No payments for July 6,7,8

[MTaylor]

None of the payments for these due dates have posted to my account, although they are showing completed on time. Is anyone else finding this?

[SarahV]

Some of mine posted, some still haven't. Their system was massively backed up last night, my Folio transactions settled about 14 hours late.

[MTaylor]

I've received 0 from July 6, 1 from July 7, 0 from July 8. Have you received payments for any July 6 notes, Sarah? It would be nice if they could do them in chronological order and on a predictable schedule.

[SarahV]

Lemme take a minute to tally them all up... this is what I've got so far:

July 5: 3 (out of 7)
July 6: 1 (out of 10)
July 7: 3 (out of 5)
July 8: 0 (out of 3)

A bunch of notes from July 4 didn't get paid until early today (should have been paid Wednesday). Hopefully they will use the weekend to catch up on the backlog.

[rawraw]

I really don't think anyone pays as close to processing times as Sarah lol

[SarahV]

Actually, the processing he was asking about is something I never look at, I just checked because he asked.

[MTaylor]

"She" . I notice because my balance doesn't go up for days, despite having logged multiple payments. In fact, it sometimes goes down, as they deduct from the accrued interest but don't add to the available cash. If they've received your money, it shouldn't take 6 days to hand it over.

Actually it's even longer than that, because a note due on the 6th does not process until the 10th, although the borrower did make the payment on the 6th.

[New Jersey Guy]

"If they've received your money, it shouldn't take 6 days to hand it over."

This has become a worsening problem with both LC and Folio.  Last winter, Folio would settle between 6:00 and 7:00 PM EST everyday.  Then all of a sudden it's 8:00 to 8:30 Pm.  Now, like Sarah stated, it's two days later. 

I don't know what the problem is.

[yojoakak]

Every week someone posts that payments haven't been made yet...

...and every week they eventually show up.

What is hoped to be accomplished by starting a new post every time this happens?

[New Jersey Guy]

"and every week they eventually show up."

The key word there is "Eventually".
The whole question here is why is it always "Eventually".
When you buy a note, the cash doesn't "Eventually" come out of your account, does it?

Your right about this subject being over-posted, but I think most of it is out of frustration.
The problem isn't correcting itself, it's just getting worse.

[rawraw]

"If they've received your money, it shouldn't take 6 days to hand it over."

This has become a worsening problem with both LC and Folio.  Last winter, Folio would settle between 6:00 and 7:00 PM EST everyday.  Then all of a sudden it's 8:00 to 8:30 Pm.  Now, like Sarah stated, it's two days later. 

I don't know what the problem is.

Has anyone asked LC?

[storm]

I usually sell the notes that look imminent they will go into their grace period (and they usually do).  Then I sometimes go back and check those notes, and it shows the borrower ultimately paid on time.  It is really frustrating to learn you've sold a perfectly good note at discount just because the payment wasn't processed in a timely manner.  I also wonder how many times borrowers paid on time and had to request LC adjust the status.