Author Topic: Borrower engage with debt consolidator  (Read 3266 times)

pplinvestor

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Borrower engage with debt consolidator
« on: June 12, 2014, 10:26:41 AM »
Notice this Collection Log entry: "Borrower engaged with debt consolidator"
https://www.lendingclub.com/account/loanPerf.action?loan_id=3154413&order_id=5192681&note_id=18274817

Any guess on when borrower will engage with debt consolidator? 

brycemason

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Re: Borrower engage with debt consolidator
« Reply #1 on: June 12, 2014, 03:43:56 PM »
Sounds like he/she already did, hence the note.

Randawl

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Re: Borrower engage with debt consolidator
« Reply #2 on: June 12, 2014, 03:54:44 PM »
Sounds like he/she already did, hence the note.
I think the OP is asking when does this happen. 


Notice this Collection Log entry: "Borrower engaged with debt consolidator"
https://www.lendingclub.com/account/loanPerf.action?loan_id=3154413&order_id=5192681&note_id=18274817

Any guess on when borrower will engage with debt consolidator? 

The answer is that the borrower is one step closer to bankruptcy and that note is one step closer to near worthlessness, ditch it post-haste!   ;)

Fred

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Re: Borrower engage with debt consolidator
« Reply #3 on: June 12, 2014, 07:22:57 PM »
Just to clarify: does this mean the "debt consolidator" company called LC on behalf of the borrower?  Perhaps to request lower rate or extend loan terms?

Rob L

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Re: Borrower engage with debt consolidator
« Reply #4 on: June 12, 2014, 07:51:49 PM »
Is William Shatner involved, or is that some other gig?

pplinvestor

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Re: Borrower engage with debt consolidator
« Reply #5 on: June 13, 2014, 12:24:43 AM »
If borrower is going to file bankruptcy, why "engage with debt consolidator"?  Why will a borrower engage with debt consolidator, other than forgiveness of portion of the loan?

New Jersey Guy

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Re: Borrower engage with debt consolidator
« Reply #6 on: June 13, 2014, 09:49:17 AM »
I thought debt consolidator would contact all the creditors and negotiate a lower payment.  Then they roll it up into one payment making it easier for the borrower to pay.  The lower, single payment is made to the consultation agency, not the creditors.  The agency then splits the money up and pays each individual creditor.

It certainly does not show the borrowers ability to pay, as they would otherwise not need this program.  So, it is an indication of trouble.  But it's also an indication that the borrower is attempting to avoid the bankruptcy route.
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