Author Topic: Recoveries  (Read 13218 times)

thezinfan

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Re: Recoveries
« Reply #15 on: May 21, 2013, 01:50:00 PM »
1) why are any of you holding notes until they charge off?    :)

2) I recall last year around this time I received a recovery payment. Maybe they happen quarterly?

3) Is the recovery about 3-5%?

4) yaoyao - go to Account summary, the click on the MORE DETAILS hyperlink in the middle left section

yaoyao

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Re: Recoveries
« Reply #16 on: May 21, 2013, 02:03:19 PM »
Got it. Thanks.

In my case, I bought this note (current) with up-trend FICO and good income at a discount (7%).  I didnt pay attention to collection logs (borrower contacted LC).  Within a month, the borrower provided Bankruptcy counsel information.  I was not able to sell the note.  I also buy distressed notes from time to time.  Some of them may be charged off eventually.  It is just part of the game.

AmCap

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Re: Recoveries
« Reply #17 on: May 21, 2013, 02:58:55 PM »
Yeah when you buy distressed notes you take the risk you can't resell them...a lot of those notes I flipped for a pretty good return, but for some of them I got left holding the bag.

thezinfan

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Re: Recoveries
« Reply #18 on: May 21, 2013, 04:02:06 PM »
In May  I've sold 3 notes that were clearly marked BK chapter 7, and one marked Borrower Deceased, and someone bought them for a few percent discount each. I guess if you are actively buying "bad" notes as a recovery play you'll run into some charge offs. I buy on the retail platform and sell on folio, which i know isn't an option for everyone.

AmCap

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Re: Recoveries
« Reply #19 on: May 21, 2013, 05:04:27 PM »
Well, I had written off this strategy as a money loser, but I may need to reevaluate after this development.

yojoakak

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Re: Recoveries
« Reply #20 on: May 21, 2013, 09:27:15 PM »
I have never had a recovery yet.  How do you know that you have a recovery? I did have a charge-off note.   Do you have to click on the notes individually?

Check you Account Activity. There's a type "Recovery" (is it new? I don't remember ever seeing it before).

Or you can check the individual Loan Performance pages. They'll add an extra field "Recoveries" in the "Received Payments" box.

Zach

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Re: Recoveries
« Reply #21 on: May 21, 2013, 09:41:26 PM »
Good catch. I be never noticed that before.

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rawraw

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Re: Recoveries
« Reply #22 on: May 22, 2013, 04:30:58 AM »
I received 5 cents on one of the first notes I ever had that charged off on LC back in 2011.

lender_john

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Re: Recoveries
« Reply #23 on: May 22, 2013, 10:57:18 AM »
I have never had a recovery yet.  How do you know that you have a recovery? I did have a charge-off note.   Do you have to click on the notes individually?

Check you Account Activity. There's a type "Recovery" (is it new? I don't remember ever seeing it before).

Or you can check the individual Loan Performance pages. They'll add an extra field "Recoveries" in the "Received Payments" box.


Interestingly enough I don't see 'Recovery' as a type under my account activity.
I do see several recoveries under Mischellenious that posted small amounts in the last few days.

AmCap

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Re: Recoveries
« Reply #24 on: May 23, 2013, 04:43:34 PM »
It just struck me; they probably did a sale to a debt buyer for a portfolio of charged off loans.

Randawl

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Re: Recoveries
« Reply #25 on: May 23, 2013, 05:13:10 PM »
It just struck me; they probably did a sale to a debt buyer for a portfolio of charged off loans.

That's a possibility.  Good thinking.

New Jersey Guy

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Re: Recoveries
« Reply #26 on: May 23, 2013, 06:58:44 PM »
"It just struck me; they probably did a sale to a debt buyer for a portfolio of charged off loans."

Fine by me.  I got $6.30 back.  It's better than the nothing I had prior.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014