Author Topic: Am I screwed with this note?  (Read 3043 times)

fliphusker

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Am I screwed with this note?
« on: June 07, 2016, 09:19:57 PM »
I know this happens, probably happens way more then it should, but this is just ridiculous.  Straight roller made one payment then declared bankruptcy.  My first note to even go IGP. 
Loan id: 73955953
I am assuming I can just write this off now with no hopes of getting anything back?
As the note is just $10k, will LC file an objection?  Is this a clear cut case of fraud then?

RT45

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Re: Am I screwed with this note?
« Reply #1 on: June 08, 2016, 01:50:16 AM »
I am curious about this as well.

Rob L

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Re: Am I screwed with this note?
« Reply #2 on: June 08, 2016, 09:35:47 AM »
Same thing happened to me when I first started, but not bankruptcy. First charge off was a roller; zero payments. Worked for Advanced Server Management Group. loan_id=6115239. Got a $6.23 recovery on a $100 note.  A few similar experiences and I stopped buying F notes. Also stopped buying $100 notes  :)

dbailey75

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Re: Am I screwed with this note?
« Reply #3 on: June 08, 2016, 09:53:03 AM »
There's got to be some evidence a borrower is about to go under,  I,m not an expert here, I've had 3-4 of these since getting back in to the note buying game the last 6 months.  Definitely frustrating, but agreed that filing for bankruptcy protection with in 30-60 days of taking a loan, their must be something the underwriters are over looking.

I'd say  some one just refusing to pay back a loan, those folks know how to play this game, but those that are actually taking legal action, there has to be some sort of behavior that provides a glimpse in to the future. Are they borrowing, unsecured loan, to say pay off a say car so it does not get repo'ed? 

I'm looking at one now,Loan ID: 65805870.  C1, 12.05% Rate, $15k, 705-709 Credit Score, 44% credit utilization, 20K revolving balance, $70K annual income, 5 years of employment, Las Vegas postal Code???  note issued 12/1/2015, charged off 4/27/2016.  I hope you had a great Christmas with that $15k.

ah, its now showing as sold to Third party Debt buyer as of 6/6/2016,  do we get a few bucks back from the sale?

dompazz

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Re: Am I screwed with this note?
« Reply #4 on: June 08, 2016, 11:11:45 AM »
I'm 3 years into LC and this threatens to by my first straight roller.  I guess it was about time.  https://www.lendingclub.com/account/loanDetail.action?loan_id=74785241

$3,500 loan, 0.75% DTI, 770 FICO, $40k annual salary.

I'm not sure how I would have predicted that as a straight roll default.  Unless, it is a case of identity theft.

fliphusker

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Re: Am I screwed with this note?
« Reply #5 on: June 08, 2016, 07:26:57 PM »
I'm 3 years into LC and this threatens to by my first straight roller.  I guess it was about time.  https://www.lendingclub.com/account/loanDetail.action?loan_id=74785241

$3,500 loan, 0.75% DTI, 770 FICO, $40k annual salary.

I'm not sure how I would have predicted that as a straight roll default.  Unless, it is a case of identity theft.

3 years?  I could not make it 3 months.  :(  It was one of my LR bad filter notes.