LendingClub Loan vs a Chapter 13...who is going to win?

[lukesky]

I am still in the process of having my Chapter 13 payment plan approved with LendingClub/Web bank as one of the listed creditors. I had my 341 meeting on 9/13/2016. My attorney says (last week) that I should have an answer if my plan is approved are not in about 6 weeks. My question is what if LendingClub says "no, we want no part of your Chapter 13, pay us now"? I asked my attorney this but cant get a straight are decent acceptable answer during this whole process. They where sent an automatic stay but their loan/payment website still has my loan active and up and running. Of course, I am not paying them but I cant afford the Chapter 13 payment plan and LendingClub's $803.00 a month payment.

Just need to know if any one out there has dealt with these people. I want to pay them but through the Chapter 13 payment plan. Your help would be appreciated. Thank you.

James

[lvmilizia]

Have they filed a claim and or send an objection to your plan? I don;t really know a lot but I don't think they have a lot of choose in the matter, I would imagine they would have to convince the court that they should get more than any other unsecured creditor, which I would not think could happen. I don't think having the website up and running really matters, I had a car loan that kept mine up and running and even showed late fees during the time they were getting payments less than my normal payment, but that does not matter they were paid their claim amount.

[justbroke]

I wouldn't worry about an unsecured creditor. In 99.99% of the cases that I have read/reviewed, unsecured creditors would typically only file a claim and hope to get something throughout the life of the Chapter 13. There are only a few high-profile cases where "junk debt buyers" like B-Line, B-Real, LVNV and others have asserted themselves in a Chapter 13.

Remember, that a Chapter 13 plan can be approved by the judge over the objection of the Trustee and the creditors. I would not be worried about this particular creditor.

[lukesky]

Have they filed a claim and or send an objection to your plan? I don;t really know a lot but I don't think they have a lot of choose in the matter, I would imagine they would have to convince the court that they should get more than any other unsecured creditor, which I would not think could happen. I don't think having the website up and running really matters, I had a car loan that kept mine up and running and even showed late fees during the time they were getting payments less than my normal payment, but that does not matter they were paid their claim amount.

Wow, that makes so much since, thank you again Ivmilizia.

[lukesky]

I wouldn't worry about an unsecured creditor. In 99.99% of the cases that I have read/reviewed, unsecured creditors would typically only file a claim and hope to get something throughout the life of the Chapter 13. There are only a few high-profile cases where "junk debt buyers" like B-Line, B-Real, LVNV and others have asserted themselves in a Chapter 13.

Remember, that a Chapter 13 plan can be approved by the judge over the objection of the Trustee and the creditors. I would not be worried about this particular creditor.

Thank you justbroke. I know I worry allot just because all of this is new to me and is just takes so long for something good to happen with this.

[lukesky]

I am still in the process of having my Chapter 13 payment plan approved with LendingClub/Web bank as one of the listed creditors. I had my 341 meeting on 9/13/2016. My attorney says (last week) that I should have an answer if my plan is approved are not in about 6 weeks. My question is what if LendingClub says "no, we want no part of your Chapter 13, pay us now"? I asked my attorney this but cant get a straight are decent acceptable answer during this whole process. They where sent an automatic stay but their loan/payment website still has my loan active and up and running. Of course, I am not paying them but I cant afford the Chapter 13 payment plan and LendingClub's $803.00 a month payment.

Just need to know if any one out there has dealt with these people. I want to pay them but through the Chapter 13 payment plan. Your help would be appreciated. Thank you.

James

UPDATE 10-2-2016!!!

My TransUnion credit report just showed LendingClub on 9/30/2016. I believe that is good news. I guess they had to wait untill it was in default to show up. I told my Lawyer but did not say much as always. Does this mean that they have to accept my Chapter 13 payment plan, fight it, are just ingnore it and demand their money on the side? Thank you agian.

James

[faithwolf]

I included lending club in my chapter 13. I was paying them $650 a month before I filed. They aren't getting anything in my plan..

[lukesky]

I included lending club in my chapter 13. I was paying them $650 a month before I filed. They aren't getting anything in my plan..

Wow, faithwolf, I donkt know what to say. But I will if that happens to me. I cant afford 802.00 a month and my payment plan which right now is at 350.00. If I can ask faithwolf, are they making you pay them outside your payment plan are did they, by the grace of God, disapear? I can only pray that a miracle will happen to me also. Thank you.

James

[VolFan]

Wow, faithwolf, I donkt know what to say. But I will if that happens to me. I cant afford 802.00 a month and my payment plan which right now is at 350.00. If I can ask faithwolf, are they making you pay them outside your payment plan are did they, by the grace of God, disapear? I can only pray that a miracle will happen to me also. Thank you.

James

Relax. You are going to be fine.

If your plan payment was proposed in good faith and Lending Club was included, you aren't going to have any problems. I also had LC included as a creditor, and there were no issues. I am paying back around 37% to unsecured creditors, and they are part of that. You will not have to make payments to them outside of the plan. Even if they object (highly unlikely), the judge gets to make the final decision, and I'm confident they won't be able to persuade him/her that they are more important than your other unsecured creditors - they will get their share of the proposed payment plan, however little that may be.

Again, you will be fine.

Good luck as you start this new chapter of your life - we're all in it together for the long haul...

[lukesky]

Relax. You are going to be fine.

If your plan payment was proposed in good faith and Lending Club was included, you aren't going to have any problems. I also had LC included as a creditor, and there were no issues. I am paying back around 37% to unsecured creditors, and they are part of that. You will not have to make payments to them outside of the plan. Even if they object (highly unlikely), the judge gets to make the final decision, and I'm confident they won't be able to persuade him/her that they are more important than your other unsecured creditors - they will get their share of the proposed payment plan, however little that may be.

Again, you will be fine.

Good luck as you start this new chapter of your life - we're all in it together for the long haul...

I want to say I love you, can I? Thank you so much for your kind and powerful words. God Bless!
UPDATE:
I looked at my TransUnion and LendingClub finally showed on yesterdays report. That is good news right?

[faithwolf]

I am not paying them outside the plan. They are included in my chapter, my balance owed was still 12,000. They won't be getting anything.

[faithwolf]

My chapter payment will only pay about $2000 out of $78,000 to my credit cards. my plan payment is 1426 which includes 3 vehicles and mortgage arrears

[faithwolf]

BTW I can still see my lending club account and it shows my past due balance too.

[lukesky]

BTW I can still see my lending club account and it shows my past due balance too.

Wow faithwolf, thank you for your reply. So you are saying that your LC account online still is up and running after all that time for you? Wow, I know mine, today, shows I am behind, but my credit reports show LC now as bankrupt 13. I will just ignore the website, but maybe drop by every now and then to see what is up, and then log off. Thank you again.

[justbroke]

To tell you the truth, I saw my car loan balance and past due amount for years when I logged in to my Credit Union. I think that some creditors forget to turn off online access. Many creditors will disable your online account so you don't see that they're still keeping track.