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18-05-2019, 08:43 AM
#4291
Member
Originally Posted by myles
I have never been able to calculate an arrears value equal to what Harmoney show in the dashboard summary
Often there are individual loans flagged as being in arrears but have had recent payments and, conversely, individual loans that have not had a payment for well over a month that are not flagged as being in arrears.
My individual loan arrears sum is currently $445.75, the summary dashboard value is $518.67.
The details in the 'frontend' have always been wrong and as far as I can tell are still wrong.
The backend is confusing!
|
Date |
Status |
Time in arrears (days) |
LAI-00133312 |
05/07/2018 |
Current |
1-30 |
LAI-00133312 |
05/07/2018 |
Current |
1-30 |
LAI-00140705 |
08/10/2018 |
Current |
1-30 |
LAI-00144720 |
05/11/2018 |
Current |
1-30 |
LAI-00145319 |
06/11/2018 |
Current |
1-30 |
LAI-00145327 |
06/11/2018 |
Current |
1-30 |
LAI-00146060 |
09/11/2018 |
Current |
1-30 |
LAI-00151261 |
07/01/2019 |
Current |
1-30 |
LAI-00151261 |
07/01/2019 |
Current |
1-30 |
LAI-00151536 |
08/01/2019 |
Current |
1-30 |
LAI-00154121 |
05/02/2019 |
Current |
1-30 |
However despite whatever HM is mucking up in the front-end, the back-end data has been consistent over the past week.
Loan availability was a little better over the last month. Hopefully that continues once they've sorted their general error's they've been experiencing have been fixed.
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22-05-2019, 03:56 PM
#4292
Member
Originally Posted by CageyB
Via the "Claim expenses related to your income -> Add non-business expense" function on myIR?
yeah i just did it like that, IRD processed it pretty quick
Its a real pain that harmoney pay your tax for you at the wrong stage, pre fees not after.
Real hard to sell people the platform as an investment
"yeah returns are pretty good but you have to make a tax adjustment each year with the IRD cause harmoney over pay your tax" - not the greatest sales pitch makes it a hassle for people not used to doing accounting sh1t
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23-05-2019, 11:47 AM
#4293
Harmoney does the same way as anyone else does. The correct way. Your tax return is your responsibility not theirs.
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23-05-2019, 12:19 PM
#4294
Originally Posted by 777
Harmoney does the same way as anyone else does. The correct way. Your tax return is your responsibility not theirs.
Squirrel deducts their fees and transfers to their reserve fund (that covers write-offs) prior to paying their P2P investors. RWT is then deducted from the net amount paid to P2P lenders.
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23-05-2019, 04:33 PM
#4295
Originally Posted by Bjauck
Squirrel deducts their fees and transfers to their reserve fund (that covers write-offs) prior to paying their P2P investors. RWT is then deducted from the net amount paid to P2P lenders.
My understanding is not 100% as written above....
I understand it is only the Borrowers Reserve Fund Levy that pays into the Reserve Fund.
As per here >> https://www.squirrel.co.nz/invest/how-we-manage-risk
Borrowers Do NOT pay anything into the Reserve Fund.....
I stand to be corrected of course!
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24-05-2019, 12:54 AM
#4296
Originally Posted by joker
How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
Attachment 10496
I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.
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24-05-2019, 08:48 AM
#4297
yeah, nah
Can't say I've ever seen a 'failed' loan in over $300K worth of loan purchases. I have 5 cancelled loans - my understanding is that a cancelled loan is one where the borrower pulls out (7 day cool off period is a legal requirement).?
The issue of the 116% loan funding is, I believe, only in the 'frontend', most likely when multiple lenders hit the 'Red' error (can't remember what it says) when they have tried to purchase more notes then are available - yes it shouldn't happen, but I've never seen it in the 'backend', where a purchase needs to be reversed. Perhaps I've just been lucky?
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28-05-2019, 10:28 AM
#4298
Member
Originally Posted by SilverBack
I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.
well... you know what they say...
yoda-quote-path-to-the-darkside-1068x561.jpg
Last edited by alistar_mid; 28-05-2019 at 10:32 AM.
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28-05-2019, 10:48 AM
#4299
Member
Harmoney, is in theory, more attractive now given the OCR has dropped. We have seen a boost in yeild stocks (utilities etc) because of this as their dividends are now more attractive, so in theory this would hold the same for Harmoney. With a balanced well diversified portfolio that has a long term consistent return (I've been around 12% for the last 24 months or so), this would put more "value" on the Harmoney investment.
Speaking to a one of NZ's biggest fund managers over the weekend he stated that one of their competitors (another large NZ fund manager) had just gone into Harmoney, I forget who though!
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28-05-2019, 12:23 PM
#4300
Yes agree. Looks like this may be seconded by things over at Squirrel right now.....
HM.jpg
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