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22-03-2018, 04:28 PM
#3141
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
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22-03-2018, 04:53 PM
#3142
Member
I've heard of deferred payment, but this is ridiculous!!
Dec 31 3000.JPG
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22-03-2018, 05:16 PM
#3143
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)
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22-03-2018, 05:51 PM
#3144
Member
Originally Posted by permutation
i have this too. It occurs when a 36 month loan clocks over to 37 months or more.
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23-03-2018, 10:45 AM
#3145
Member
Originally Posted by Bjauck
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.
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23-03-2018, 04:19 PM
#3146
Member
Originally Posted by beacon
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.
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24-03-2018, 10:40 AM
#3147
Investor
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)?
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24-03-2018, 04:29 PM
#3148
Originally Posted by BJ1
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?
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24-03-2018, 07:21 PM
#3149
Member
Originally Posted by Investor
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 10:55 PM.
Reason: reword to make more sense
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05-04-2018, 01:45 PM
#3150
Member
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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