LendingClub Bank Debt Settlement Letter From April 2024
This April 16, 2024 letter settles a LendingClub Bank account with a $13,136.78 balance for $7,881.96, paid in 24 monthly payments of about $328 from April 2024 through March 2026. That is $5,254.82, or about 40%, less than the balance on the letter. One account does not predict another; results vary by creditor, balance and hardship, and settlement affects your credit.
Results vary. Every creditor, balance and hardship is different, so no letter predicts what another account will settle for. The CFPB explains the risks of debt settlement.
| Detail | From the letter |
|---|---|
| Letter date | April 16, 2024 |
| Original and current creditor | LendingClub Bank |
| Balance on the letter | $13,136.78 |
| Settlement amount | $7,881.96 (about 60% of the balance) |
| Reduction | $5,254.82 (about 40%) |
| Payment plan | 24 monthly payments: 12 of $328.42, then 12 of $328.41 |
| First and last payment | April 30, 2024 to March 31, 2026 |