Those final pesky notes

I’ve been selling off my Lending Club notes on FOLIOfn to empty and close my IRA account. It’s not easy to do. Each day I go to the sell notes page on FOLIOfn and get a list of notes that are not currently listed for sale. This list comes in 2 varieties, those eligible to be listed and those ineligible to be listed. For those eligible to be listed, I select them for sale and start an offer with about a 2% discount. I then go back to my entire list of notes offered for sale and mark them down an additional 2%.

Notes are marked ineligible for sale if they are in a payment pending status. If notes being offered for sale enter a payment pending status before they are sold, they are removed from FOLIOfn, sent back to Lending Club where they will sit until the payment pending status is resolved.

I’ve sold hundreds of notes using this procedure and am now down to 24 remaining. But those notes are proving to be pesky. I am beginning to view my account as be radioactive, declining at a slow pace. I think it has a half life of about a week.

For instance, today I have 13 notes for sale on FOLIOfn and 7 that are ineligible to be listed. The other 4 apparently entered a pay period today and are on their way back to Lending Club. If they are paid, then they will reappear in about a week. If not, then they will join the ineligible list for some period.

It is these ineligibles that concern me. Of the 7, 1 has entered the grace period, 5 are late, and the other in default. I did have 1 late note that had a partial payment made and became eligible. It is now for sale for $1.00 to get rid of it. I hope some of these get resolved and I’ll be near the end in another week. Follow me on Twitter @billlanke and I’ll let you know when my next post is made updating my account status.

Status of sell off

I’ve looked at my weekly status on selling off all my Lending Club notes on FOLIOfn. Following is a chart comparing today to a week ago.

Last		Saturday 03/24				Saturday 03/17
Year	Months	Total	Current	Other	Prin Left	Total	Current	Other	Prin Left
2018	0	0			$0.00	0			$0.00
2018	1	0			$0.00	0			$0.00
2018	2	0			$0.00	0			$0.00
2018	3	0			$0.00	0			$0.00
2018	4	1		1	$6.40	1		1	$6.40
2018	5	2		2	$13.70	3	1	2	$22.31
2018	6	1		1	$6.24	1		1	$6.24
2018	7	0			$0.00	0			$0.00
2018	8	0			$0.00	0			$0.00
2018	9	0			$0.00	0			$0.00
2018	10	0			$0.00	0			$0.00
2018	11	1		1	$11.91	1		1	$11.93
2019	12	0			$0.00	2	1	1	$21.07
2019	13	0			$0.00	0			$0.00
2019	14	1	1		$13.13	4	4		$46.13
2019	15	1	1		$12.55	3	3		$38.05
2019	16	0			$0.00	2	2		$25.72
2019	17	1	1		$14.38	2	2		$25.47
2019	18	0			$0.00	4	4		$55.32
2019	19	1	1		$14.54	1	1		$0.00
2019	20	0			$0.00	4	4		$60.65
2019	21	3	3		$36.58	1	1		$12.50
2019	22	0			$0.00	4	4		$49.13
2019	23	1	1		$12.29	1	1		$12.29
2020	24	2	2		$28.72	1	1		$13.58
2020	25	12	10	2	$192.50	2	2		$29.14
2020	26	24	23	1	$441.41	17	13	4	$266.09
2020	27	0				36	33	3	$671.94
2020	28	0				2	2		$43.71
2020	29	0				0
2020	30	0				0
2020	31	0				0
2020	32	0				0
2020	33	0				0
2020	34	0				0
2020	35	0				0
2021	36	0				0
Total		51	43	8	$804	92	79	13	$1,418

I developed this chart originally to identify the amount of time remaining on my active notes. I wanted to eliminate the ones not expiring for several years. I computed the number of months remaining in each note and hence the year it would be completed. The longest running notes that I still have will expire in 26 months, or sometime in the year 2020. When I started this process, I had some stretching into 2021.

I have reduced the number of notes to 51, down from 92 a week ago. The outstanding principal has declined from $1,418 a week ago to $804 currently. Most of the notes are current, although some are late and listed as others. I still have about a dozen notes that can’t be offered for sale because they are in some stage of payment processing.

I’m continueing to increase the discount I offer by about 2% a day. I hope to complete this process in a couple of weeks.