Author Topic: Notes in Grace period  (Read 1147 times)

jd

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Notes in Grace period
« on: October 21, 2017, 11:47:14 AM »
Hello,

I was looking to pick the brain of anyone who has had a Lending Club account for a few years.  If a loan goes into Grace period how often do the payments end up being made?  Do they more often fall into past due as opposed to getting back on normal schedule.

Thanks so much



 

EmilyFoxSeaton

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Re: Notes in Grace period
« Reply #1 on: October 21, 2017, 01:55:37 PM »
So far all of mine 17 notes have got from "Grace period" to back in repayment status.  Been in since January.

jd

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Re: Notes in Grace period
« Reply #2 on: October 21, 2017, 02:47:45 PM »
Really? That is great for you. I didn't think 17 of 17 would go back into payment status.

Thank you so much for the reply.

Eddie

EmilyFoxSeaton

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Re: Notes in Grace period
« Reply #3 on: October 21, 2017, 03:01:47 PM »
I can't say that is usual.  But so far I have been lucky.

Fred93

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Re: Notes in Grace period
« Reply #4 on: October 21, 2017, 06:39:14 PM »
On the LC web site, they say...
Quote
31% of the outstanding principal on loans showing a status of “Grace Period” as of April 2016, May 2016, or June 2016 reached a “net charge off “ status within the following nine months (on or before January 2017, February 2017, and March 2017 respectively). “Net charge offs” are equal to the total principal amount charged off less any funds recovered within three months of the last day of the applicable nine month period. For example, if a loan was in “Grace Period” in April 2016 ,the principal amount of $1,000 was charged off in December 2016, and $100 was recovered in January 2017, the net charge offs for that loan would be $900.

jd

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Re: Notes in Grace period
« Reply #5 on: October 21, 2017, 08:06:54 PM »
Thank you Fred. It is always good to see your input.