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Thread: Harmoney

  1. #3141
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    Obviously, these oddities don't correct even though Harmoney takes 2-3 weeks before the previous month's statements are made available. This one from last month etc...

    Attachment 9580

  2. #3142
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    I've heard of deferred payment, but this is ridiculous!!

    Dec 31 3000.JPG

  3. #3143
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    Indeed. In the four examples I've uploaded above, I've tried to show a loan of each type of protect component. The oddities exist even when there is no PP (1st example above)

  4. #3144
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    Quote Originally Posted by permutation View Post
    I've heard of deferred payment, but this is ridiculous!!

    Dec 31 3000.JPG
    i have this too. It occurs when a 36 month loan clocks over to 37 months or more.

  5. #3145
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    Quote Originally Posted by Bjauck View Post

    Where is the guidance that bad debts are deductible for retail investors? The retail investors in collapsed finance companies were informed that their bad debts were not deductible. Are investments in P2P vehicles different? That is the crux...and is a grey area, pending guidance.
    Firstly, we are not investors; we are directly lending to borrowers. The Tax Act distinguishes between passive and active behaviour. It has been determined unequivocally that subscribing to fixed interest issues by finance companies is a passive investment, which is why losses in those have not been deductible for the past 40 or so years. But active lending direct to borrowers is different. That begs the question as to whether autolend is an active management practice. I've taken the view it isn't so don't use autolend. I also carefully select my loans based on parameters I have set for my risk profile. I am confident I qualify for write-off deductions. I can't speak for others.

  6. #3146
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    Quote Originally Posted by beacon View Post
    Obviously, these oddities don't correct even though Harmoney takes 2-3 weeks before the previous month's statements are made available. This one from last month etc...

    Attachment 9580
    I have a lot of these also. 35 "Paid Off" loans with positive balances and 42 with negative balances. Most are very small balances (1 cent to $2) but two are bigger $50 and $22. The $50 has had no repayments at all yet is marked 'paid off'. Have been in discussions with Harmoney for some time now trying to get sorted, but must say not much progress being made. Most of my loans are for just one note so even the balances of say $1 are significant over the whole loan.

  7. #3147
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    Could someone jog my memory - is it correct that if loans are repaid early and the borrower selected payment protect, we lose money (the PP fee)?

  8. #3148
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    Quote Originally Posted by BJ1 View Post
    Firstly, we are not investors; we are directly lending to borrowers. The Tax Act distinguishes between passive and active behaviour.....
    P2P is a disruptive investment vehicle needing clarity. What is the extent and effect of the role of Harmoney, which has the dealings with the borrowers? Do depositor/investors regard their capital invested on the harmoney platform as a blended inestment with an averaged return?

  9. #3149
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    Quote Originally Posted by Investor View Post
    Could someone jog my memory - is it correct that if loans are repaid early and the borrower selected payment protect, we lose money (the PP fee)?
    the unused portion of PP fee is returned. However worse then that, harmoney takes its PP fee, which is taken off investors returned principal so the net result in some cases can be negative
    Last edited by leesal; 24-03-2018 at 09:55 PM. Reason: reword to make more sense

  10. #3150
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    I know somewhere within the last 200+ pages there was some links to apps that could import the harmoney export and analise them - but I cannot for the life on me find them, let alone the latest one - could someone point me in the right direction.

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