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Messages - Debt Free

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Investors - LC / Re: Is this normal or does my luck just suck
« on: September 26, 2016, 02:01:24 PM »
Yeah that's the conclusion I came to a little too late.  Selling notes on folio simply means that you get stuck with the worse of the notes that your trying to sell.  I only buy on folio now and have had success so far with the parameters that I use.

I wouldn't say all of the notes on Folio are due to failing notes.  It is just as likely the seller is simply liquidating some or all of his holdings to raise some cash.

Investors - LC / Re: What LC does when lender passed away?
« on: September 26, 2016, 01:37:21 PM »
DOH!!!   :-[

... adding to what Larry said, in the absence of designated beneficiaries on the account, then it becomes part of the decedent's estate.  A will or living trust really helps then when the estate goes to  probate.  (Not difficult, but more of a pain.  I am the executor of my father's estate, who recently died.  He had updated his will about six months prior when his second wife died which was a good thing (that he updated the will, not that she died).

Investors - LC / Re: What LC does when lender passed away?
« on: September 24, 2016, 08:46:19 PM »
Majority of the time it is written off.  Hard to collect from a dead person with on insolvent estate.  Chances are if they have a loan out, it means they don't have money.

Lovinglifestyle said "...and then get a survey [from the corporation] about how I liked it."

And about those surveys...

Anybody ever notice that those surveys for the most part are loaded questions with loaded answers (normally questions with rating 1-10 answers)?  Not many options to provide true insightful input for improvement.

.... If you roll-over yourself, can't you only do that once per year?  ....

Don't confuse "rollovers" with "transfers". It's a rollover when you move money from one type of retirement account to another type. For example a 401k to traditional IRA, or a traditional IRA to a Roth IRA. If you move money from one account to another of the same type (say your SIDRA traditional IRA account to your Fidelity traditional IRA account it's a transfer not a rollover. There are no restrictions on the number of transfers, but there are rules on the number of rollovers and tax consequences of them. At least that's my understanding, but I'm no expert so check it for yourself.

I have yet to do one, but I've read and re-read the IRS rules.  It is my understanding that it's a transfer if it's broker to broker which are not limited to times per year.  It's a rollover if it's broker to owner to broker (you draw the cash out and redeposit it within 60 days).  If you move from one type of account to a different type (traditional to Roth) then that would be a conversion which has its own set of rules.

As mentioned, I have yet to perform a rollover, but that is my understanding.  Consult your tax advisor or review the IRS rules...

I have been in the process of opening a SEP IRA with LC for SEVERAL MONTHS (don't get me started).  I also have a Roth and Inherited IRA's at other institutions.  My intention is to use the SEP as my "fixed income" portion of my portfolio and annually convert cash from the SEP to my Roth.

Can you advise where you get your numbers?  I'm looking at their fee schedule...

and it appears to me for account termination, $150 and for transfer $25.  (I'd be inclined to do an exempt ACH distribution and roll it over myself for no fee).  I hope I'm reading their schedule correctly.

Borrowers - P / Re: Please consider funding my Prosper listing #5393181
« on: September 11, 2016, 03:30:22 AM »
I'm sorry, but I can't help but think, "What if she says, 'No'?"   :-X  I'm sure you'll be happy together and good luck on having it funded in the next day or two.

Remember though, it's not about the size of the ring or where you go for your honeymoon.  Love each other, keep your priorities straight, and live within your means.

Investors - LC / Re: Charged off account SOLD with no reimbursement to me
« on: September 09, 2016, 04:03:35 PM »
LOL.  That one DOES sound like a joke.  Oh, to be a mouse in the corner of the collections executive offices where these decisions are made.

Investors - LC / Re: Charged off account SOLD with no reimbursement to me
« on: September 08, 2016, 07:13:09 AM »
I often get "recoveries" from charged off loans.  10 cents here, 7 cents there.  But to see the sale of an account, common sense would mean that the buyer paid to assume the risk of the bad debt leaving LC out of the loop from that point on.  Thus some sort of reimbursement to the investors should be in order.  Considering this was less than a week ago it was sold, I'll wait another couple days before I contact LC.

Investors - LC / Charged off account SOLD with no reimbursement to me
« on: September 08, 2016, 04:05:39 AM »
Auditing my portfolio and found this "lemon".  $25 note with ZERO payments charged off.  Interesting thing is the entry on 9/1/16.  If the account was SOLD to a third party debt BUYER, why did I not receive any portion???

9/1/16 (Thursday)   Account was sold to a third party debt buyer
6/30/16 (Thursday)   Charged off. PAYMENT 120+ past due. Collections efforts exhausted. Recovery unlikely
Typical 10,000 "phones calls, no message left"

Might be as simple as a change of job, thus payday change.

Investors - LC / Re: LC should offer interest on the cash account
« on: August 27, 2016, 03:22:07 AM »
But, directly to the "interest on cash account" OP, I am not in favor. Cash in my Fidelity and E*TRADE accounts earns me like 0.01%, so why should LC be different? My interests (no pun) are far better served given an LC that survives and prospers (no pun again). If they make a bit off the float then good for them. Guess I'm more worried about LC than me, because if LC fails I have bigger problems.

I agree 100%.  10-20 years down the road, who knows?  Maybe they will.  But best to keep it simple and put that 0.01% to work stabilizing and improving the product.

Investors - LC / Re: LC's restriction on multiple accounts
« on: August 27, 2016, 03:06:22 AM »
Hahaha.  No, that would be foolish for any IRA holder.  I trust you simply forgot to put the word "NOT" in your comment.

Actually, at this point with the restriction on number of accounts, I have ZERO in LC notes and only $5,000 of their stock (after taking a $3000 gain at IPO) in my Roth.  Just looking to diversify my retirement portfolio with some notes.

But this is off topic.  My issue is with LC blocking additional accounts when they are looking for more investors money.  Guess they're only looking for institutional money.

Investors - LC / Re: LC's restriction on multiple accounts
« on: August 27, 2016, 12:52:32 AM »
@bobeubanks...  Yes, even though it's a sole prop, I converted to an EIN to better distinguish between business and personal.  Unfortunately, I opened the business account prior when I was using my SSN.  On top of that, they mandate a $50,000 opening amount for business accounts.  Additionally, it will take 5 years to liquidate unless I discount.

@fred93...  Not all IRA's are equal.  I mainly contribute to my Roth.  The Inherited IRA cannot be rolled over as distributions are mandated now (I'm 48) and I use the distributions to go towards my kids' college funds.  I'd surely love to roll the Inherited IRA to a LC IRA, but the problem of the multiple account limit is preventing this.  And the SEP is similar to a Traditional but contributions are made from my business.

I'm keeping the kids' accounts under my SSN to help them better down the road when it comes to financial aid applications.

Investors - LC / LC's restriction on multiple accounts
« on: August 26, 2016, 09:46:37 PM »
Investing via LC for almost 4 years now.  I have four accounts under my tax id (excess business cash, joint with my wife, and two more, one for each of my kids' college fund).  All are taxable accounts (not going into my reasoning).  Opened another under my wife's tax id for an IRA.  At that time, they "allowed" 4 accounts per tax id.  I questioned it as they offer a vast array of account types for multiple reasons.  "That is all that the platform will allow, but hope to update that in the future." was the response I got.

On another front, I went in on the IPO last year, took a nice profit from it, and still hold a position.

Fast forward to now.  After periodic phone calls to them over the last four years, I finally got an upper tier rep to permit a manually opened account for a SEP IRA for myself on a "one time basis".  However, I would like to still open two more IRA's under my tax id for an Inherited IRA ($22,000) and a Roth IRA ($20,000).

They now state that each tax id is limited to THREE accounts.  This makes no sense to me considering they offer so many account types.  I've read many articles that state that they want more investor's money to support the borrowers.

Has anybody else ran into this issue and found a work-around other than pestering the heck out of them?  While I'm not an institutional investor, they claim that they will always support the "little guys" that the platform was designed for.  I won't get into the lack of note classes as of lately as that is off my main topic of wanting to open more accounts.

The only thing I can think of is to open two more accounts under my wife's tax id and SLOWLY move the college fund assets over to those, thus freeing up two accounts for me.  However, being that I have my business account, our joint account and soon to be my SEP IRA, I'm still in the position of being BARRED from opening any more accounts.

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