I can't get an exported report to update my records for end of month. Anyone else also?
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I can't get an exported report to update my records for end of month. Anyone else also?
Finally got a report to find another 10.5% of my loans (by number) were repaid in August. Seems Harmoney is still marketing rewrites very heavily.
I see earlier today that Harmoney had only listed 5 loans for around 90k in 24 hours. Is this the normal now? I am still withdrawing and transferring to Lending Crowd. Today 8 or more loans for well over 100k in value.
I'd say just a bad day for HM.
This year so far have increase Harmoney Loans by 20k over last year. There is generally more loans on Harmoney then any other platform.
I dislike my decisions proving poor, so I have a strict set of criteria for lending through Harmoney, with decreasing exposure on decreasing total loan size as the risk grade rises. Since harmony started lending its "own" money I have seen many fewer loans which meet my criteria and notice that I am not seeing many of the loans which are being included in the daily statistics - most of the 36 month and smaller size loans don't appear in my searches. Having experienced 5 decades of lending and 4 major market corrections, I will not chase returns by taking greater risk - which I am seeing other people doing now that Trump is upsetting the world markets and reserve banks are destroying passive returns. Generally, the time to chase is in the year after a bottom and not at market peak.
A very, very interesting podcast (transcript also available) of the ins and outs of Harmoney:
Podcast 216: Neil Roberts and David Stevens of Harmoney
Yes Myles. Some definite avoidance around the question of exiting the peer part of the business. They are there to make money for themselves and will continue to expand their funding bases to be owner lenders, not P2P.
Cheers for putting that up Myles. This bit says it all :(
Peter: Right, so are you going to eventually shut down the peer-to-peer side of the business?
David: No, look I think we’re sort of…I said we look at the diversity of the business in funding. At this point in time, we’ll obviously look to…over time, we’ll continue to assess that, but certainly, we’ve got a lot of lenders on the books at the moment and that does create that diversity for us which is a good position to be in.
"we've been slowly operating a pivot and moving to lending our ownmoney which we started to do December last year and we're rapidly, you know, picking that sideof our business up because the regulations, particularly in New Zealand are such that we don'tsee a viable model for us doing peer-to-peer lending way into the future and we are sort ofmanaging that and have been for some time"
Bit more information from today's Interest.co.nz article; https://www.interest.co.nz/personal-...ember-2014-has.
If they complete the capital raise, could that money be used to buy out existing retail investor loans?
More written at interest.co.nz this morning including comments from Squirrel & Lending Crowd....
https://www.interest.co.nz/business/...eres-no-viable
I think Harmoney got greedy, and strayed out of its permit scope too much by increasingly listening to and trying cater to the instos alone - in the end even at the cost of its "retail" peers. It isn't graceful to blame regulations for your own follies. And by playing the blame game, one misses the opportunity to learn from one's mistakes...
P2P will survive in NZ, with or without Harmoney. Thanks to the efforts and vigilance of ComCom and FMA etc., P2P in NZ is in much better shape than in some of the other countries around the world.
If Harmoney quits, other fintechs will pick up the slack and grow and evolve, and newer players will come - even in a small market like NZ, because the Aussie Banking cartel simply won't change its ways here. It is for Harmoney to decide whether it wants to play by the P2P rules or not, if it wants to play in the P2P space.