Author Topic: RIP Lendingclub Notes  (Read 5572 times)

kib

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Re: RIP Lendingclub Notes
« Reply #45 on: October 14, 2020, 05:20:52 PM »

Unfortunately, management was never honest about this.  That's a big negative mark for them in my book.

  This ^.   I think they could have gracefully cancelled the program without screwing all of us with these last minute announcements, including only announcing the closing of the LC platform after it was no longer possible to sell on Folio to investors who might have been ok with the slow attrition / no new investment agenda.  They've basically been behaving like morally derelict pigs since about year 3.  I assume it's being done this way to suck the last few dollars out of us as we bail on the sinking ship and forfeit our notes.  Such admirable character, I just can't wait for my Flounder account.
« Last Edit: October 14, 2020, 05:56:23 PM by kib »

BruiserB

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Re: RIP Lendingclub Notes
« Reply #46 on: October 15, 2020, 09:31:33 AM »
I did e-mail Lending Club to ask about switching IRA custodians as they previously had told me that it was possible to do so.  The new custodian they have recently been using only had maintenance fees if the notes balance went below $5,500 rather than $10,000.  I figured transferring custodians would be one way to avoid the fees.  Below is the response I received.  Summary: no longer possible to change custodians but they will cover yearly fees as account winds down.  Strange part is that they left it to me to contact them once my balance goes below $10,000 to get added to the waiver list.

Thank you for reaching out!

LendingClub will be happy to cover your IRA account maintenance fee with STRATA Trust if your balance happens to fall below the 10k threshold. The fee is assessed on the month of your anniversary with LendingClub (August) so please reach out to us prior to then if your balance drops below 10k and we will add you to our list.

At this point we can no longer transfer you to our new IRA custodian as the funnel for new accounts was closed a week or so ago. With this being said it should not matter as the only difference between the two Custodians was the lower annual fee, however since we will be covering this for you this should not affect you in any way.

rawraw

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Re: RIP Lendingclub Notes
« Reply #47 on: October 19, 2020, 07:51:23 PM »
All we need is New Jersey guy and Bryce for the reunion. It was a good run 😊

flyp52

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Re: RIP Lendingclub Notes
« Reply #48 on: October 22, 2020, 01:36:10 PM »
Sure hope Bryce is doing ok after the Direct Lending Investments debacle.

lascott

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Re: RIP Lendingclub Notes
« Reply #49 on: October 23, 2020, 05:25:10 PM »
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

rawraw

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Re: RIP Lendingclub Notes
« Reply #50 on: October 27, 2020, 06:57:42 PM »
I think he is doing OK.  I tried reaching out to him but we kept missing each other.  I should check on him again

HowFree

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Re: RIP Lendingclub Notes
« Reply #51 on: December 09, 2020, 06:14:18 PM »
My wife and I were very early investors in LendingClub notes and opened a STRATA SD-IRA account to invest tax-free.  With the closing of the retail platform, we are moving our account to Horizon Trust to invest in Secured Promissory Notes issued by LCUSA Funding, a subsidiary of LendingUSA which originates consumer loans similar to LendingClub, but they are originated at retail point-of-sale for consumers. 

Booleans

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Re: RIP Lendingclub Notes
« Reply #52 on: January 11, 2021, 12:49:33 PM »
I don't suppose Lending Club will continue updating their data on issued loans and payments? It'd be great if we could get one more file on issued loans (covering 2020 Q4) and then still get updated CSV files on loan payments until the end. I've emailed Lending Club to find out the answer and have gotten no response.

macroman7799

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Re: RIP Lendingclub Notes
« Reply #53 on: January 13, 2021, 07:50:40 PM »
I sent a question on January 3rd and still no response. How long should we expect to wait?