The balance of loan becomes zero and your funds available increase.
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Agree with you here humvee ... absolutely do. ... I too have stopped depositing funds ... there was a bit of a balance left after the dry weekend of loans, along with the many repays, cancelled, expired ... just seems a lot of recycling or catching up going on in background.
I'm sure harmoneys system was pushed to its maximum if not beyond in that period leading up to their outrageous LEAP in fee. ..
I do think they have been extremely greedy with their chosen Hike in fees ..... I agree their new method is far better, and needed to be increased, but NOT by this amount... hell when i run a calculator over my figures ... it's ugly ...
as so far on old system on figures showing on dashboard today I've been charged $253.16 in fees ... if this new structure had been in place AND I'd been on my tier @ 15% from start ... so take my gross interest paid to date * by 15% OMG fees charged would shoot up to $736.90
and that would look a heck of a lot worse @ 17.5% ... let alone 20% !!!!!
In my view Harmoney do want RID of as much of the Retail as possible .... just too much hassle for em ... so maybe this new fee pricing is their way of reducing the noise!!!!
I will meantime take some new loans with available cash, just see how things go.... but my whole way of accessing a loan position has completely changed ...
Ha ha - I just tried to do something I had not done for 3 months > Go and look at new loans....
I saw the new Harmoney T & C's acceptance flash up and thought NUH... Logged out again :)