Author Topic: Recoveries  (Read 11101 times)

AmCap

  • Full Member
  • ***
  • Posts: 248
    • View Profile
    • Email
Recoveries
« on: May 20, 2013, 05:31:55 PM »
All - is anybody else being credited with a boatload of recoveries today?

Zach

  • Administrator
  • Hero Member
  • *****
  • Posts: 622
    • View Profile
    • Email
Re: Recoveries
« Reply #1 on: May 20, 2013, 06:06:33 PM »
All - is anybody else being credited with a boatload of recoveries today?

Not a penny on my end. What do you define as a "boatload"?

AmCap

  • Full Member
  • ***
  • Posts: 248
    • View Profile
    • Email
Re: Recoveries
« Reply #2 on: May 20, 2013, 06:29:51 PM »
$150 or so. I'll know more when I get home since LC is determined to make me use the mobile site on my phone >.<

AmCap

  • Full Member
  • ***
  • Posts: 248
    • View Profile
    • Email
Re: Recoveries
« Reply #3 on: May 20, 2013, 08:16:55 PM »
$150 or so. I'll know more when I get home since LC is determined to make me use the mobile site on my phone >.<

More than that now - in all 77 recoveries posted to my account today.  I'll take it lol, but it's strange enough.

Zach

  • Administrator
  • Hero Member
  • *****
  • Posts: 622
    • View Profile
    • Email
Re: Recoveries
« Reply #4 on: May 20, 2013, 08:19:53 PM »
That seems really high. When were most of those loans charged off?

Sent from my HTC DNA using Tapatalk2


AmCap

  • Full Member
  • ***
  • Posts: 248
    • View Profile
    • Email
Re: Recoveries
« Reply #5 on: May 20, 2013, 08:48:06 PM »
That seems really high. When were most of those loans charged off?

Sent from my HTC DNA using Tapatalk2

All on one day, you bet it is.  They would have been charged off between maybe Dec. 11 and Feb. 12 when I stopped investing in distressed notes.

Randawl

  • Sr. Member
  • ****
  • Posts: 469
    • View Profile
Re: Recoveries
« Reply #6 on: May 20, 2013, 08:58:06 PM »
That's awesome, great to hear it!  Congratulations!

New Jersey Guy

  • Hero Member
  • *****
  • Posts: 914
  • Hell Yea it's a Hemi!
    • View Profile
    • Email
Re: Recoveries
« Reply #7 on: May 20, 2013, 09:38:21 PM »
I got about $6.40 on $433 of principle.  I can retire now.

"My Portfolio" isn't showing any payments in the payment column.  Has it been paid?  I won't believe it til I see it.  I had two defaults in Feb. showing "Check Received" in the payment log.  A month later, no payments were made, and the log entries were deleted.  Hmmmmm.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

core

  • Hero Member
  • *****
  • Posts: 1784
  • Your loss is my gain
    • View Profile
Re: Recoveries
« Reply #8 on: May 20, 2013, 10:33:19 PM »
A month later, no payments were made, and the log entries were deleted.  Hmmmmm.

I have seen reports of this all over the place.  I really can't bring myself to believe that LC is pocketing the money.  It's possible that's what happens when a check bounces?




Peter

  • Administrator
  • Hero Member
  • *****
  • Posts: 755
    • View Profile
    • Lend Academy
    • Email
Re: Recoveries
« Reply #9 on: May 20, 2013, 10:46:28 PM »
I am showing a boatload as well in my main account. I haven't added them up but I think it is the 15-20 range but less than $50. Better than nothing.

As for the check received I have seen that before - almost certainly a bounced check. If LC were really going to pocket the money I don't think they would let you know a check was received in the first place.
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

New Jersey Guy

  • Hero Member
  • *****
  • Posts: 914
  • Hell Yea it's a Hemi!
    • View Profile
    • Email
Re: Recoveries
« Reply #10 on: May 20, 2013, 11:09:19 PM »
"It's possible that's what happens when a check bounces?"
"As for the check received I have seen that before - almost certainly a bounced check"


Peter, you should ask about these so-called checks.  I don't think they are personal checks from the borrower.  I think the outside collection company collects the money, then forwards the money back to LC in the form of a check.  That's what "Check Received" means.

Here's my March 1 post showing the 2 loans in question.

http://www.lendacademy.com/forum/index.php?topic=764.msg4037#msg4037
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

AmCap

  • Full Member
  • ***
  • Posts: 248
    • View Profile
    • Email
Re: Recoveries
« Reply #11 on: May 21, 2013, 07:04:37 AM »
I am showing a boatload as well in my main account. I haven't added them up but I think it is the 15-20 range but less than $50. Better than nothing.

As for the check received I have seen that before - almost certainly a bounced check. If LC were really going to pocket the money I don't think they would let you know a check was received in the first place.

Indeed.  I'm particularly excited because, as you might recall, I started back in November or so doing vulture investing and buying a lot of these notes for around 10 cents on the dollar.  The remaining charged off notes that I was holding were notes that I couldn't sell when the distressed market froze in January or so (NJ Guy, you should recall this).  So, I was pleased to see many of these notes yield something to temper those losses.

New Jersey Guy

  • Hero Member
  • *****
  • Posts: 914
  • Hell Yea it's a Hemi!
    • View Profile
    • Email
Re: Recoveries
« Reply #12 on: May 21, 2013, 09:11:52 AM »
"when the distressed market froze in January or so (NJ Guy, you should recall this)."

I remember all too well!  Went from riches Q4 2012 to rags Q1 2013.  I have absolutely no explanation for that one.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

p2p2p2p2p

  • Newbie
  • *
  • Posts: 28
    • View Profile
Re: Recoveries
« Reply #13 on: May 21, 2013, 12:34:22 PM »
Have had recoveries before but not to today's extent. Maybe the collection agency finally sent over a check. Have to remember to report this as a capital gain and not ordinary income, since the losses were written off as capital losses

yaoyao

  • Full Member
  • ***
  • Posts: 102
    • View Profile
Re: Recoveries
« Reply #14 on: May 21, 2013, 01:00:53 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?