Author Topic: Suddenly lots of long-pending payments  (Read 349 times)

rj2

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Suddenly lots of long-pending payments
« on: April 19, 2021, 02:23:47 AM »
So, suddenly a lot of my portfolio is sitting in a status where the payment was to be made a couple weeks back, but the loan is just sitting listing as "pending". None of them have gone into grace period. None of them have completed the payment. Just pending.

Now my account is small at this point. I had been planning my exit even before LC pushed us, and when they announced folio was closing I put everything up for sale. I only have left what didn't sell--mostly because it was in hardship status (that might be a factor) but on the other hand they're almost all A grade notes that have never missed a payment, or deferred through hardship and then resumed paying on time, several of them with recent credit scores >800.

A few possibilies:

1. I'm just really unlucky and a large % of my small portfolio is late in making their payments

2. LC is no longer reliably updating payment data, because they don't care anymore, and will eventually mark these as paid and give me the money

3. LC is no longer reliably chasing after people for their payments, and that's causing payments to be late or missed and/or encouraging delinquency

Anyone else see a bunch of payments not being made? Sort your active notes by payment due date and see how many are weeks in the past.

« Last Edit: April 19, 2021, 02:28:06 AM by rj2 »

mrwhizzard

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Re: Suddenly lots of long-pending payments
« Reply #1 on: April 19, 2021, 11:32:00 AM »
Quote
Anyone else see a bunch of payments not being made?

I am seeing 4 loans (out of 28 active) showing current with a payment due date at least a week in the past. The odd thing is that I also have 7 loans that have had a payment applied in the past week (and now show a due date for next month). So it's not just consistently "slow", but only certain loans.

macroman7799

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Re: Suddenly lots of long-pending payments
« Reply #2 on: April 19, 2021, 07:20:43 PM »
I hadn't noticed this. I think LC is really falling down on their job with these. I have 582 notes in "Current" status and 58 of these list payment due dates in March.

It's far from the first thing that LC has mismanaged recently.

rj2

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Re: Suddenly lots of long-pending payments
« Reply #3 on: April 19, 2021, 09:05:37 PM »
In my case it's 10 out of 20 active loans--literally half--that are showing as current, with a payment due date in march, and payment status listed as "pending".
« Last Edit: April 19, 2021, 09:07:10 PM by rj2 »

rj2

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Re: Suddenly lots of long-pending payments
« Reply #4 on: April 25, 2021, 02:06:36 AM »
Looking in my activity history, I can see at least some of these loans paid according to the activity log, they are just not updating the status of the notes for some reason.

rj2

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Re: Suddenly lots of long-pending payments
« Reply #5 on: May 02, 2021, 01:25:40 AM »
Final reply --

All my "pending" notes eventually got "processed" and, though it updated ~1 month late, none ever went into grace period and all are now current and paid up.

The problem with this is when it comes time to close my account it looks like I may need to plan on an extra month for funds to settle, vs 3 days, which means the deadline to avoid a Strata fee just got nearer by 30 days.

jheizer

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Re: Suddenly lots of long-pending payments
« Reply #6 on: May 03, 2021, 10:06:24 AM »
I think I had this going on as well.  Was watching my last 2 loans and their payments to see I was clear.  I just assumed everything was slow from being the final payments but maybe not.  I'm out!
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