Quote Originally Posted by vernon View Post
Well I got my first loan write off. A grade, with house and never a payment made. Who would have thought it!!
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Maybe I should just go for the F grades and get a better return if H can't get money out of someone with a house.

I guess that's unsecured lending at its worst...a lot of the info borrowers supply is accepted on trust. Who knows the true state of the property, its ownership and value v debt. It may not even exist! Harmoney has proven time and time again that very little due diligence in done when checking borrowers bona fides. Essentially they're keen to get $450 for each loan written/rewritten (which is paid (lent) up front by us - the lenders) and probably view the interest commission/fee as a bonus!