Author Topic: Engaged external collections agency  (Read 3371 times)

howler99

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Engaged external collections agency
« on: December 08, 2012, 09:55:02 AM »
Well it was bound to happen sooner or later but now I have a note Late 31-121 days with the note, "Engaged external collections agency", and this was after 1 payment on a loan of $4000. The note amount is just $25

Anyone ever see one of these come back from the dead?

yojoakak

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Re: Engaged external collections agency
« Reply #1 on: December 08, 2012, 10:27:50 AM »
Not great, but not the end of the World.

The External Collections agency is supposed to take a cut of any payment, but when I check my Account Activity this does not always appear to be the case.



https://www.lendingclub.com/public/rates-and-fees.action

DanB

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Re: Engaged external collections agency
« Reply #2 on: December 08, 2012, 09:05:30 PM »
howler99.......Yes, I have seen it partially come back from the dead on one occasion. The loan defaulted but "collections" eventually recovered $5.25 from a $19 or so balance. Collection fee was only 5 cents, oddly enough.

J2E

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Re: Engaged external collections agency
« Reply #3 on: December 09, 2012, 12:03:33 PM »
I currently have 3 notes 31+ days late and 1 default.  Once they hit that 31+ late, I pretty much consider them a loss.  I do list them for sale, but haven't gotten any bites, I've listed them for $7 with 23.xx remaining in principle. 

howler99

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Re: Engaged external collections agency
« Reply #4 on: December 10, 2012, 08:43:07 PM »
Well not very encouraging, but thanks for info. I just had another one go 31+ days. Maybe everyone is out buying Christmas presents and just haven't got around making their Lending Club payments.    :)