Former Chairman, Rob Campbell, has finally also divested his interest in Harmoney to Heartland Bank. Hmm....
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Former Chairman, Rob Campbell, has finally also divested his interest in Harmoney to Heartland Bank. Hmm....
How does this possibly constitute responsible lending? Attachment 10430
Half their income in loan repayments, and they are renting in Auckland.
Statistics: last month Harmoney refinanced 10.6% of my loan numbers outstanding (34 loans). In February it was 20 and January 17, compared with an average of 10 in the first three months of last year. They told me they were actively marketing for new business but what I have seen is that the effectiveness of marketing has been to transfer loans from my portfolio to someone else's, and from comments on this forum it seems obvious the beneficiary has been Harmoney itself and perhaps other wholesale investors, certainly not other , largish, retail investors.
It's not P2P anymore, and about time Harmoney withdrew its TV advertising.
Is anyone able to explain on here ( in simplified terminology! ), how the Reporting and Taxation of 'Payment Protect' loans is handled by NZ Tax payers?
Payment protect fees are taxable income. But, it is hard to know what income you have received from payment protect fees as Harmoney does not tell us.
No guarantees on accuracy or veracity of the data/formula but here goes.
My process involves a formula from the dashboard report...Deposits - withdrawals + gross interest - minus service/lender fees - RWT - charged off principal + recoveries - funds available - O/S principal + in funding balance = total payment protect fees. Total PP fees - all previous years payment protect fees = current years payment protect fees.
On $50k invested, my last tax year pp fees were $495.48, the current tax year (just ended) only $142.01 as I've been getting out of Harmoney.
Basically the formula works on the basis that the total change in value of your Harmoney A/c less allowance for deposits, withdrawals, income and expenses will leave a surplus/deficit? that must reflect PP fees.
Spread sheet image here...Attachment 10441
Tend not to get involved in tax discussions :p
Not sure how useful this is: https://www.harmoney.co.nz/investors/tax-returns
I graphed the the principal value of my account vs. time, to try and visualize the slow-down of my portfolio..
Attachment 10445
Attachment 10446
Comparative chart - have been able to make a little headway in recent days, but it is a hard slog.
I was having a play around with some of the data that Harmoney provide on their marketplace statistics, just as a sort of matter of interest, and I figured I'd share here in case you were interested :)
In particular, I was looking at the RAR values provided. At this website: https://app.harmoney.com/api/v1/publ...rar-loan-count is a whole bunch of data that they use to generate one of the graphs. The first thing I did was delete any datapoints that had less than 100 loans, which left me with 4,249 datapoints left. Then I calculated how many customers (and what %) had an RAR of above the values in 'column F'.
e.g. 200 customers out of 4,249 have an RAR of above 15.5%
Attachment 10448