"Double-Down" on late payments???

[DanB]

Assuming you're not using an electronic device to track individual cards (which is still "counting"), then the only thing a team would be for, besides counting + big bettor, is outright cheating.  Hole card peeking, mucking, marking, etc.  There is no other way to make money at BJ legally.  Such things seem beneath you and I doubt you'd be stupid enough to admit employing such tactics on a public forum.

Now I know, you're going to come back with some vague response saying I just don't know the secret.  Yeah yeah.  Math doesn't lie.  There is no "secret".

Thank you, that is so kind of you to say. Considering my colorful past most people wouldn't say anything was beneath me.  Just remember that one man's terrorist is another man's freedom fighter. Who decides what is cheating? The law, the casino?

After all, I suspect that I could find a few people right here who might think that anyone making a ROI of 2000%, 3000% or whatever number........... must be cheating. After all, according to you, math doesn't lie.
So, are you cheating? Or is it that they don't know the secret?  I'm assuming you're not cheating because if you were I doubt you'd be stupid enough to display your numbers so openly on a public forum.   

PS.........Electronic devices went out long ago as well.

[core]

So, are you cheating? Or is it that they don't know the secret?

I certainly know in my heart that I'm not cheating.  Just remember that what one person might call a cheater, another person might call it sticking it to the institutions, or providing an outlet for foolish money that would have been squandered elsewhere anyway.  Who decides what is cheating?  The law, Lending Club?

But no in all seriousness, I'm just an honest trader, just like New Jersey Guy.  The returns are just a side effect of the fact that I started with just a few k.  The only difference is I happened to come on at a time where things were fast&loose and you could make much better money then.  It also helps that I do not have a real job and can devote most of my time to figuring out how to squeeze out few extra bucks by keeping my eyes open.  Annualized returns for recent months taken separately are more like 90-100%.

PS.........Electronic devices went out long ago as well.

And they are likewise illegal in every state that I know of.  (My poorly written post may have implied that they didn't fall into the illegal category.)  I freely admit that I'm behind the times as far as casino cheating goes.  I haven't been in a brick&mortar casino in a good 7 years because I've been barred from the ones that are close.  The indian reservations don't allow rum consumption so those are right out!   I sure can't count sober.  (I had a gun pointed at me by security once when I smuggled a little pick-me-up in.)  I'm sure a lot has changed in BJ schemes over the years.  But I can read between the lines and I'm sure you enjoyed your 3 summers... I know I would have.

[New Jersey Guy]

Man Oh Man!

Porno King.
World Class Gambler.
A real James Bond Type and wealthy playboy.

Dan...You must be the man because you said so.  A legend in your own mind.
Now I'm beginning to understand why Peter doesn't want you posting on the forum.

[DanB]

Man Oh Man!

Porno King.
World Class Gambler.
A real James Bond Type and wealthy playboy.

Dan...You must be the man because you said so.  A legend in your own mind.
Now I'm beginning to understand why Peter doesn't want you posting on the forum.

For the record. you couldn't be more wrong. But I understand your little game, even in jest. It's common among those who are fast & loose with the truth.

King?............ Not even remotely, nor have I ever stated so.
 
World Class?.........Certainly not. Never said I was. The guy I worked for was & I was his student, literally. I worked for what amounted to just a bit over minimum wage when all the time involved was considered.
 
Wealthy playboy?............I wish. In fact (as I've stated on this blog many times) I lived a sinful & irresponsible life & lived paycheck to paycheck for most of that life, have been in debt, & didn't put away anything in my youth.
 
Peter doesn't want me posting on the forum?.............Peter has in fact suggested I continue posting on this forum. 
Peter has asked me to restrain myself from calling someone an idiot, or a fool, etc etc. regardless of how much that person may in fact be those things............ & I have the emails to prove that.
I have therefore chosen to limit my participation here in order to abide by his request. Clearly I may have to do so again.

[core]

In defense of Dan (at the risk of a coronary), I believe almost every word he has written and he probably hasn't unduly exaggerated.  I haven't been a p0rn producer but otherwise I think we have shared similar career experiences just from what I have read from him.  It seems once you start down a path it attracts all kinds of similar (slimy) endeavours.  And let me tell you, it ain't no picnic.  A lot of it only sounds fun or funny once somebody else starts telling the stories from years past.  One obviously tends to leave out the bad parts of the stories as time goes on, making things sound better than they really were.  Now maybe Dan's got a way of expressing himself which isn't agreeable to some.  That I can see.

I think Dan is hands-down the most entertaining one of the bunch here, and I sure hope he continues to post.  Even if he isn't allowed to do so on the nights that pro wrestling is on or whatever. 

[Peter]

Now I'm beginning to understand why Peter doesn't want you posting on the forum.

For the record I am happy to have Dan B and everybody else posting here. The only things I don't tolerate are offensive comments and personal attacks on one another. Dan is fully aware of this policy, so I welcome him back to the forum and hope he continues to participate.

[AmCap]

It also helps that I do not have a real job and can devote most of my time to figuring out how to squeeze out few extra bucks by keeping my eyes open.

Also an important point - the other reason I stopped trading (in that sense) was the time factor.  Folio remains an important part of my strategy though, just in a different way, so I do agree with NJGuy's broader point that investors ignore the secondary market at their own cost.

[PennySaved]

"however, no traders ever share their "ooops" stories."

* In May, I lucked out and paid $14 for a $100 (30-day late) note I was confident would go back to current.  It had a principle balance of $83.  I mean, I was really confident.  Come July, no payments were ever made and I sold the note for the same $14 I paid.  I was really disappointed.  A week later, I noticed on my sold list the status was changed to "Fully Paid".  (Note:  I've actually had this happen 2 other times this year, but those notes were were smaller, $25 notes).

* Using Interest Radar, I found a very undervalued note quite cheap.  I bought it in haste before somebody else scooped it up.  When it settled the next day, not only did I realize I bought the wrong note, but the note I bought was in "Chapter 7".  Needless to say, I lost money on that. 

*  Last month, some investor dumped like 12 notes (16-30 days late) for like 75% to 85% off.  Using IR, I purchased all of them.  Deals like this just don't come around that often, and I was quite pleased with myself.  3 hours later, I realized they were still in my cart, as I forgot to submit the purchase.  When I tried to purchase them again, they were all sold.

*  Just a couple of weeks ago I purchased a note.  The same day it settled a new log entry appeared- "Chapter 7".

*  Early June I purchased a late $50 note (with a $44 principle) for $15.  It took until last month before it went current.  I went to resell it for $39.60, but accidentally entered $9.60.  By the time I jumped through all the slow-moving hoops to correct it, the note sold just that fast. 

Most of the mistakes I've made, I've made by being careless using Interest Radar.  Several times this year I've purchased the wrong notes, usually because I would have several notes opened in my browser at the same time.

New Jersey Guy- I enjoy all your postings and sharing your experiences, not only the "thrill of victory" but the "agony of defeat".  I don't buy or sell on Folio- I barely have time to keep up with my buying new notes for LC and Prosper, but I still find reading about other people's experiences intriguing.  That's why I read this Forum daily- to learn new things and to keep up with the latest.  And to be entertained sometimes.

[PennySaved]

..........
Peter doesn't want me posting on the forum?.............Peter has in fact suggested I continue posting on this forum. 
Peter has asked me to restrain myself from calling someone an idiot, or a fool, etc etc. regardless of how much that person may in fact be those things............ & I have the emails to prove that.
I have therefore chosen to limit my participation here in order to abide by his request. Clearly I may have to do so again.

Dan B:  I hope Peter also asks you to restrain yourself from telling someone their posting "demonstrates a certain lack of class & good taste."  If he does not, then how about if someone else asks you to please restrain yourself.  I find the arrogance and sarcasm in your posts off-putting, to say the least, and insufferable, to say the most. 

[New Jersey Guy]

"That's why I read this Forum daily- to learn new things and to keep up with the latest.  And to be entertained sometimes."

Same here.
A lot of the things I know now were things I had no clue about.  A few of the things are all the financial acronyms.  I remember having to Google things like IRR to figure out what people were talking about.

When I was young, I always followed a simple rule, and a rule I still follow even at 54:
Never associate with losers.  Always associate with people who are at least your equal or better than you.
That's how you learn!

[yojoakak]

I think the double-down payments are an illusion, some glitch in LendigClub's database or in the way they're displaying it on the website.

For example, this loan is still "In Processing..." but it shows the payment amount as $2.47 (about 3 payments). However, the principal and interest that appear to be getting paid only add up to $0.82, the regular payment amount.




https://www.lendingclub.com/account/loanPerf.action?loan_id=794397&order_id=2657795&note_id=5258675

[New Jersey Guy]

I don't know if it's a glitch or what.  But that's not the first time I've seen that.

I've seen "Current" loans receive "Partial Payments" (Like 7-cents).  Then a few days later, the entire payment shows up as if the partial payment was never made.

I've also seen "Processing" notes like the one you are showing above.  Even on a normal payment (where they aren't behind) it will show an interest payment, but NO principle payment.  Then a few days later, everything catches up.

[Randawl]

I think the double-down payments are an illusion, some glitch in LendigClub's database or in the way they're displaying it on the website.

For example, this loan is still "In Processing..." but it shows the payment amount as $2.47 (about 3 payments). However, the principal and interest that appear to be getting paid only add up to $0.82, the regular payment amount.




https://www.lendingclub.com/account/loanPerf.action?loan_id=794397&order_id=2657795&note_id=5258675

Good observation.  Is it a possibility that the borrower only had enough in the account to cover a single payment?  Probably not because it would be quite the coincidence if his/her account balance were exactly that. The interest/principle ratio is correct if it is being treated as a single "normal" late payment.  If my memory serves me correctly, I've seen those numbers get adjusted after a day or so.  Keep an eye on it and let us know.

[core]

Is it a possibility that the borrower only had enough in the account to cover a single payment?  Probably not because it would be quite the coincidence if his/her account balance were exactly that.

What do you mean by this?  To my knowledge there isn't an ACH instruction that says "Give me all the money in the guy's account, not to exceed $550.00" etc.  Maybe they do something nasty like blast out multiple debits trying to capture whatever they can.

[Randawl]

Is it a possibility that the borrower only had enough in the account to cover a single payment?  Probably not because it would be quite the coincidence if his/her account balance were exactly that.

What do you mean by this?  To my knowledge there isn't an ACH instruction that says "Give me all the money in the guy's account, not to exceed $550.00" etc.  Maybe they do something nasty like blast out multiple debits trying to capture whatever they can.

I mean did LC attempt a regular payment and that amount is being withdrawn or did LC attempt a sum of three times normal payment but only an amount sufficient to cover a regular payment was present in the account.