Author Topic: Lending Club contacted 3rd party?  (Read 3159 times)

SeanMCA

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Lending Club contacted 3rd party?
« on: October 10, 2014, 01:34:02 PM »
What does this mean in the collection notes?

10/3/14 (Friday)   Lending Club contacted 3rd party and 3rd party was unable to pay at this time
9/2/14 (Tuesday)   PAYMENT Failed
9/1/14 (Monday)   Lending Club contacted borrower and borrower was unable to pay at this time

Does 3rd party mean like a guarantor or someone else who offered to make payments on the borrower's behalf?
I'm a merchant cash advance veteran exploring the p2p lending waters.

Joleran

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Re: Lending Club contacted 3rd party?
« Reply #1 on: October 10, 2014, 03:54:50 PM »
Could be husband/wife.  I see that a lot on borrower deceased notes.

SeanMCA

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Re: Lending Club contacted 3rd party?
« Reply #2 on: October 11, 2014, 01:29:31 AM »
have you had a lot of borrowers die?
I'm a merchant cash advance veteran exploring the p2p lending waters.

hoggy1

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Re: Lending Club contacted 3rd party?
« Reply #3 on: October 12, 2014, 09:24:38 AM »
I haven't but I see them all the time on high YTM loans on FolioFn
Steve

core

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Re: Lending Club contacted 3rd party?
« Reply #4 on: October 12, 2014, 01:18:35 PM »
have you had a lot of borrowers die?

I have had plenty of borrowers die.  Sometimes they even come back to life, because collection communication resumes at a later date with that same borrower.  That, or they've got decent cell phone coverage down there in hell.  ACH ability down there too, because the payments resume and it isn't a family member based on the collection notes.

Desperate borrowers will say anything to end the phone calls.  When the caller ID looks like a collector they will disguise their voice like a woman when answering the phone and say "Ummm he's dead" when the collector asks to speak with the borrower.  I know this from experience; I was a deadbeat once.  And I very much doubt that Lending Club demands to see the body before entering the notation in the almighty log.

But most deaths are legit, I would guess.  It's just part of the cost of doing business.  It sucks to lose the money, but I think to myself, hey at least he got screwed worse than I did.  I also like to picture the borrower ending their own life in some gruesome manner because they couldn't keep up with the payments on their LC loan.  It seems to take some of the sting out of me losing my $25.

JoeB

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Re: Lending Club contacted 3rd party?
« Reply #5 on: October 12, 2014, 01:24:19 PM »
I've come to the conclusion that you're not right in the head (in a good way).   :)
Best to all,

JB

hoggy1

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Re: Lending Club contacted 3rd party?
« Reply #6 on: October 12, 2014, 03:57:41 PM »
I have had plenty of borrowers die.  Sometimes they even come back to life...

I'm so happy you're back Core. Don't ever leave us again.
Steve