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Messages - Debt Free

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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.

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

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.

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.

$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.

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.

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."

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.

Always get it in writing a persons word won't hold up in court, or at least tell them you recording the conversation and they agree with it to put it on record

That's a given.  I'm not worried about it at this point.  Retirement's still about 15 years out and I'll probably move my money elsewhere before that happens.  My issue will be trying to liquidate quickly when I get down to $10,000 which shouldn't be too difficult.

I talked to LC a few weeks ago regarding IRA accounts and winding them down.  They stated that in the case of the owner receiving RMD's after retirement that they will continue covering the $100 fee even after the balance drops below $10,000.  It wasn't in writing, but they recognize the issue.

Now for an account liquidation and transfer, that would be a different issue.

Off Topic / Re: Cash Parking
« on: March 31, 2017, 02:25:40 PM »
Way I'm reading their terms, the first $9,999.99 is only earning 0.25% and then on the remaining $0.01 you'll make the 1.25%.

So if you have $100,000.00 there, effectively you will earn 1.15%.
$500,000, you'll earn 1.23%

Ok schmuck, read my "essay" again.  Nowhere did I say I wanted to pull all of my money out.  At most it was a 5 minute phone call.  4 minutes of auto-attendant followed by a 1 minute conversation.  Hardly a waste of time or resources unlike your blow-hard rants.

Crawl back under your rock, start taking your anti-psychotic meds again, and take a vacation.  You need it.

I'm not a big fan of paying exorbitant fees to access my money when...

a)  This shouldn't even be an issue.  If I changed accounts "19x" in a  month, different story.  Two changes 4 months apart shouldn't trigger this.

b)  ACH is designed to be much more efficient and quicker than this, just not on this platform.

c)  How would you feel if it was your $100,000 and you had changed banking institutions and found yourself unable to pull money out???

The word "hostage" seems incompatible with the fact that they offered to mail you a check.

I'm actually wanting to move money into the account after the first of the month.  ACH is quicker and more secure than sending a paper check that is held for funds to clear.  But it doesn't sit well in my stomach that a simple override cannot be accomplished over the phone with security verification.

I put this out more to find out if anyone else had a similar experience and if so, how was it resolved short of waiting for the 6 months to pass by?

FYI, it was 2 changes made over 4 months.  From account A to account B (first) and back to (A) 4 months later.  Hardly a red flag to trigger a lock on changing a linked bank account.  Especially when many institutions allow multiple linked accounts and more frequent changes.

And honestly, this wouldn't be an issue if LC would allow you to PUSH ACH transfers which is more secure for the account holders.  But no, they only allow a PULL forcing you to store your bank account information on other servers.

Lol.  Sensational headline, maybe a tad with the word "hostage" in it.  But the fact remains that they won't  update my bank information as it stands right now due to AML laws.

So what's inaccurate or misleading about it?

Thinking about your comment, did you interpret it was referring to THEIR company funds?  If so, my bad.  Not what I meant to infer.

I changed the topic to try and be less "dramatic" for those more gullible.

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