Author Topic: The thread for unashamed griping  (Read 65355 times)

SarahV

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The thread for unashamed griping
« on: June 27, 2013, 11:05:34 AM »
OK, I decided we need a thread where people can come and complain about the little things without having people tell them to stop whining or "it's better than a default" or blah blah blah. Get it off your chest. I'll start.

I paid a 2.4% markup for a really perfect D3 note on Folio. Newly issued, no payments yet. So far, so good! Except... maybe it's TOO perfect of a note. I happened to click on it (I don't even remember why, maybe by accident) and see that it's gone on a payment plan! What the heck, they're having problems already? And then I see that the payment plan is for the person to pay off the loan in full on their first payment, July 1st. Quick calculation... yes, my ROI on this note will end up being -1.8%.  ::)  And there's basically nothing I can do about it, because the only way for me to break even before they even make a payment is to sell for the price I paid plus 1% for fees, which would be a 3.4% markup. Unlikely to happen.

I've decided to try to split the difference and put it up at a price that will allow me to lose less than 1.8% if someone buys it without looking at it carefully... but again, that is pretty unlikely to happen.

Fifty cents down the drain. I'm going to have to go into Mint and reduce my chewing gum budget or something  :P

GS

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Re: The thread for unashamed griping
« Reply #1 on: June 27, 2013, 11:59:44 AM »
This is the prefect thread for me ask why I now have two dozen notes sitting in "approved" status for up to 7 days ... Is this something new?  Approved notes used to get issued the next day.

New Jersey Guy

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Re: The thread for unashamed griping
« Reply #2 on: June 27, 2013, 12:26:02 PM »
I've got a hornets nest in my backyard shed.  My 6-year old won't go near it.  Not because of the hornets but rather because of the zombies that live there.  So I guess I have hornets and zombies.

And you guys thought a few ants in the house were bad!
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SarahV

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Re: The thread for unashamed griping
« Reply #3 on: June 27, 2013, 12:41:57 PM »
Can you get Havahart traps for zombies?

New Jersey Guy

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Re: The thread for unashamed griping
« Reply #4 on: June 27, 2013, 12:59:47 PM »
"Can you get Havahart traps for zombies?"

No.  But you know how zombies are.  They wonder around the yard all night looking for brains.  The last thing I want is the neighbors complaining about my zombie problem.  I'll probably have to go to Lowes and get some self detonating contact explosives.
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rawraw

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Re: The thread for unashamed griping
« Reply #5 on: June 27, 2013, 05:10:14 PM »
I sold a note that had a payment delay at a mark up.  It sold within 30 seconds of listing.  Borrower sent me a partial payment of 3 cents.  Sell order got canceled.  Now I have a note in grace period. . . I've marked it at a discount now to try to get rid of it.

Sarah or NJ should pick it up :) 

SarahV

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Re: The thread for unashamed griping
« Reply #6 on: June 27, 2013, 05:20:03 PM »
Pff. My notes are PRISTINE, buddy. I don't touch that stuff with a ten-foot pole!

rawraw

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Re: The thread for unashamed griping
« Reply #7 on: June 27, 2013, 05:27:21 PM »
Pff. My notes are PRISTINE, buddy. I don't touch that stuff with a ten-foot pole!
This note is PRISTINE as well!  Just missed a payment is all.  First time they've had problems in 26 payments -- give the guy a break, will ya?  Always so judgey!

SarahV

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Re: The thread for unashamed griping
« Reply #8 on: June 27, 2013, 06:00:58 PM »
I can practically smell that note from here... ;)

rawraw

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Re: The thread for unashamed griping
« Reply #9 on: June 27, 2013, 06:07:34 PM »
I can practically smell that note from here... ;)
And here I thought we were going to be friends.  But now I realize I'm burning that best-friends-for-life bracelet I bought you.

Rob L

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« Reply #10 on: June 27, 2013, 06:53:29 PM »
Okay, so I think maybe half the country is under served vis-a-vis LC notes; particularly DEFG (HYG) hummers. So, maybe there's an opportunity in flipping newly minted notes to these "second class citizens" living in Foliofn only land; but let's look first. " ... and what to my wondering eye's did appear ..." but freshly minted notes not the kind you would fear. "Now Dasher (C notes), now Dancer (D notes), now Prancer (E notes) now Vixen (F notes) ... "up away up away up away all".  As for my simple minded strategy there's a simple answer "Fail" (there are even notes offered at no premium that hit 405 on Rev's IR01 Richter scale). Plenty of notes available. I was thinking a markup of 1.25 - 1.5%, with LC benefiting the most (1%) and with me taking all the risk of holding these notes to maturity. No plans to sell junk; just the best I could get. I was willing to concede that the "cost of money" factor implied in the high accrued interest did not account for the risks of holding these high interest rate notes to maturity. Just gimme a quick $25.50 for a new 36 mo $25.00 note and I will have served the public good and been on my way. My gripe; TNSTAAFL (props to MF);  and it's way too much work for a quarter!

PS: I wanted to make this post entertaining, but NJ Guy and SarahV are a tough act to follow (not to mention Rawraw).

PPS: I see where this is my 43rd post. If anyone can  reply with the significance of the number 43 to a "good old boy" along with the numbers 21 and 11 I'll post a new $25 note on Foliofn tomorrow for $20. It ain't that hard.
« Last Edit: June 27, 2013, 07:22:39 PM by Rob L »

LonghornSF

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Re: The thread for unashamed griping
« Reply #11 on: June 27, 2013, 07:22:48 PM »
This is the prefect thread for me ask why I now have two dozen notes sitting in "approved" status for up to 7 days ... Is this something new?  Approved notes used to get issued the next day.

I've noticed this lately too, although the delay has been more like 4-5 business days so not too extreme. Frustrating nonetheless. The carry costs / time value of cash sitting around during the loan approval process is actually fairly substantial if you think about it.

GS

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Re: The thread for unashamed griping
« Reply #12 on: June 27, 2013, 08:54:47 PM »
As of yesterday evening, I had two dozen "approved", and none moved to "issued" this morning.   I have one I'm pretty sure was approved late Thursday, so today would be the fifth day.  The rest have been approved since.   It seems like LC changed their policy, because before approved and funded loans moved to issued the next day.  I know in Florida, a borrower has 3 days to back out of a contract and return the money, so maybe LC had to put in a mandatory waiting period?  I now have 32 loans "approved", I'll let you guys know what happens tomorrow ...

GS

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Re: The thread for unashamed griping
« Reply #13 on: June 27, 2013, 09:00:00 PM »
Not really a gripe but I've been watching this one that keeps popping up in my filter:

He called his loan THE MONEY PIT

https://www.lendingclub.com/browse/loanDetail.action?loan_id=5948460&previous=browse

This one kind of stalled out in funding, I think it only moved 2% today.

SarahV

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Re: The thread for unashamed griping
« Reply #14 on: June 27, 2013, 09:14:23 PM »
LOL. I wonder, if you had numbers that matched enough people's filters, if you could get a loan funded with a title like "I'm a deadbeat!" or "scam the suckers"...