Author Topic: charge offs + folio  (Read 6801 times)

SkaXc0re77

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charge offs + folio
« on: February 19, 2014, 07:55:49 AM »
so payments don't go through for 4 days yet the day the payment starts the note delist's for what ever reason (xdividend date sorta) that being said you sell the dang thing on a friday and since monday's a holiday, w/ tuesday as the pay day (normally youd be ok but this week the buy/sell dies - yay!)....

So why the heck do I buy a note on the 14th - wait 4 days for it to pend just for it to go charge off on the 18th THEN post to my account?!

My fault for not looking at the days since last payment - but still.. shouldn't the concept be the same?  Big change the same day as payment?

core

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Re: charge offs + folio
« Reply #1 on: February 19, 2014, 08:38:53 AM »
Whatever it is that you just said, I agree wholeheartedly.

SkaXc0re77

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Re: charge offs + folio
« Reply #2 on: February 19, 2014, 09:18:56 AM »
trying again  :-P

If a processing payment kills a folio purchase/sale (even tho it processes for 4 days w/out any hint of success)...

Why would it let a KNOWN Charge off go through the same day it charges off?

I bought a note on the 14th... it processes for a weekend (and the holiday) and yesterday it went through - and was charged off?!

(Sorry - a little hung over, very very tired makes for rambling incoherent posts)

core

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Re: charge offs + folio
« Reply #3 on: February 19, 2014, 09:33:56 AM »
Oh ok.  For some reason I had it in my head you were the seller, and that's about where I got lost.  The note should have been listed as 'Default' for quite some time before it charged off... you're saying it was not, when you bought it?  And I thought you couldn't list notes for sale when they are 'Default', but that's a different issue.

If you bought it for cheap, you can blame Bohb.  He likes to pull that crap on me too.

Bohb Daishi

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Re: charge offs + folio
« Reply #4 on: February 19, 2014, 10:15:39 AM »
If a processing payment kills a folio purchase/sale (even tho it processes for 4 days w/out any hint of success)...

Why would it let a KNOWN Charge off go through the same day it charges off?

Can you share a link to the note?

Oh ok.  For some reason I had it in my head you were the seller, and that's about where I got lost.  The note should have been listed as 'Default' for quite some time before it charged off... you're saying it was not, when you bought it?  And I thought you couldn't list notes for sale when they are 'Default', but that's a different issue.

I had about 60 charge-offs occur yesterday and about 20% were loans that were NOT in default or bankruptcy. Among them was this particular note that caused me to send another email to my LendingClub contact. There were 4 "check payments received", but none of them credited to the loan...

If you bought it for cheap, you can blame Bohb.  He likes to pull that crap on me too.

Core, it's not my fault when you make it so easy for me. Pretty much all of those 96% discount notes that you bought have defaulted/charged off by now. Of course many of the buyers actually intended for these notes to charge off, but I'm just glad that I got at least a few pennies for each.
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SkaXc0re77

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Re: charge offs + folio
« Reply #5 on: February 19, 2014, 10:52:18 AM »
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1325060&order_id=17387715&note_id=11196072

Looked liked a solid "I pay late all the time and I made the effort to contact you myself instead of answering when you called" $1.35 investment :-P

Was Late 31-120 (not default) and did not go bankrupt - just timed out I guess.

Like I said charged off yesterday and posted to my account (not sure the order but I have a gut feeling that they knew it was charged off prior to it posting at 8 oclock at night).

BruiserB

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Re: charge offs + folio
« Reply #6 on: February 19, 2014, 10:53:40 AM »
I had about 60 charge-offs occur yesterday and about 20% were loans that were NOT in default or bankruptcy. Among them was this particular note that caused me to send another email to my LendingClub contact. There were 4 "check payments received", but none of them credited to the loan...



I also was surprised with a lot of chargeoffs yesterday, including the loan you linked.  Please post what you hear back from LendingClub.  Looks like the borrower has made payments that weren't credited and did even have something credited last month.  I wonder what led LC to believe this loan couldn't get back on track?

core

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Re: charge offs + folio
« Reply #7 on: February 19, 2014, 11:20:19 AM »
Among them was this particular note that caused me to send another email to my LendingClub contact.

Do you think that was wise?  Sounds like he's constipated enough already.  And what answer do you hope to get?  Email all day until the cows come home, all you'll get is double-talk, excuses, and maybe a credit.  Do you really think they'll fix anything or quit pulling crap out of their rears whenever it suits them?

Bohb Daishi

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Re: charge offs + folio
« Reply #8 on: February 19, 2014, 11:28:49 AM »
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1325060&order_id=17387715&note_id=11196072

Looked liked a solid "I pay late all the time and I made the effort to contact you myself instead of answering when you called" $1.35 investment :-P

Hah! Believe it or not, Core was correct. I was the one who sold you that note on the 11th. Except the sale price was $1.15, not $1.35. If it's any consolation, I originally purchased the note back in December for $8.50...
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core

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Re: charge offs + folio
« Reply #9 on: February 19, 2014, 11:35:15 AM »
I was the one who sold you that note on the 11th. Except the sale price was $1.15, not $1.35.

If he bought it on the 11th then it should have settled Wed the 12th.  I think I'm still lost here.

SkaXc0re77

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Re: charge offs + folio
« Reply #10 on: February 19, 2014, 03:20:19 PM »
you might of sold one but i promise you I bought it for $1.35 on Friday the 14th... and since monday was a holiday it posted on tuesday (and charged off)

core

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Re: charge offs + folio
« Reply #11 on: February 19, 2014, 03:45:14 PM »
you might of sold one but i promise you I bought it for $1.35 on Friday the 14th... and since monday was a holiday it posted on tuesday (and charged off)

Confirmed, I see now.  It was sold the evening of 2/10 for $1.19.  Settled 2/11 and that nutjob owner listed it for $1.30 and then wildly varied the price between $1.29 and $1.35 until you bought it Friday at $1.35.   And yes, it seems yesterday it went straight from Late31+ to Charged Off.   Looking farther back it seems that note has had quite a few nutjob owners in the last month and a half.  I can understand lowering the price, but why keep raising it so often by a few cents?  Like throwing darts at a donkey's rear end.

Ran

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Re: charge offs + folio
« Reply #12 on: February 19, 2014, 05:16:58 PM »
Among them was this particular note that caused me to send another email to my LendingClub contact. There were 4 "check payments received", but none of them credited to the loan...

What a nice note. I am willing to pay 20% for it if LC allows it for sale