Author Topic: Weren't the 6/7/8s supposed to process/post to cash today?  (Read 6249 times)

GS

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Weren't the 6/7/8s supposed to process/post to cash today?
« on: September 12, 2013, 09:08:17 PM »
I've seen no movement so far today on my 6/7/8th notes. 

Cries

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #1 on: September 12, 2013, 10:20:20 PM »
I thought i was the only one.  I figured all my notes were imploding simultaneously; glad someone brought it up.

Now maybe I can sleep tonight.

core

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #2 on: September 13, 2013, 02:20:14 AM »
Same here.  Looks like we'll have yet another day of undeserved grace period payments on our notes.  Does anyone have a list handy of the previous dates?

This go-round went rather well for me.  Some seller thought he gonna stick me with hundreds of pre-grace notes, figuring that the ones that had payments coming in would get canceled and only the grace ones would settle.  I usually buy them anyway since I can usually make a few cents if I'm lucky before they go into grace.  But boy was he likely surprised when they all settled today and he parted with 1/10th of his notes at pretty decent discounts.  He sure got what was coming to him this time, after pulling this for weeks.

yaoyao

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #3 on: September 13, 2013, 08:43:47 AM »
Same here.  Looks like we'll have yet another day of undeserved grace period payments on our notes.  Does anyone have a list handy of the previous dates?


I'm not sure if I have the complete list.  They are 3/4, 5/13 and 7/11.

Randawl

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #4 on: September 13, 2013, 10:49:45 AM »
Nice score, core.  How much did he discount them?

SBryantMS

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #5 on: September 13, 2013, 11:29:14 AM »
Not only are my notes not posting, but my automatic deposit has not posted as well.

Is this the usual IT maintenance date -- are they spending three days backing out the changes and restoring the files???

Or is LC holding the cash to make their banker happy by raising their MONTHLY AVG CASH BALANCE?

core

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #6 on: September 13, 2013, 11:31:21 AM »
Nice score, core.  How much did he discount them?

About 5-6%.  But my celebration was in haste because I neglected the fact that although they won't be in grace period by the time I sell them, they will have a grace on the record so I probably won't come out much ahead.  There's nothing like spending $14k in one day on a bunch of junk just to make enough for a case of beer.  :-[

I was thinking about this today though:

Has anyone ever gotten an answer from LC as to why this happens??  It's really starting to cheese me off.  You build up a nice portfolio and then something like this happens and taints a non-trivial percentage of your notes with a grace period payment.  Your portfolio is suddenly worth less because of LC's incompetence.  I mean even if you have no intention of selling them you just might change your mind in the future and these incidents are going to end up costing you money.  And this time it was a whole weekend's worth.  A one time deal I can see, but at this point I expect some sort of explanation.  Maybe a blog post from Lending Club.

MTaylor

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #7 on: September 13, 2013, 12:00:54 PM »

Quote
Has anyone ever gotten an answer from LC as to why this happens?? 

I believe there have been varied and contradictory answers, including promises to fix the incorrectly marked notes. It seems clear at this point that they have no intention of doing so.

Randawl

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #8 on: September 13, 2013, 12:18:33 PM »
About 5-6%.  But my celebration was in haste because I neglected the fact that although they won't be in grace period by the time I sell them, they will have a grace on the record so I probably won't come out much ahead.  There's nothing like spending $14k in one day on a bunch of junk just to make enough for a case of beer.  :-[

I was thinking about this today though:

Has anyone ever gotten an answer from LC as to why this happens??  It's really starting to cheese me off.  You build up a nice portfolio and then something like this happens and taints a non-trivial percentage of your notes with a grace period payment.  Your portfolio is suddenly worth less because of LC's incompetence.  I mean even if you have no intention of selling them you just might change your mind in the future and these incidents are going to end up costing you money.  And this time it was a whole weekend's worth.  A one time deal I can see, but at this point I expect some sort of explanation.  Maybe a blog post from Lending Club.

This has been brought up to LC in the past and they had responded that they would be fixing the errors in the system.  Those words seem vain at this point as to my knowledge and experience with my notes no corrections have been made.

core

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #9 on: September 13, 2013, 12:41:46 PM »
Hmmm that's strange, because I distinctly remember reading a post somewhere that said LC didn't think it was a high priority to fix the previous notations.  Since you both recall the same thing I guess I am mistaken.

That's almost beside the point though.  What I want to know is what is the cause of this.  How can you just decide not to process payments for an entire day?  And after the problem is seen just put it off until tomorrow?  If the script aborts then surely in the mid-afternoon pacific time there is somebody at the office who can restart it or whatever is necessary.  Please tell me this is not a manual process and somebody just "forgot" again.

SeanMcD

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #10 on: September 13, 2013, 01:52:25 PM »
They did make some kind of adjustment.  The notes with false grace periods show up in a "Never Late" search on FolioFn, assuming there are no other late payments.  That considerably reduces the damage of the false grace periods.

core

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #11 on: September 13, 2013, 02:03:00 PM »
That 'Never Late' search is buggy as hell, or there is much more going on than meets the eye.  Notes show up there that I wouldn't expect (possibly as a result of this adjustment you speak of) but also notes that should show up do not.  It also depends on when you check.  But I'm assuming you've done your homework and checked this out thoroughly?  Very interesting information.  Thanks.

SeanMcD

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #12 on: September 13, 2013, 02:28:29 PM »
No, I won't claim thoroughness, but I can state that I've put about 25 of these notes up for sale, and all of them that I checked (about half) showed up in Never Late searches.

core

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #13 on: September 13, 2013, 02:39:47 PM »
Old ones, or ones from this most recent incident?

GS

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Re: Weren't the 6/7/8s supposed to process/post to cash today?
« Reply #14 on: September 13, 2013, 02:43:02 PM »
Looks like the processing has started, I've had 3 updates so far.  I had a 6th post as IGP, but two 7ths have posted as On Time.  No 8th or 9th have gone through yet.

I guess we can add 9/6/2013 to the list.