I'm with you Cool Bear on not caring how they calculate RAR as my decisions totally disregard it, but I do question if they know what they are doing - and to date have concluded that many there don't.
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I'm with you Cool Bear on not caring how they calculate RAR as my decisions totally disregard it, but I do question if they know what they are doing - and to date have concluded that many there don't.
Saw a borrower wanted 25k at about 20% interest the other day and in his comments were "to use the funds to invest into the share market". Like are you kidding me?! Pretty sure it would of triggered my autolend too as he had been in his job for a couple of years. Makes me rethink autolend with one's like that!!
Debt Sold Loans
So once we go back into reports and find a loan with the status 'Debt Sold', is the Last payment amount what we view to see how much was recovered? It looks like mine had 2/5 recovered at sale which isn't too bad. Also, is this just reported as a principal repayment? It looks like my principal written off amount did not change.
Investor: my two write-offs were both sold for a small increase in total interest received. No principal. The only way I know is I had them in excel and could compare info. The last payment amount in the Harmony status report was a load of hogwash.
regarding the write-offs. i've just spent a frustrating hour inside excel equivalent trying to reconcile statement transactions for written-off loan vs reported on Harmoney summary. I can't figure it out. However they recorded the sale/recovery number it doesn't seem to be attributed with same loan reference - and there is no unusual transaction that doesn't have a loan reference. If I understand above comments a lot of the sale/recovery proceeds have been attributed as interest rather than principal (I'm sure the investors agreement says this is what will happen). So worst case from a tax perspective (for those who are not in the business of) and I assume best case for Harmoney who can take service fees on the additional "interest" amount. Or am I just being too cynical?
Harmoney just charges on gross interest since about 2016, so they are better off by classing it as interest (i'd be surprised if that is the case)
Good point 777. By the way, saw a defaulter listed as a B3 today. I was under the impression recent defaulters would be low down ... Attachment 9541
hit the $20k gross interest mark
initially (harmoney 1.0) I thought E's where the best ROI.... turns out they default a lot.
Attachment 9542
13.51% RAR - not bad, Alistar. Others have lost over a 1% and some after Harmoney changed their RAR calcs recently...
Congrats on the $20k milestone
beacon how does that loan above indicate that the borrower was a defaulter? I would have thought once a defaulter that they would no longer be able to borrow.
Stand easy. I have just found it noted. It does surprise me that they can borrow again though.