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...
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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
I've heard of deferred payment, but this is ridiculous!!
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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)
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.
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.
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)?
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?
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.