Account Liquidation- How did you get the last of your notes to sell?

[dr.everett]

So thought I'd post my update as OleBill did. My taxable account has one 31-120 note left that when it comes off of Payment Processing (fails) in the next day or two will get sold.

I'm down to 10 notes in the IRA account that are in the same state. Once I sell them, the Taxable account will sit dormant for a while to capture the recoveries that may come in. Since it doesn't cost anything to maintain it, I'll leave it for a while.

I've heard from others that the IRA account is a different story. Assuming that they charge for the fees either on the anniversary date, or at the end of the year, I'll keep an eye out for both and close it before either occurs.

In the end, I did make money on both accounts, even with the losses incurred from excessive chargeoffs, and losses due to selling. Just no where near what I expected, what was advertised, or what I was receiving at the start.

I do have a large position in their stock- will play with that for a while and try to make the money there that didn't end up coming in through loans.

Finally off to other things that make more money and take less time/effort.

[.Ryan.]

Finally off to other things that make more money and take less time/effort.

Couldn't have said it better.

I'm happy for you Dr. Everett. I'm divesting myself; looking forward to when this cancer of an investment is out of my portfolio. My god it takes forever........

[SLCPaladin]

I just wanted to give everyone an update on my winding down of my Prosper and Lending Club IRA accounts. I decided that I didn't want to sell my notes on Folio, mainly because I felt like I would be better off letting them run out to maturity rather than progressively lowering the discount on each note in order to sell them. I've spent the last 3 weeks interacting with customer service from Strata and Equity (both custodians of my IRAs and Lending Club and Prosper, respectively). With some work, I finally got about $10k transferred into a 5-year CD at a local credit union at 3.2%. Keep in mind, my LC and Prosper IRA accounts are still open, so these were basically partial IRA transfers. The credit union that I'm using has their own form and I had to follow several steps in order to 1) Get free cash transferred from LC/Prosper to IRA custodian and 2) have the requesting IRA custodian pull the funds from the current one.

It has been mildly frustrating, but doable. The fee for Strata was about $20 for this transfer. I will repeat the process once or twice more as more notes in my IRA account are paid off in full. Prosper assured me that I wouldn't be assessed a low balance fee as I continually drain my IRA because I did at one time hit the $10k benchmark for having the fee reimbursed for them. Lending Club did not offer that assurance, but they said that they were moving to a new custodian anyway and migrating their customers over, so that any fee would likely be much lower than Strata is charging now (also, the CS rep said I could call back when the fee is assessed and see if I could have it waived, which I probably will do).

[dr.everett]

Finally off to other things that make more money and take less time/effort.

Couldn't have said it better.

I'm happy for you Dr. Everett. I'm divesting myself; looking forward to when this cancer of an investment is out of my portfolio. My god it takes forever........

It does. At the end of a 2 year effort. My last sellable notes (31-120) sold at a 92% discount yesterday, leaving only bankruptcy notes that should go bye-bye here on June 1st. I have one last transfer from the IRA to complete, then the IRA account will sit dormant for a while, I'm interested to see if the recovery volume warrants keeping the account open or not. I'll have to make a decision I think either by July, or by December, depending on when they try to asses the account maintenance fee. They will get an earful if they don't waive the fee. 

On a side but related note- I find it interesting that a lot of the automated tools seem to be dying off. Bluevestment has folded, InterestRadar isn't far behind, Lending Robot seems to be slowly divesting away, etc. I think Peercube is the only one left. (Keep it up Anil!)

If I had the size portfolio I did from 2 years before, the loss of these tools would really raise my stress levels. Using the tools as I did to liquidate when I did, while time consuming, minimized my losses and my stress levels.

I haven't yet run my final numbers on both accounts to see what the return actually was. I'm looking forward to it strictly from an advertised/actual perspective just to see what the delta was. I had high expectations in the beginning, I'm sure the reality will be much less.

[Lovinglifestyle]

Partial Quote
Posted by: dr.everett
« on: May 26, 2018, 10:38:23 PM » Insert Quote

"On a side but related note- I find it interesting that a lot of the automated tools seem to be dying off. Bluevestment has folded, InterestRadar isn't far behind, Lending Robot seems to be slowly divesting away, etc. I think Peercube is the only one left. (Keep it up Anil!)" --dr.everett, in reply to .Ryan. .

If I had the size portfolio I did from 2 years before, the loss of these tools would really raise my stress levels. Using the tools as I did to liquidate when I did, while time consuming, minimized my losses and my stress levels."

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I agree 100+%!  The thought of losing PeerCube (Thank you, Anil!!) along with Folio, after already losing the P2P aspects, did me in.  "It ain't what it used to be" is the follow-up reminder to self that finally got me out.  One thing it used to be was fun.  I started in Oct., '08.

[Fred93]

On a side but related note- I find it interesting that a lot of the automated tools seem to be dying off. Bluevestment has folded, InterestRadar isn't far behind, Lending Robot seems to be slowly divesting away, etc. I think Peercube is the only one left. (Keep it up Anil!)

The business model didn't work.

[storm]

The business model didn't work.

They were just scripts.  I would think the business would pretty much run itself.  Bluevestment's pricing was reasonable which is why I signed up.  The other services need to rethink their pricing because with the lower returns, they would be taking out a serious chunk of my profits.  Just more of an incentive to brush up on my programming skills and create my own auto-invest script.

[AnilG]

Thanks, LFS and Dr. Everett for your comments about PeerCube. Luckily we made some good business decisions earlier like pricing our service appropriately, keeping our costs low, and not raising external funding that is helping us now in continuing to provide the service. Of course, it wouldn't have been possible without the help of and input from long time supporters like LFS in shaping PeerCube.

Partial Quote
Posted by: dr.everett
« on: May 26, 2018, 10:38:23 PM » Insert Quote

"On a side but related note- I find it interesting that a lot of the automated tools seem to be dying off. Bluevestment has folded, InterestRadar isn't far behind, Lending Robot seems to be slowly divesting away, etc. I think Peercube is the only one left. (Keep it up Anil!)" --dr.everett, in reply to .Ryan. .

If I had the size portfolio I did from 2 years before, the loss of these tools would really raise my stress levels. Using the tools as I did to liquidate when I did, while time consuming, minimized my losses and my stress levels."

--------------------------------------------------------

I agree 100+%!  The thought of losing PeerCube (Thank you, Anil!!) along with Folio, after already losing the P2P aspects, did me in.  "It ain't what it used to be" is the follow-up reminder to self that finally got me out.  One thing it used to be was fun.  I started in Oct., '08.