not banks and wall street.   I feel totally violated.  And I don't have a huge stake in it.  Just so disgusted, I had to vent.

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Investors - LC / So Done.
« on: October 21, 2019, 08:11:33 PM »
This started as a way to eliminate the middleman but that big fat f*** is now the only one benefiting from Lending Club.  Social benefit is gone, help for small time borrowers is gone, profit to small lenders taking the biggest risk is gone.  Get OUT!!  And if you never got in, for heaven's sake don't even think about it.

Are there actually any small investors left here?  I just can't wait to be out of this suck hole of an investment.  What I've observed and it's gotten worse in the last few months:

I'm not even going to talk about the legality of putting people in a position where they can't actually buy new notes and are forced into this lame secondary market where a return of 4% is a small miracle.  Can't really participate and can't leave.   WTF and thank St. Peter I don't live in Ohio, where apparently all holders of IRAs are forced to look at their cash build up at 0% with no decent option to either invest or remove it without a fee that eats up whatever little profit they managed to eke out.  And what's with the total opacity about this?  Temporary.  Working on it.  No explanation of what the problem is and how they're trying to solve it, which basically is like an "out of order sign" that's got a layer of dust on it:  we have no intention of addressing this issue.

While I'm visiting with this particular pos, did most of you get that $25 gift card and an explanation?  I have a regular and an ira with LC and I have combed my emails from both.  No one said Boo to me, I discovered this lovely surprise fail by trying to use my phone app and finding out it didn't work, and certainly no $25 apology.

Bot activity seems way up.  Even a marginally decent note, not to mention some lovely outlier I happen to see like a comet flashing by, stands no chance of being available by the time I can try to buy it, even if I go in blind without opening it first and hope for the best.  Oh look, a note at sev ... never mind.   

I'm putting notes up for sale and they just disappear into the ozone.  My friend looks to see if they're available under her own account with every search criteria imaginable and no, they're just Gone.  Sometimes she can see other pieces of the same loan, but not mine.  This seems especially prevalent with problem notes.  I try to sell something that's 16 days late at a big discount and it just never comes up on the floor at all, I wind up holding it for months until it dies in my hands.

Big is apparently tightening its bot criteria.  Even a measly 4% return on a high quality note is often too much to ask, they're all gone.  All.  Even the ones with hidden issues.

Stupid timing seems to keep some bad notes in my portfolio forever.  I've got a sale pending and all of a sudden it's cancelled because some collector has tried to run a bank payment after the client has just said they can't pay.  Over and over.

There seems to be no continuity.  Some debtors are hounded multiple times a day about a note that's 6 days late and others, it's like 'where the hell did That come from' because I haven't seen word one about it being late until suddenly it's showing up a month later, with basically no collection attempts.

My other beefs that haven't changed over time:  Why isn't there an easy way to see the remaining duration of notes in my portfolio without either opening them one at a time or messing around with a Folio hack.  Someone else said it, the information that's given is mostly unimportant and useless and what you want to know is buried and needs pliers to get at.

Why is there no ability to archive notes that have been sold years ago.  If I use the portfolio sort function, there's then no way to get an overall picture of all the notes I actually own in the present, "all" includes utterly misleading and useless information from notes owned back to 2015.  I might, theoretically, want to wax nostalgic about 14,000 notes I'll never need data on again.  In the mean time, could you please get them the %^&* out of my way?

Summary:  Let's just hit the refrain again:  This started as a way to eliminate the middleman but that big fat f*** is now the only one benefiting from Lending Club.  Social benefit is gone, profits to small lenders taking the biggest risk is gone.  Get OUT!!  And if you never got in, for heaven's sake don't even think about it.



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Investors - LC / Trying to track bad notes
« on: September 12, 2018, 01:26:15 PM »
So anyone else having the issue that notes 31+ days bad suddenly show up without warning?  Yesterday I wrote down everything that was 31+ in my portfolio, as well as everything 16-30.  Today I check it and there are two new notes in 31+ that never showed under either filter before.  So I basically had no opportunity to sell these notes while they were still just marginally awful and someone might have picked them up at a 20% discount, and now I'm stuck with them til they die.  Thank you, lending club.

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Investors - LC / New Platform, Part 2
« on: July 10, 2018, 11:16:48 AM »
Ok, so apparently enough people complained about the new platform with the pie chart and so on that they rolled the interface back to the old version. Thank you, Admin!!!  Not sure if this is going to be a "try, try again" situation or if they just gave up, but IF they're going to roll out something else, what would you WANT to see in a new interface?

I did like being able to see loan and note ID on one screen, that was a nice improvement.

I want to manage my portfolios by seeing the note, the portfolio it's currently in (including no portfolio at all), and have the ability to assign or reassign that note to a different portfolio, on the same screen. (Like we do now). 

My number one feature that's currently missing would be the ability to see the projected maturity date of my notes - or at least the remaining number of payments - without having to open each one individually, and have the ability to sort them by maturity date.

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Investors - LC / Re: New Platform
« on: July 10, 2018, 11:03:56 AM »
Looks like they rolled this back to the old interface?  If so, was it because of our incessant bitter complaints?  Maybe other "changes" are in the works.   :P   Keep it coming!!

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Investors - LC / Re: New Platform
« on: July 03, 2018, 12:20:35 PM »
I called again this morning as my unassigned notes are starting to pile up and it's basically impossible to find them using the details screen.  Rep directed me to portfolio screen which states in tiny font that I have 13 unassigned notes.  The 13 is blue, so I'm supposed to know to click on that to bring them up.  Ah, of course. I can see why this is in eight point type hidden on the second page because this is so much less important than


A GIGANTIC USELESS PIE CHART IN THE MIDDLE OF MY DATA.


Seriously, if anyone's listening, pie charts are for selling things and broad overviews.  Useless for real time feedback or precise management.

13, when I clicked on it, sent me back to the useless details screen listing all 1000+ notes.  oops.

After putting me on hold for a few minutes, rep came back with the word: there's a bug and they're working on fixing it.  Really?   How fascinating!  Are they really working on it, or are they just trying to find a way to insert a sparkly heart and a smiley face in my chargeoff screen? (Must say rep was awesome and apparently just as unhappy with the new layout as the customers.)

While I'm at it, if they're redecorating the entire ballroom, why not put note portfolio assignment functions on the PORTFOLIO PAGE instead of the note listing page?

 I didn't inquire about any of the other problems as I don't use those features, but I'm guessing there's a bug they're working on to fix those too.  Or maybe, I've just spent more time and effort creating this post than anyone's directed toward making a viable website.


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Investors - LC / Re: Worst Month Yet
« on: June 28, 2018, 12:10:12 PM »
I'm 55 years old and I have been personally investing for 40 years in everything from EE bonds to REIT trusts to options trading.  May I summarize in nine words or less?

LENDING CLUB IS THE WORST INVESTMENT I'VE EVER MADE.

Well I should qualify that.  My LC Roth is the worst investment I've ever made, the regular LC account comes in second.

The returns are disastrous, the amount of control is non existent, the amount of DAILY work is insane compared to investments with a similar return, the question of fraud, non-compliance and malfeasance both by the company and the borrowers is ever present, avoiding middle-men was the whole reason I got into this and they betrayed my trust when they went public, and the glide path for getting out of this nightmare is five years - during which, for the Roth, I have to keep a note balance of $10,000 or incur a $100 annual fee no matter how bad the account is tanking through no fault of my own, which means a little tiny window of eligible maturities as I hang on and wait.  I wish I'd stuck this money under my mattress, or given it to a worthy charity, or maybe even flushed it down the toilet instead of giving it to a bunch of dishonest bureaucrats and outright deadbeat thieves who can't even manage their own credit cards, the pigs.

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Investors - LC / New Platform
« on: June 28, 2018, 11:55:25 AM »
Oh holy f***.  Let me guess.  Some 22 year old genius who has never owned nor managed an LC lender account has created our wonderful new platform that makes it basically impossible to customize and manage portfolios.  Thank you so much, Lending Club.  Like this investment didn't suck enough.

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"The yuppies flipped houses to poor folks.  The banks waved both in with a grin.  The government insured all the papers.  The taxpayers got robbed, again!"  +1.  It doesn't really matter if it was flippers or po folk.  Markets created a demand for mortgage loans because they were seen as so safe.  Banks filled the demand with crap loans to everyone on earth.  And then it all fell apart, what a surprise.

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Foliofn - LC / Re: I just made a $4500 donation to the Folio community
« on: October 16, 2017, 02:20:35 PM »
Bump

sorry for your loss.  How do you filter notes in your portfolio by credit rating?  I place great stock in fico scores, and I'm pretty tired of having to open each and every single note to see anything but the meaningless arrow.

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Investors - LC / Re: Throwing in the Towel
« on: October 16, 2017, 01:54:59 PM »
I have to admit, I place enormous faith in FICO scores.  Maybe this is naive but I feel that someone with a FICO of 800+ worked for and earned that, and is a lot less likely to game the system and trash that kind of a score unless they're planning suicide or a run to Canada.  It's not necessarily that high scorers are more moral than other people, but they have something significant to lose with gaming shenanigans. So far I haven't been burned on any new loans to the 800 club.  (Have to admit I'm still considering leaving, as these more reliable loans net about 4% after fees and I can do better with an insured muni bond with No Work Whatsoever and the possibility of a better return than the stated rate if I time it well.  oh yeah, and almost no tax liability either.  Jeez ... why on earth am I here?

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Investors - LC / Re: Develop Loan-Picking Algorithm
« on: October 16, 2017, 11:53:16 AM »
I'd be interested in knowing why different loans are handled differently in terms of recovery attempts.  I'll have one loan where an attempt is made to contact the borrower just about every day, and then another one that looks similar to my eye where apparently no attempt whatsoever is made for weeks.  Possibly, knowing how a loan would be treated if it went delinquent would contribute to modeling (along with information about which recovery method was most reliable.)  E.g. I would be less likely to invest in loans allowed to go three weeks delinquent without any outreach; I'd like to know which ones those are upfront.

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Investors - LC / Re: Worst Month Yet
« on: October 16, 2017, 10:49:51 AM »
After being on mental auto pilot for a while I took a look at my own returns and had a small stroke.  I'm sure this has been addressed, but is anyone else flaming mad over LC going public, basically creating a legal mandate for increasing their own profit that trumps profit or even any protection for the people actually taking the risk (us)?  In a nutshell, now they Have to prioritize their own profit by law, and whether they get it from the lenders or the borrowers is irrelevant.  As we can see. 

Basically, stockholders are betting on *US* to go on providing a good return for LC regardless of what the borrowers are doing, as opposed to the earning model in which the borrowers are the ones generating income for the company. We've gone from paying fees to cover the cost of the middleman to "promising" a return for investors who have nothing to do with the social process of P2P lending.  We are providing great stability for lending club's stockholders, at our own cost.  Our profit is at risk from deadbeat borrowers as has always been the case and is the risk we signed up for, but now it also gets tugged at from the other side, from the middleman twiddling with lending standards and - I think - quicker charge-offs, that leave us holding the bag.  As far as I know, we never got the option of opting out when LC decided to exchange our support for borrowers to support for profiteers, other than the arduous and sometimes expensive process of liquidating our loans one by one.  Basically, we got put in chains as far as being beholden to stockholders.

I predicted this decline in anything good for us when LC first went public, and I think the current swamp is at least in good part that chicken coming home to roost.   Good grief and, I think, good riddance already. Arduous and expensive is probably still better than being a patsy.

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