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Messages - Debt Free

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16
Investors - LC / Re: IRA preferred custodian change
« on: February 27, 2018, 07:23:04 AM »
According to LC's page, yes...

"LendingClub will pay the annual account fee at account funding on your behalf if within the first 12 months you maintain at least $5,500 or more invested in LendingClub Notes (as calculated by the outstanding principal balance of all Notes held in your account). LendingClub will continue to cover this fee for subsequent years, as long as you maintain this minimum amount invested."

17
Investors - LC / Re: IRA preferred custodian change
« on: February 26, 2018, 11:23:45 AM »
Sorry, been away.  From Lending Club...

"At this time for new accounts ISTC will be the custodian for LendingClub accounts, however for existing accounts at this time there are no plans to move all accounts over to ISTC, however this may change in the future."

18
Investors - LC / Re: IRA preferred custodian change
« on: February 22, 2018, 04:23:14 AM »
Looks similar to Strata but with a $5,500 minimum and $150 termination fee.

https://www.iraservicestrust.com/pdfs/2017-fee-schedule.pdf

Sent an email to LC asking if they were intending on pulling Strata accounts over or not.  Somehow I doubt it.

19
Investors - LC / Re: tax question: "worthless security"?
« on: February 09, 2018, 05:51:41 PM »
 the IRS tax code book, correct?   :o

20
Investors - LC / Re: Liquidating IRA account for rollover
« on: January 30, 2018, 08:38:04 PM »
What was the value of the portfolios and number of notes in each account involved?

21
Investors - LC / Re: getting IRA money from Strata
« on: November 30, 2017, 03:40:12 AM »
Thanks.  Appreciate it.

22
Investors - LC / Re: getting IRA money from Strata
« on: November 29, 2017, 08:21:03 PM »
It's been discussed before and different numbers have been thrown around.  How much did Strata ding you on the transfers out each time?

23
Investors - LC / Re: Trolling Lawyers on Facebook
« on: October 14, 2017, 10:51:26 PM »
Sounds like something from the sovereign citizen movement...

"... The gold fringe around the American flag, as displayed in many federal courts, designates them as Admiralty courts ..."  blah, blah, blah.

24
Investors - LC / Re: LC Holiday Today?
« on: October 10, 2017, 02:15:27 AM »
Columbus Day

25
Investors - LC / Re: Selling Houston loans
« on: September 01, 2017, 07:57:25 AM »
Just had my first Houston loan go IGP.

"8/23/17 (Wednesday)   Borrower contacted Payment Solutions specialist and promised to pay."
Loan Summary
Note Issuance Date   2/12/16
Note Amount   $25
Loan Amount   $11,200
Rate   F1 : 23.13%
Term   60  months
Status   In Grace Period
Recent Credit Score   655-659
Credit Score Change  Down
Received Payments
Last Payment Received (8/1/17)   $0.71
Payments to Date (18)   $12.49
Principal   $4.78
Interest   $7.71
Late Fees Received   $0.00
Upcoming Payments
Next Payment Due (8/27/17)   $1.41
Remaining Payments (42)   $29.68
Expected Final Payment   1/27/21
Outstanding Principal   $20.22
Accrued Interest   $0.45

Nine total Houston loans.  Two of which were processing payments over last couple days.  One paid and this one IGP.  All have been Never Late and now are currently listed on Folio.

26
On SDIRA's website (dated 2016)...     Partial termination.... $100
I believe by omission of the rollover option, sheep are led to the direct transfer of partial assets and the $100 fee.  The unknowing will just fill out the form and not question the custodian who is not necessarily looking out for your best interest.

You are entitled to perform your own transfer of distribution (rollover) once a year.  It is not SDIRA's business how or what you do with your distribution in as far as "doing the work".  You should be able to request a distribution, decline the 10% withholding, and receive the cash via ACH (or at least the $5.00 check).  Then within 60 days, deposit the funds into whichever appropriate IRA you desire.  Notice they only have forms for IRA transfer and Direct transfer?

This is solely based on my own research of public, published IRS guidelines found on the internet.  I am not an attorney.

27
$10,000 avoids the annual fee.

Ironically, SDIRA's form does not include the 60-day rollover option.  In theory, you should be able to take a distribution (one per year) via ACH (no charge for ACH), deposit those funds into another IRA within 60 days, and you will not be taxed.

Their form does not list roll-over as a distribution type.  I will be attempting this method later next year, and will challenge their form and the fee.

28
General Lending Club Discussion / Re: Lending Club getting Owned
« on: June 25, 2017, 03:43:45 PM »
Yep, read that a couple days ago.  Not the new kid in town anymore.

29
Investors - LC / Re: Understanding (or tying to) the process
« on: June 23, 2017, 01:49:31 PM »
Ironically I just read an article comparing Lending Club to other online lenders.  This is one of the items pointed out that Lending Club says their loan process "typically takes about 7 business days."

30
Investors - LC / Re: Has anyone seen this
« on: May 25, 2017, 12:49:51 AM »
May be borrower requested to mail in their payments.  I've seen that many a time.  Can't attempt an ACH without authorization of the borrower.

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