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23-07-2018, 03:58 PM
#941
Originally Posted by joker
I've got my first ever LC loan in collection. Should I expect a happy ending or have others out there had write-offs?
Attachment 9826
LC have had NO Write Offs to date
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24-07-2018, 03:15 AM
#942
Member
Originally Posted by Saamee
LC have had NO Write Offs to date
Technically they have had write offs.... However eventually 100% of capital was recovered presumably from securities
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24-07-2018, 11:27 AM
#943
Member
Originally Posted by mccollr
Not sure it is possible to have a strategy with Lending Crowd. If you hang about more than a nano second you miss out. No time to look at anything. IMHO
That particular loan was on for nearly an hour. Plenty for anyone who wanted $100k business loan with personal guarantee's over property and vehicles.
Originally Posted by Saamee
Personally, Anything that has Property as a Guarantee I take very happily....
So far in 2.5 Years, two loans have gone 'Belly Up', both had Property as Security, and all investors were repaid in full on both occasions.
Impressive record! At this stage I'm investing in all A2-B2. Built up to nearly 50 loans over a couple of months. Hopefully can get it up near my HM over the coming 12 months. Also finally managed to get a note @ 9% invested on SM
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03-09-2018, 10:55 AM
#944
Member
My 2nd lending crowd loan ever has just gone into collection, I suspected it was comming - It was sitting at 90days in arrears
Id |
Grade |
Type |
Term |
Rate* |
Principal |
Opened |
Principal received |
Interest received** |
Collection end date*** |
LN000-014-222 |
B1 |
Personal |
36 months |
13.97% |
$50.00 |
04/07/2016 |
$27.54 |
$9.06 |
04/03/2019 |
Does any one have a record what type of security was on this? - as as soon as the loan is filled there does not seem to be anyway to see this
LN000-014-222 in collection .JPG
Last edited by humvee; 03-09-2018 at 10:57 AM.
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03-09-2018, 06:32 PM
#945
Member
Originally Posted by humvee
My 2nd lending crowd loan ever has just gone into collection, I suspected it was comming - It was sitting at 90days in arrears
Id |
Grade |
Type |
Term |
Rate* |
Principal |
Opened |
Principal received |
Interest received** |
Collection end date*** |
LN000-014-222 |
B1 |
Personal |
36 months |
13.97% |
$50.00 |
04/07/2016 |
$27.54 |
$9.06 |
04/03/2019 |
Does any one have a record what type of security was on this? - as as soon as the loan is filled there does not seem to be anyway to see this
LN000-014-222 in collection .JPG
I don't have any security details - but all things considered, if it's a complete loss, it's not a complete disaster...$27.54 + $9.06 means that you got $36.60 back. For tax purposes, you write-off the O/S principal of $22.46 and this effectively commutes the $9.06 to capital received rather than taxable interest. The remaining $13.40 is set off against your other taxable interest meaning the capital loss is $11.05 (assuming 17.5% tax rate) but (the downside is) you will have received no interest on the loan. To date, I believe that there have been no principal write-offs by LC so it all might end well yet.
Last edited by joker; 03-09-2018 at 06:35 PM.
Reason: Spelling correction
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03-09-2018, 08:05 PM
#946
Member
Originally Posted by joker
I don't have any security details - but all things considered, if it's a complete loss, it's not a complete disaster...$27.54 + $9.06 means that you got $36.60 back. For tax purposes, you write-off the O/S principal of $22.46 and this effectively commutes the $9.06 to capital received rather than taxable interest. The remaining $13.40 is set off against your other taxable interest meaning the capital loss is $11.05 (assuming 17.5% tax rate) but (the downside is) you will have received no interest on the loan. To date, I believe that there have been no principal write-offs by LC so it all might end well yet.
My other "write off" was 100% principal recovered and some but I don't think all interest recovered so all in all fairly good.
Last edited by humvee; 03-09-2018 at 08:12 PM.
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07-09-2018, 10:25 AM
#947
Originally Posted by humvee
My other "write off" was 100% principal recovered and some but I don't think all interest recovered so all in all fairly good.
Were the collection costs recovered as well or were they a cost charged to your account?
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09-09-2018, 10:22 AM
#948
Member
LENDING CROWD'S FIRST WRITE-OFF???
Just had a write-off with LC. B2 loan @ 18.74% opened 14/09/17.
My investment = $100, principal owing was $89.26.
Interest received = $6.77
Recovery = $73.43 less collection costs of $15.22 = NET RECOVERY $58.21
WRITE OFF = $31.05.
Anyone else on the forum in this one?
Last edited by joker; 09-09-2018 at 10:30 AM.
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09-09-2018, 10:50 AM
#949
Junior Member
Yes, my first loss from my Lending Crowd investments. Can't really complain. Recovery amounts with Harmoney tend to be much closer to zero.
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10-09-2018, 08:02 AM
#950
Member
Originally Posted by joker
LENDING CROWD'S FIRST WRITE-OFF???
Just had a write-off with LC. B2 loan @ 18.74% opened 14/09/17.
My investment = $100, principal owing was $89.26.
Interest received = $6.77
Recovery = $73.43 less collection costs of $15.22 = NET RECOVERY $58.21
WRITE OFF = $31.05.
Anyone else on the forum in this one?
DO you have the loan ID? or any other details? security type? - I assuming it was most likely vechcle only
I'm not in that B2 loan, I do have 1 B1 loan in collection and 1 A2 Loan that was written off but with 100% principal recovered
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