Author Topic: No Fee Charge-Offs  (Read 2685 times)

jonpildis

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No Fee Charge-Offs
« on: November 13, 2015, 06:56:48 AM »
We're very pleased to announce that BlueVestment customers will not pay BV fees on notes that eventually charge-off.  Here's the announcement from Nathan:

Hi BlueVestors,

There’s nothing more frustrating than seeing one of your Lending Club Notes get charged off.  While there’s nothing BlueVestment can do to stop charge offs from happening, we’re pleased to announce that our customers will no longer pay BlueVestment fees on Lending Club notes that charge off!

Here’s how it works:
BlueVestment keeps track of every note your purchased through BlueVestment and whether or not you paid fees to BlueVestment for that purchase.
If Lending Club decides to charge off one of the notes you purchased using BlueVestment, we’ll look back into your billing history to see if we charged you BlueVestment fees on that note purchase.
If you did get charged for that note, we’ll give you a credit for that note’s BlueVestment fees on your BlueVestment account that will offset future BlueVestment fees.
For example, you purchase a $200 note using BlueVestment in May 2015 and that note gets charged-off in October.
During the May 2015 billing period you invested a total of $3,000 using BlueVestment.
Your total fees amounted to $9.00 [calculation: ($3000 - $1000) * 0.0045]
The $200 note was responsible for $0.60 of your $9 in fees [calculation:(200/3000) * $9.00]
Your BlueVestment account will be credited $0.60

A few important rules / reminders:
This credit is only for notes that were purchased though the BlueVestment service
If you we’re not charged any BlueVestment fees for the original note purchase, you will not receive any account credit
These fee credits are not refundable and can be only be used to off-set future BlueVestment fees
Credits cannot be transferred to another BlueVestment account
Credits expire after 12 months

In the next few days you will start to see your charge off credit as it accumulates in your dashboard.

As always, if you have any questions or concerns, please send us a note at support@bluevestment.com.

Thanks for remaining loyal customers.
_____________
Jon Pildis
BlueVestment LLC

thezfunk

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Re: No Fee Charge-Offs
« Reply #1 on: November 13, 2015, 12:12:44 PM »
Awesome.  Now if we can just get the platforms to reimburse us losses on the notes that default.