Day to day flow of sales

A few months ago, I started a process designed to close my Lending Club IRA sooner than it would naturally if no new notes were added. I wanted to simplify my wife’s life after I pass on. So, I decided to start selling notes that wouldn’t naturally terminate after the year 2020 on FOLIOfn. This had some success, so I decided to accelerate the process to see if I could close the account this year. To accomplish this, I decided to sell all my notes.

I discussed the process of selling notes in my previous post and some of the difficulties in doing this. I currently check my sales status each morning. For those that are still on the “Open Sell Orders” list I move the asking price down by increasing the discount about 1% each day. For those notes with status of in grace period or late I set an asking price way down (as far as $1 in some cases). Doing this certainly costs me money, but my priority now is to get rid of all my notes.

I then attempt to add notes to my sale list by going through the sell process again. This will find notes that aren’t listed. For those with a credit score moving up I list them with about a 1% markup. For the others, I list them with a 1% discount. And unfortunately, there are those on the list that can’t be offered for sale today.

Following is a table of counts for my sales in the past week.

Morning Status	8-Mar	9-Mar	10-Mar	11-Mar	12-Mar	13-Mar
Open Sell Orders	140	128	128	123	120	108
Canceled Sell Orders	66	76	76	76	76	84
Sold This Month	299	329	343	348	351	355
Attempt To Sell
Notes Found	59	41	27	27	27	34
Credit Score Up	6	4	0	0	0	0
Credit Score Down	22	10	0	0	0	10
Not Available	21	27	27	27	27	24

As you can see, I’ve sold about 50 notes in the past week. I have about 150 to go. I’m guessing it will take a little over a month for me to complete this process. I’ll update my progress with some interesting data in my next post. Follow me on Twitter, @billlanke, to be notified when this post occurs.