In the recent default debt sale I had a loan sold. This is my first opportunity to account for such an event. I use Quicken for my personal finances including my Prosper account (read about it here).
Here are the details of my defaulted loan:
CreditGrade: AA
Homeowner: Yes
Verified Account: Yes
Debt to Income Ratio: 25%
Very Clean Extended Credit
Sale date: Aug-24-2007
Sale reason: Delinquency
Principal balance before sale: $143.87
Loan value before sale: $152.68
Proceeds from sale and forfeited group rewards: $36.63
$36.63 / $143.87 = .2546
So what did I enter into quicken?
I entered a Sale Transaction for 143.87 shares at a per share price of 0.2546. This generated proceeds of $36.63.
I had to immediately set the share price of the Prosper Loans security back to $1.
Works great. Now Quicken thinks my investment has an average annual return of 8.41%
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RateLadder and LazyMan Default Debt Sale Results RateLadder had 1 loan in the recent debt sale. CreditGrade: AA Homeowner: Yes Verified Account: Yes Debt to Income Ratio: 25% Very Clean Extended Credit Sale date: Aug-24-2007 Sale reason: Delinquency Principal balance before sale: $143.87 Loan value before sale: $152.68 Proceeds from sale and forfeited group rewards: $36.63 $36.63......
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1 comment so far ↓
How would you record charge-offs in Quicken?
The lines on Proper statement are:
Charge-offs: -$51.537445
Interest: -$2.059444
Late fees: -$0.666668
Principal: -$48.811333
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