Author Topic: "Credit for Ineligible Loan"  (Read 20549 times)

muflafler

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"Credit for Ineligible Loan"
« on: November 06, 2014, 09:32:27 AM »
I had several transactions show up today, "Credit for Ineligible Loan."  Does anyone know what is going on when this happens?  The Account Activity page does not show the loan number or any other data, just this:


11/06/14   Transfer   Credit for ineligible loan   $24.44

I had 8 of these show up today, I've never seen it before.

brycemason

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Re: "Credit for Ineligible Loan"
« Reply #1 on: November 06, 2014, 09:39:59 AM »
LC may have bought back loans that were either identify theft or never should have been on their platform in the first place. Given how many you had and how  rarely loans have been bought back due to identity theft, I vote for the latter.

core

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Re: "Credit for Ineligible Loan"
« Reply #2 on: November 06, 2014, 09:51:11 AM »
If it was ID theft, then I would expect the full $25.00 to be credited, no?  The only way it would be for less is if there was a payment made on the loan.  Maybe I'm hanging out with the wrong kind of crooks, but the ID thieves I know don't usually start making payments on the victim's loan.  That kind of defeats the purpose.

OK, maybe some screwed up family member situation.  I can see that.

Ran

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Re: "Credit for Ineligible Loan"
« Reply #3 on: November 06, 2014, 10:43:16 AM »
If it was ID theft, then I would expect the full $25.00 to be credited, no?  The only way it would be for less is if there was a payment made on the loan.  Maybe I'm hanging out with the wrong kind of crooks, but the ID thieves I know don't usually start making payments on the victim's loan.  That kind of defeats the purpose.

OK, maybe some screwed up family member situation.  I can see that.

If LC can provide loan ID for these credited loans in account activity page, that would help us a lot. Currently I do not even know what happened to my loans? Are they marked as fully paid or charged off?

Kombinator

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Re: "Credit for Ineligible Loan"
« Reply #4 on: November 06, 2014, 10:56:49 AM »
This is quite strange, possibly them cleaning their books to be queaky clean going into IPO, or buying back policy code  loans they accidentally released into general population...would be good to get a clear answer.
« Last Edit: November 06, 2014, 11:16:25 AM by Kombinator »

core

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Re: "Credit for Ineligible Loan"
« Reply #5 on: November 06, 2014, 11:07:19 AM »
or buying back policy code  loans they accidnetally released into general population...

A full month into it?  (Since it appears payments were made.)  Ummm were they buying the lates too or just the current ones?  That's real convenient that they get to choose which ones to stick you with after the ponies leave the gate.  Yanking notes out of somebody's account after the fact seems a bit wrong on many levels.

Kombinator

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Re: "Credit for Ineligible Loan"
« Reply #6 on: November 06, 2014, 11:16:49 AM »
No question, looks like a monumental fuck up somewhere, just not clear where and how

samybob

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Re: "Credit for Ineligible Loan"
« Reply #7 on: November 06, 2014, 11:22:52 AM »
I also have 6 of these, does anyone know for sure what they are? I didnt see any notes come off my account?

Date
Type
Description
Amount
11/06/14   Transfer   Credit for ineligible loan   $25.28
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.90
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.95
11/06/14   Transfer   Credit for ineligible loan   $24.94

avid investor

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Re: "Credit for Ineligible Loan"
« Reply #8 on: November 06, 2014, 11:37:45 AM »
I also have 6 of these, does anyone know for sure what they are? I didnt see any notes come off my account?

Date
Type
Description
Amount
11/06/14   Transfer   Credit for ineligible loan   $25.28
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.90
11/06/14   Transfer   Credit for ineligible loan   $25.15
11/06/14   Transfer   Credit for ineligible loan   $24.95
11/06/14   Transfer   Credit for ineligible loan   $24.94
So, you have some credits that EXCEED the $25 loan?  I assume you are investing in $25 increments because all of these numbers center on $25.

Kombinator

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Re: "Credit for Ineligible Loan"
« Reply #9 on: November 06, 2014, 11:39:49 AM »
Looks like they are just taking it out with accrued interest or at par, which explains the 25+/- numbers.

Really disturbing that there has been 0 communication on this issue from LC.

avid investor

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Re: "Credit for Ineligible Loan"
« Reply #10 on: November 06, 2014, 11:43:03 AM »
Ok, just called LC on this.  They were "recent" notes that should not have been allowed on the platform.  They have been bought back by LC, without fee.  If the amount is less than the note amount, you have already received one or more payments.  If it is more, it is due to accrued interest.  Sounds like "no harm no foul", if what I have been told is correct.

Kombinator

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Re: "Credit for Ineligible Loan"
« Reply #11 on: November 06, 2014, 11:44:54 AM »
For what reason were these loans not allowed on the platform initially?

avid investor

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Re: "Credit for Ineligible Loan"
« Reply #12 on: November 06, 2014, 11:46:15 AM »
I didn't ask that, but I failed to add that I was told that the "problem was corrected".  Ergo, we should not be seeing more of these unless a new such problem occurs.

samybob

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Re: "Credit for Ineligible Loan"
« Reply #13 on: November 06, 2014, 11:47:08 AM »
yes, I invest in $25 increments. So then this is no big dela, they are either paying us more and if they are giving us less its because we got a payment already. I would to know which notes these are so I can look at them.

Kombinator

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Re: "Credit for Ineligible Loan"
« Reply #14 on: November 06, 2014, 11:48:55 AM »
I didn't ask that, but I failed to add that I was told that the "problem was corrected".  Ergo, we should not be seeing more of these unless a new such problem occurs.

Its great that the problem was corrected, but we need to know what exactly the problem was, what was the source to determine if it is likely to occur again, and on what scale, as our accounts can all of a sudden find tehmselves with potentially meaningful cash drag out of the blue.

I will follow up with LC as well to see WTF happened here.