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Thread: Harmoney

  1. #3256
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    Quote Originally Posted by joker View Post
    I've never seen it on my account - I have a company account rather than a personal account. I wonder if that makes a difference?
    FWIW- on my 'personal' account, I see it. And my company account, I don't.

  2. #3257
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    Quote Originally Posted by joker View Post
    I've never seen it on my account - I have a company account rather than a personal account. I wonder if that makes a difference?
    Good point. That is the only difference between my accounts, too. I wonder why that would make a difference.

  3. #3258
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    household-lies.jpg
    LAI-00130176

    Purpose: Household Items

    Borrower comments: This loan will enable me to free up some finances to start an online marketing business. This is my first time as a business owner and I'm really looking forward to launching it and making it successful. Lots of time and research has gone into this.

    Doesn't Harmoney frigging check this? This is why I don't do auto invest.
    Last edited by darrenc; 16-05-2018 at 03:34 PM. Reason: added image

  4. #3259
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    Quote Originally Posted by darrenc View Post
    household-lies.jpg
    LAI-00130176

    Purpose: Household Items

    Borrower comments: This loan will enable me to free up some finances to start an online marketing business. This is my first time as a business owner and I'm really looking forward to launching it and making it successful. Lots of time and research has gone into this.

    Doesn't Harmoney frigging check this? This is why I don't do auto invest.
    I guess in the end it doesn't matter - the borrowers can write any story they want and it's impossible for anyone to check it out. In the case of the loan you refer to, she could have said nothing at all or instead lied about the loan's purpose. What concerns me more is the outrageous income claims that some loans have - people earning $15k after tax per month and needing to borrow $10k @ 20%+ for a holiday. Then they default with no chance of any recovery. How does that happen?

  5. #3260
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    Quote Originally Posted by alundracloud View Post
    FWIW- on my 'personal' account, I see it. And my company account, I don't.
    same here. it appears in my personal account but not in the company one.

  6. #3261
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    Dying to go on holiday...?ScreenHunt.jpg
    Hard to see why it's only worth 7.99% interest.
    Last edited by joker; 17-05-2018 at 08:58 AM.

  7. #3262
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    Quote Originally Posted by joker View Post
    Dying to go on holiday...?ScreenHunt.jpg
    Hard to see why it's only worth 7.99% interest.
    Loan purpose: Funeral Expenses
    Description: says they're going on holiday..

  8. #3263
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    I suspect these anomalies are due to the loan being re-written i.e. it was probably a holiday expense loan that has been re-written to include funeral expenses or the other way round?

  9. #3264
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    Quote Originally Posted by myles View Post
    I suspect these anomalies are due to the loan being re-written i.e. it was probably a holiday expense loan that has been re-written to include funeral expenses or the other way round?
    Yeah you're probably correct. I'm just poking fun at it, I don't have any serious complaints about Harmoney.

    I know this has been discussed previously but does anyone have any updated input about Payment Protect? I think that the investor only receives the full premium once a loan is fully repaid at maturity, so it may take years to see if it was worthwhile. So far I've lost more to the net effect of payment protect payment waivers/lender rebates than I have from defaults. I'm now avoiding these loans after previously deciding to invest in them to avoid missing opportunities to invest.

  10. #3265
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    Quote Originally Posted by Investor View Post
    Yeah you're probably correct. I'm just poking fun at it, I don't have any serious complaints about Harmoney.

    I know this has been discussed previously but does anyone have any updated input about Payment Protect? I think that the investor only receives the full premium once a loan is fully repaid at maturity, so it may take years to see if it was worthwhile. So far I've lost more to the net effect of payment protect payment waivers/lender rebates than I have from defaults. I'm now avoiding these loans after previously deciding to invest in them to avoid missing opportunities to invest.
    If we had the tax certificates we could work out the net PP result for the last year. I must admit I don't even know what the dashboard figures actually represent or how to calculate a running total of net PP result!

  11. #3266
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    Quote Originally Posted by Investor View Post
    I know this has been discussed previously but does anyone have any updated input about Payment Protect? I think that the investor only receives the full premium once a loan is fully repaid at maturity, so it may take years to see if it was worthwhile. So far I've lost more to the net effect of payment protect payment waivers/lender rebates than I have from defaults. I'm now avoiding these loans after previously deciding to invest in them to avoid missing opportunities to invest.
    I suspect the provided figures in the 'My Dashboard' may be a bit confusing. My rough interpretation:

    Protect Rebates (Lender): The amount of PP rebate paid to lender at this point in time.
    Protect Rebates (Borrower): The amount of PP rebated due to early repayment - this is not a loss, this is balancing the Outstanding Principal which is inflated when the PP is taken out.
    Principal waived: This is a loss due to a payment not being made.

    When a PP is taken out, the lenders Outstanding Principal value is inflated above the value of the loan - this results in a higher gross interest return which, combined with the PP payment by the borrower throughout the loan, gives the benefit. I assume the PP 15%pa management fee is included in the Service / Lender fees...

    It is difficult to put in words - have a look at the examples Harmoney provide which may help?

    https://www.harmoney.co.nz/payment-protect/lenders

    Added: The 'Premium' does not get paid at the end of the loan - PP is paid throughout the loan. However, rebates are paid at early termination of the loan.
    Last edited by myles; 17-05-2018 at 02:48 PM. Reason: Premium

  12. #3267
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    Quote Originally Posted by Investor View Post
    Payment Protect? So far I've lost more to the net effect of payment protect payment waivers/lender rebates than I have from defaults. I'm now avoiding these loans after previously deciding to invest in them to avoid missing opportunities to invest.
    PP is a complicated product, designed to increase Harmoney revenue substantially (at the cost of lender returns, due to early repaid). I have observed that PP loans are also much more likely to repay early than others. Harmoney have not cared to published examples of tax treatment of PP loans and affect of early repayment on PP loans, even though those scenarios have been worked out. There must be good (for Harmoney) reasons why those examples haven't seen sunlight to date...

  13. #3268
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    Quote Originally Posted by joker View Post
    Dying to go on holiday...?ScreenHunt.jpg
    Hard to see why it's only worth 7.99% interest.
    Also borrowing $70k!!

  14. #3269
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    Quote Originally Posted by RMJH View Post
    ... I must admit I don't even know what the dashboard figures actually represent or how to calculate a running total of net PP result!
    As I understand it, the PP running amount can be seen on the Account Summary page as follows:

    (Borrower Principal amount ) - (Loan Investments funded) - (Protect Rebates Borrower) + (Protect Rebates Lender) = Current Running $Value

    The "Lender Rebate" is the realized amount, crystallized due to a rewrite or early repayment.

    As the loan heads towards full term, more and more of the P/P fee becomes a credit to the Lender.
    Last edited by permutation; 18-05-2018 at 09:52 AM. Reason: addendum .."early repayment"

  15. #3270
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    Borrower making almost $10k a month after tax needs $17k to go on holiday. Just hard to believe the monthly income
    Screenshot_9.jpg

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