Author Topic: I got my first ever "recovery" payments today.  (Read 2266 times)

GS

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I got my first ever "recovery" payments today.
« on: August 29, 2014, 03:01:43 PM »
One was for a loan that went into bankruptcy owing $22.41.  I got $0.02.

The other was for a loan that never paid a single penny.  I got $10.42 on $75 owed.

Those are actually my only two charge offs at this point, although I have 4 more that look like they are headed that way.

Has LC ever explained what a recovery means?  Are they actually getting money out of these deadbeats, or are they selling the loans to 3rd parties and passing some of the proceeds on the us?

rawraw

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Re: I got my first ever "recovery" payments today.
« Reply #1 on: August 29, 2014, 03:46:04 PM »
One was for a loan that went into bankruptcy owing $22.41.  I got $0.02.

The other was for a loan that never paid a single penny.  I got $10.42 on $75 owed.

Those are actually my only two charge offs at this point, although I have 4 more that look like they are headed that way.

Has LC ever explained what a recovery means?  Are they actually getting money out of these deadbeats, or are they selling the loans to 3rd parties and passing some of the proceeds on the us?
I think its both

cfb

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Re: I got my first ever "recovery" payments today.
« Reply #2 on: August 29, 2014, 04:01:58 PM »
I got $35 worth this month.  Three months in a row I got a big stack of them on the same day without hardly any in prior months.