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Messages - Debt Free

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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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