Harmoney

[bung5]

Is anyone interested in buying my Harmoney account? I'm buying a house (the wife says we have to 'trade up').
I have approx $60k in there making 14.50% at present. Mostly older B4-D2 plus some other randoms in the A and E. No F. F that! All bar one investment was made before June 1 2018. $320 in arrears, about 1400 loans to pay out.
It would take you an eternity to get $60k invested, plus there are very few good loans around right now. I was going to let this run out and just pull my money out gradually, but if someone's keen on making me an offer and reaping the next 3-4 years' interest in a well-curated list of loans, PM me.

Would consider this if harmoney could facilitate the loan book transfer. Otherwise would be too messy . Would really like it if HM had secondary market

[777]

It has taken me 3 years to get $40,000 out. I had 36 month loans except for 2 60 month ones. Majority $250 loans but some $500. Luckily there were a lot of early repayments to hurry things along.Only have one left. It is a 60 month one and goes to November next year.

[humvee]

I do agree with the F____n amazing comment of this borrower - but probably not for the same reason they do.

A Boarder with a time at residence of 0 Months, Borrowing a loan amount 1.34 times more then their annual income, With Repayments of 38.3% of their monthly income gets Graded B2 with an interest rate for an UNSECURED loan of 14.75%

I wouldnt lend on this one if It was paying the D2 interest rate - let alone at the lower rate

Attachment 9886

[Investor]

I do agree with the F____n amazing comment of this borrower - but probably not for the same reason they do.

A Boarder with a time at residence of 0 Months, Borrowing a loan amount 1.34 times more then their annual income, With Repayments of 38.3% of their monthly income gets Graded B2 with an interest rate for an UNSECURED loan of 14.75%

I wouldnt lend on this one if It was paying the D2 interest rate - let alone at the lower rate

Attachment 9886

Boarding in Hamilton with $55k of unsecured debt. Good times..

[humvee]

yep, definately hard to find quality loans at the moment. And those default rate figures I hadn't seen before. Grade F originated in 2015, 28.6% cumulative default rate, with half of that in the first year. F that!

At least back then all F grade loan paid 39+% now an F grade loan can pay as little as 27% - which is why I dont touch them any more - the default rate is high - and the interest needs to cover it, When the default rate is HIGHER then the interest rate you are loosing big time

[darrenc]

Is anyone interested in buying my Harmoney account? I'm buying a house (the wife says we have to 'trade up').
I have approx $60k in there making 14.50% at present. Mostly older B4-D2 plus some other randoms in the A and E. No F. F that! All bar one investment was made before June 1 2018. $320 in arrears, about 1400 loans to pay out.
It would take you an eternity to get $60k invested, plus there are very few good loans around right now. I was going to let this run out and just pull my money out gradually, but if someone's keen on making me an offer and reaping the next 3-4 years' interest in a well-curated list of loans, PM me.

Would consider this if harmoney could facilitate the loan book transfer. Otherwise would be too messy . Would really like it if HM had secondary market

Agreed it would make it easier. I will contact them and see. Otherwise, you'd just need to let it run out and withdraw the cash over time.

[Vagabond47]

Boarding in Hamilton with $55k of unsecured debt. Good times..

well, its slightly better for those that "invested" in that loan than if s/he'd been paying a mortgage on a recently purchased property in Hamilton and borrowing that much.

[joker]

Yes, I too am done with Harmoney. It's far too time consuming trying to find suitable loans. I will let my loan book (currently $54k with c.1900 loans) liquidate itself. Cash seems to be coming in at near $1,000 per week atm even though I have upped my investment per loan. I'm very concerned about the current class of borrower vs. interest rates - particularly as the economy seems to be slowing. Also, there doesn't seem to be much active and successful chasing of bad debts - but I suppose that's the inherent risk of unsecured lending where much of the detail/data provided by borrowers is taken at face value by Harmoney and thus us lenders.

[joker]

well, its slightly better for those that "invested" in that loan than if s/he'd been paying a mortgage on a recently purchased property in Hamilton and borrowing that much.

Probably not as if he/she had purchased a property, at least he/she would have some equity (perhaps 20% of the property value) whereas in his/her current circumstance with $55,000 owed to Harmoney, he/she is most likely insolvent (read technically bankrupt) as liabilities almost certainly exceed assets. Will probably take the $55k, blow it on P, declare bankruptcy and start again. That's the way it is in NZ these days. Even better, claim mental health risk and the debt will likely be written off without the need for bankruptcy! Hopefully, my pessimism is unfounded

[Vagabond47]

Probably not as if he/she had purchased a property, at least he/she would have some equity (perhaps 20% of the property value) whereas in his/her current circumstance with $55,000 owed to Harmoney, he/she is most likely insolvent (read technically bankrupt) as liabilities almost certainly exceed assets. Will probably take the $55k, blow it on P, declare bankruptcy and start again. That's the way it is in NZ these days. Even better, claim mental health risk and the debt will likely be written off without the need for bankruptcy! Hopefully, my pessimism is unfounded

But from a cash flow point of view at least he doesn't have ~$800 a week heading out the door to service a mortgage, hopefully only paying a couple hundred a week in board, so might be able to afford the P habit and the harmoney repayments. lol.