Starting today, Folio prevents selling notes with processing payments.

[TonySaunders]

I speculate that this was to prevent certain abuses. At least one of which I had become accustomed to looking out for and/or taking advantage of.

[brycemason]

We all knew this was coming. I suspect half the people on this board will now disappear into the void.

[william]

We started discussing this here...
http://www.lendacademy.com/forum/index.php?topic=1716.0

We all knew this was coming. I suspect half the people on this board will now disappear into the void.

For a split second I thought about it.... then I remembered all of those people in I think it was 2012 that closed thier accounts because LC didn't let them have custom questions if I remember correctly. Then all the people who left LC in 2011 for some other stupid reason which I can't even remember. My modo is evolve or die. Yes this completely obliterated my amazingly lucrative strategy but that will not stop me from finding a new one.

[New Jersey Guy]

"Yes this completely obliterated my amazingly lucrative strategy but that will not stop me from finding a new one."

I see this making a big mess for relisting.  How are we supposed to keep track of the "4 Business Days"?  If I have 22 notes cancel over 4 days, how am I supposed to remember which ones will qualify for relisting tomorrow?

Secondly, 4 days off the market?  That's a lot of time to have a note just sitting there doing nothing.

[DanB]

"Yes this completely obliterated my amazingly lucrative strategy but that will not stop me from finding a new one."

I see this making a big mess for relisting.  How are we supposed to keep track of the "4 Business Days"?  If I have 22 notes cancel over 4 days, how am I supposed to remember which ones will qualify for relisting tomorrow?

Secondly, 4 days off the market? That's a lot of time to have a note just sitting there doing nothing.

Though I can completely understand what you are saying & why you'd say this.................I'd suspect that 99+% of LC account holders would react to your statement by shrugging &/or by saying "so what". These changes & the changes that will continue arriving are not about the fringe. They do not take the wishes of the fringe into consideration. This is all about perception of a fairer marketplace............& that perception during the run up to IPO is the only thing that matters to them.

[core]

Secondly, 4 days off the market?  That's a lot of time to have a note just sitting there doing nothing.

4 business days.  So in most cases that's 6 calendar days.  Maybe even a full week depending on how the exact timing works.  Then keep in mind (at least the way I think it works is) a pending trade is also cancelled if the payment starts processing.  So can we add an additional business day on the end, where you can post but it won't do anything useful?  For nearly a quarter of the month you will not be able to sell.

I suspect half the people on this board will now disappear into the void.

What makes you say that, Bryce?  Aside from william here and maybe a couple others, I don't know of many who made this their key strategy.  Not active posters, anyway.  Yes some other people are upset but probably not enough to cash out.  The fringers Dan speaks of will adapt.  The buy and holdies will get over the minor inconvenience.  I don't see anyone disappearing unless they were looking for an excuse to begin with.

[brycemason]

Many people were using the IGP trick as a basis of their trading strategy. Half is hyperbole. Maybe you're right and they'll just adapt to a new way.

[Fred]

Secondly, 4 days off the market?  That's a lot of time to have a note just sitting there doing nothing.

It still accrues interest to the note holder.

[Bohb Daishi]

I suspect half the people on this board will now disappear into the void.

What makes you say that, Bryce?  Aside from william here and maybe a couple others, I don't know of many who made this their key strategy.  Not active posters, anyway.  Yes some other people are upset but probably not enough to cash out.  The fringers Dan speaks of will adapt.  The buy and holdies will get over the minor inconvenience.  I don't see anyone disappearing unless they were looking for an excuse to begin with.

Trading is evolution at it's finest: adapt quickly or you lose. I have little sympathy for those whose strategy was ended. It was based on an exploit - it was only a matter of time before it got fixed. Take your earnings and move on to the next opportunity.

4 business days.  So in most cases that's 6 calendar days.  Maybe even a full week depending on how the exact timing works.  Then keep in mind (at least the way I think it works is) a pending trade is also cancelled if the payment starts processing.  So can we add an additional business day on the end, where you can post but it won't do anything useful?  For nearly a quarter of the month you will not be able to sell.

My favorite part of this is that orders that are very far past due (and/or bankrupt) also get cancelled due to "payment processing".

[Joleran]

My favorite part of this is that orders that are very far past due (and/or bankrupt) also get cancelled due to "payment processing".

This is incredibly annoying.  I had several notes pending sale, still in grace, but because there's a payment processing with a date 2 weeks from now on a payment plan they were cancelled.  Now I'm holding the bag and will probably eat a bigger loss due to this incompetent design.

[New Jersey Guy]

"Secondly, 4 days off the market?  That's a lot of time to have a note just sitting there doing nothing."

"It still accrues interest to the note holder."

Doesn't mean a darn thing if the borrower isn't paying to begin with. 

[Ran]

"Yes this completely obliterated my amazingly lucrative strategy but that will not stop me from finding a new one."

I see this making a big mess for relisting.  How are we supposed to keep track of the "4 Business Days"?  If I have 22 notes cancel over 4 days, how am I supposed to remember which ones will qualify for relisting tomorrow?

Secondly, 4 days off the market?  That's a lot of time to have a note just sitting there doing nothing.

Guys, let us be honest. LC is trying to protect young guns who are LC's bread & butter. When those guys drove for credit-soaring-up notes and only to find out all notes are cancelled due to payment posting except those changed into "In Grace Period" the second day, they fell pissed off . If I am a professional like New Jersey Guy, I will not complain. I will find new ways to milk the cow, not to scare young guns off.   

[New Jersey Guy]

" If I am a professional like New Jersey Guy, I will not complain"

Now, now now!  I just had this conversation with DanB this morning!  I never participated in that "grey area" of trading!  Despite what you might have read, I do have a conscience.

Besides, my Folio forte' is fleecing the elderly out of their life savings.

Anybody interested in a bridge?

[Ran]

" If I am a professional like New Jersey Guy, I will not complain"

Now, now now!  I just had this conversation with DanB this morning!  I never participated in that "grey area" of trading!  Despite what you might have read, I do have a conscience.

Besides, my Folio forte' is fleecing the elderly out of their life savings.

Anybody interested in a bridge?

This is a related topic: I actually wondered before why LC does not allow guys bid up the notes in the primary issue market. Then I figured out that young guys will drive up the price in good times but completely disappear in bad times. Those guys do not like volatility but every one needs them, both LC and professionals, to keep the market moving. I always liken this strategy to milk the cow. Farmer are apparent gainer, and if a cow can milk without eating grass, farmer will not feed them. Farmers will feed them only to point that cow can milk. LC will always give big money advantage, but have a protection policy in place for young guns just make sure they do not go away.

[yaoyao]

This new change also means that we will no longer get cancelled orders due to payment.