Author Topic: LC soliciting borrowers by direct mail?  (Read 2039 times)

415ab

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LC soliciting borrowers by direct mail?
« on: August 09, 2013, 09:14:10 PM »
I just noticed a note I bought in June had a comment from the borrower I hadn't seen when I bought it:
https://www.lendingclub.com/account/loanDetail.action?loan_id=5937279

We're not off to a good start, though.  The first payment failed and it says he's already on a payment plan?  I'm pretty new around here.  Does that mean that they're just going to try again in a week, or does it mean he's already told them he can't make the first payment?
https://www.lendingclub.com/account/loanPerf.action?loan_id=5937279&order_id=8526449&note_id=26079301

I hope these relatives he said he's going to refer are a little better at paying.

Randawl

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Re: LC soliciting borrowers by direct mail?
« Reply #1 on: August 09, 2013, 09:23:12 PM »
P2P lenders have been soliciting by mail for years.

Regarding your note, LC is going to attempt to collect payment again the following week.  This is done automatically on many grace notes and has been happening for a while as well.  On the bright side, the borrower's estimated credit score went up 20 points in the interim, raising the possibility that the borrower actually used it for the stated purpose.

GS

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Re: LC soliciting borrowers by direct mail?
« Reply #2 on: August 09, 2013, 10:40:23 PM »
I think a note automatically goes to On Payment Plan after the first failed withdrawal, but the Payment Plan goes away when the note becomes current.  I believe that is a sign that LC has rescheduled the withdrawal and will try again soon.  Is there a "promised to pay" note in the collection log?


415ab

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Re: LC soliciting borrowers by direct mail?
« Reply #3 on: August 09, 2013, 11:42:27 PM »
No, there's no promise to pay.  Looks like they tried to call but there was no option to leave voicemail.  Another note says they "notified borrower of failed payment (email)"

Thanks for clearing up what "payment plan" means.  It's apparently not as bad as I was thinking.  I think "Rescheduling Payment" or "Retry Scheduled" would be a better description.