Lending Club - Time to panic?

[chaskavitch]

I have to get tax forms from Lending club for my last few notes that were sold off in Jan 2020, and their website is constantly down.  I still have a valid log-in, but I just get an error message once I am in my account.  Boo.

[chasesfish]

I wonder how many years worth of recoveries I'll have until Lending Club tax forms are no more...

[erutio]

A few years back, my notes were all charged off and I unloaded the rest on the secondary market at huge mark downs, but I continued to get a tiny trickle of recovered funds.  And then I'd had to account for it on my tax returns.  I got tired of it, so I emailed LC and requested they close my accounts.  They sent me back some forms to sign, which I did, and now I don't ever have to think about that shitty company anymore.  I assume in the signed documents that I give up the right to those recovered funds, which couldn't be more than a few hundred dollars by then, so worth it.

[laserlady]

I have to get tax forms from Lending club for my last few notes that were sold off in Jan 2020, and their website is constantly down.  I still have a valid log-in, but I just get an error message once I am in my account.  Boo.

I'm running into the same problem. I can log in, but then the website always tells me that they're experiencing technical difficulties, so I can't pull up the tax forms. So annoying.

[chaskavitch]

I have to get tax forms from Lending club for my last few notes that were sold off in Jan 2020, and their website is constantly down.  I still have a valid log-in, but I just get an error message once I am in my account.  Boo.

I'm running into the same problem. I can log in, but then the website always tells me that they're experiencing technical difficulties, so I can't pull up the tax forms. So annoying.

I'm glad it's not just me!  I even got an email last week saying that my tax forms were ready to be downloaded, and I still can't actually access anything :(  I emailed them, but I haven't called customer support yet.

[HappyCheerE]

I log in at least a few times a month to see if there's enough accumulated to transfer out, and I haven't had any trouble. Just downloaded my forms. Maybe try again?

Supposedly $800 left to wait for - even if it all vanishes, overall I'm up about 1-2% over what I put in, so technically "in the black" ignoring inflation. I'm glad I was too stubborn to sell at a loss, but I do have years more of taxes to do, so at some point closing the account might make the most sense.

[Icecreamarsenal]

My personality doesn't let me forget about this platform.  I check it at least once a week and end up transferring amounts like 1.16 and 0.89.  Then that goes straight to my vanguard.
No RAGRETS

[fuzzy math]

My personality doesn't let me forget about this platform.  I check it at least once a week and end up transferring amounts like 1.16 and 0.89.  Then that goes straight to my vanguard.
No RAGRETS

Haha me too! I'm down to $13 still invested and I'll be damned if I let them use my slush funds for any period of time.

[laserlady]

I log in at least a few times a month to see if there's enough accumulated to transfer out, and I haven't had any trouble. Just downloaded my forms. Maybe try again?

Thanks! I tried again today and was able to log in and download my tax forms.

But now I see that I had a few more dollars transferred to my account last summer, and I can't transfer the money out. I think Lending Club closed my account automatically in June after all of my loans got charged off, and they said that they'd transfer any recoveries they received to my associated bank account. Clearly that hasn't been happening, and they've disabled my ability to transfer money out myself.  So, the recoveries are still being counted as income on my tax forms, but they're inaccessible to me.   It's not much money for me personally, but it really bothers me to see a company carrying out this kind of fraud, and possibly getting away with it.

[chaskavitch]

I can log in now too. 

I must be completely cashed out, though, because literally the only thing I can see is my statements.  If I click on any of the other links to Summary or Holdings, it just reloads the tax statements page.  At least I know I'm not leaving anything in there!

[frozen]

My personality doesn't let me forget about this platform.  I check it at least once a week and end up transferring amounts like 1.16 and 0.89.  Then that goes straight to my vanguard.
No RAGRETS

I have about $20.00 left to go. 4 notes are current and 2 notes are marked late. I am glad this will be my last year with this company.
Haha me too! I'm down to $13 still invested and I'll be damned if I let them use my slush funds for any period of time.

[FIPurpose]

According to my Tax Statement from them, I had about $8 of recoveries in the second half of 2020. Please be done so that I don't have to look at this website again!

[sisto]

I'm happy to announce I'm completely done with lending club. Initiated the final transfer. Unfortunately I will have to deal with them on my taxes next year, but so glad I'm out!

[chasesfish]

$523 to go

2.22% Net Return

[sisto]

$523 to go

2.22% Net Return
[/squote]
The return is abysmal, especially with all of the hassle. Hang in there!

[chasesfish]

Has LendingClub given up on collecting any bad debt?   I had 654 notes default and haven't seen any "Recovery from Collections" post since August.

Two remaining notes to payout, the finally removed the miserable 2.2% annualized total return from the front screen. 

This entire thing was a great idea, poorly executed.

[FIPurpose]

My guess is that it's all gone to collections and sold to someone else.

[ChpBstrd]

This entire thing was a great idea, poorly executed.

I tend to think it was a bad idea, executed as well as could be imagined, with a ton of resources and public awareness supporting it. The whole concept was let's get around all that bank bureaucracy and offset the added risk by shifting liability for bad loans to investors.

Then it was discovered by both the bank and the investors that the highly diversified and competitive banking system had evolved the costly processes it currently has because cutting all the bureaucracy out leads to... a bunch of bad, if not fraudulent loans.

P2P lending was just one of many themes which emerged in the reach-for-yield 20-teens. Each startup sought to use a web platform and some renaming of terms to get around existing norms, procedures, laws, and taxes. They promised to unlock HUGE value that was trapped in old fashioned institutions. Real estate investing platforms, Wework, art investing platforms, and "crypto banks" like FTX were other examples.

They should all be considered the illegitimate offspring of a timeshare and a ponzi scheme. If you managed to withdraw any money out of such a company, be grateful.

I'm still haunted by the posts in 2018-2021 by people on this board who were loaning bitcoin at 9% interest or doing online RE loans to failing developers at 15%. They were trying to recalculate their FIRE numbers based on this new and permanent income and it felt like watching somebody kill themselves.