Author Topic: Confusing Loan  (Read 2688 times)

jheizer

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Confusing Loan
« on: April 15, 2015, 03:56:27 PM »
Loan Id: 44673259
Note Issuance Date:   4/3/15
4/3/15 (Friday)   Borrower informed Payment Solutions specialist that payments will be mailed
Payment Status: Failed
Next Payment Due   $0.00
And in my notes list and notes_ext.csv it shows up as next due on 4/1/2014 and status issued.

It's like they said they'll mail the payments and LC just said oh well, better luck next time.
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kya

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Re: Confusing Loan
« Reply #1 on: April 15, 2015, 05:08:59 PM »
lc needs to "tighten up" their collection effort and collection notes...for the most part it seems they just go through the motions...anyone with lending exp will tell you that consistant and concise collection effort is an intergel part of any lending operation...seems like lc has more accounts than they can handle on a daily basis collection wise.... they need to be more aggressive also imop

jheizer

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Re: Confusing Loan
« Reply #2 on: April 15, 2015, 05:11:45 PM »
Makes me curious how this one appears to the borrower since the first payment shouldn't be due for 2 or 3 weeks really.
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Fred93

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Re: Confusing Loan
« Reply #3 on: April 15, 2015, 05:47:44 PM »
Normally first payment is due 30 days after loan issues to the borrower, but borrowers can specify a different date up to + or - 15 days.  Usually they ask for delay.  Lenders are not compensated for this delay.

But in this case, those dates just look wrong, eh?

jheizer

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Re: Confusing Loan
« Reply #4 on: April 15, 2015, 05:55:10 PM »
Yeah, just wrong dates messing things up.  No other collections information or anything, just a request to pay by mail.
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jheizer

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Re: Confusing Loan
« Reply #5 on: April 15, 2015, 06:06:19 PM »
I wonder if when they stopped the auto payments they fat fingered the next payment date.  Email sent, lets see what they say.  Thought the last time I emailed them (about the API) the response I got was pretty worthless.
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jheizer

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Re: Confusing Loan
« Reply #6 on: April 16, 2015, 08:59:33 PM »
Well I got a response from them but I believe they think I am crazy.  My first email was really short as I assumed when they opened the loan they would see what I meant.  Just sent this as a reply so hopefully they understand.

Quote
Sorry I didn't give much detail in the first email.  I was in a hurry and I thought it would all make sense once you opened it.  I am confused on why the next payment date is prior to the loan's issuance date, the next payment amount is $0, and there is a payment status of failed.  Shouldn't there be a date of like 5/3/2015? Is this just how you disable the auto ACH withdrawls?





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jheizer

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Re: Confusing Loan
« Reply #7 on: April 17, 2015, 02:12:53 PM »
Quote
Thank you for providing us with the additional information and screen shot. Until the first payment has been successfully processed, the "Notes" tab may show the Loan Issuance date (a date in the past) rather than the first payment date.

Since the borrower has chosen to make monthly payments via check for this loan, our system will display the payment status as "failed" until the check is fully processed. Please note that this is for display only, and there has not been a failed payment for this loan. When a borrower payment is successfully processed (either via ACH or check) it may take up to one business day for the funds to disburse to an investor's account. You are always able to view when a payment has been received to your account by clicking on the "Account Activity" tab in your Lending Club account.

Still seems weird to me that even the next payment amount is $0.  Oh well I guess.
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