Author Topic: No Collection Log For Missed Payment???  (Read 3218 times)

jpildis

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No Collection Log For Missed Payment???
« on: July 01, 2013, 10:17:50 AM »
I have several Grace Period loans where the borrower missed a payment but there's no Collection Log entry... wtf?

Loan id: 5197323
Loan id: 1634600
Loan id: 1621005
Loan id: 1448877

I sent examples to LC... I'll let everyone know the outcome.

rlv99

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Re: No Collection Log For Missed Payment???
« Reply #1 on: July 01, 2013, 11:16:56 AM »
Yes, I have several also.  Seems irresponsible to not aggressively pursue the Borrower.  Same with partial payments.  It seems to me that LC's policies favor the defaulter at the expense of the Investor.  Maybe that is why the default rate is increasing!   Could be that the word is out that LC is an easy touch!!

SarahV

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Re: No Collection Log For Missed Payment???
« Reply #2 on: July 01, 2013, 11:20:56 AM »
Yeah. This is not new, it's been going on for a long time. I don't think it necessarily means that LC isn't doing anything, it just means there are no log entries being made for some reason.

New Jersey Guy

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Re: No Collection Log For Missed Payment???
« Reply #3 on: July 01, 2013, 11:22:41 AM »
"I have several Grace Period loans where the borrower missed a payment but there's no Collection Log entry... wtf?"

Sucks, doesn't it?
I've found log entries going into "Grace" vary from very little to absolutely nothing.

Generally, I've found out there is no log entry until sometime between the missed payment and the second attempt to withdraw the payment (which is generally 10 days or so).  But that doesn't always hold, neither.  I've purchased several notes that have had 2 or 3 "Grace Period" payments but there are absolutely no log entries on the account at all.

On the reverse, I also have notes where there are 2 or 3 log entries for missed payments, yet the payment log is perfect, all showing "Completed on Time".

Personally, I don't think LC puts much emphasis on notes going into "Grace".  The recovery must be high, and the notes aren't late enough to make a fuss about.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

jpildis

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Re: No Collection Log For Missed Payment???
« Reply #4 on: July 01, 2013, 12:25:47 PM »
When I talked to the LC rep, she said that a payment is processing and she could see it on her side but, for some reason, our view was incomplete.  She's looking into it.

jpildis

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Re: No Collection Log For Missed Payment???
« Reply #5 on: July 01, 2013, 01:08:26 PM »
Just received a call from LC.  They agreed that there is an error in the system as 'in process' payments are not showing up for some loans.  The issue is 'in Engineering' and they are working to resolve.

mitgib

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Re: No Collection Log For Missed Payment???
« Reply #6 on: July 01, 2013, 05:17:35 PM »
Just received a call from LC.  They agreed that there is an error in the system as 'in process' payments are not showing up for some loans.  The issue is 'in Engineering' and they are working to resolve.

The last two times this happened to me, they next went from late to fully paid