Author Topic: Principal only payments in Account Activity breakdowns  (Read 1878 times)

rob

  • Newbie
  • *
  • Posts: 1
    • View Profile
Principal only payments in Account Activity breakdowns
« on: August 23, 2014, 02:31:07 PM »
Occasionally I see a principal only payment in my account activity.  I grab the loan number and then drill down to the payment history for that note.  I don't see any evidence of a principal only payment, so i don't understand what's going on.  Does anyone know what is happening here?

A few weeks ago, I noticed an accounting error in my lending club ledger.  I sent the evidence into LC and they rectified the error and credited my account, but they didn't offer me a logical reason why the error occurred.  It was a poor response about how an update to the system a week after the accounting error delayed some payments.  it didn't make sense to me at all to be honest.  Splitting up payments to the investors is so fundamental to the LC platform, so we should have a high level of trust.  But I've been scrutinizing the account activity a lot more as of late, and hence my principal only question.

Has anyone else had accounting errors in thier LC account?  I am happy to share the email thread between myself and LC about the accounting error if anyone is interested.

Thnx

Newbie Rob

Fred

  • Hero Member
  • *****
  • Posts: 1421
    • View Profile
Re: Principal only payments in Account Activity breakdowns
« Reply #1 on: August 23, 2014, 02:39:26 PM »
Has anyone else had accounting errors in thier LC account?  I am happy to share the email thread between myself and LC about the accounting error if anyone is interested.

Rob, thanks for sharing.  This sounds serious.

I am interested in the email thread between you and LC about the accounting error.

Randawl

  • Sr. Member
  • ****
  • Posts: 469
    • View Profile
Re: Principal only payments in Account Activity breakdowns
« Reply #2 on: August 23, 2014, 05:26:15 PM »
Sadly, there have been well-documented (somewhere on our forum) accounting errors occurring at least on some scale for many years. 

"Stuff just barely works at Lending Club half the time."         ;)