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Thread: Harmoney

  1. #4336
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    Quote Originally Posted by Paddles View Post
    This is the response I've received from Harmony.
    So the dashboard is not a true reflection on the status of your loans. What a joke!

    Attachment 10691
    I have had a good response from harmoney this morning, and although it would have been nice if the loan was reversed, fixed and reapplied all at the same time, it didn't and it took a bit longer. Their response was as follows.

    Thank you for your patience in this matter.

    We have looked a little further into LAI-00153997 and can confirm that this loan is in Active Good standing, please refer to details below:

    • There was a $30 payment on the loan from Jan 2019 which had a date issue and had to be reversed.
    • To be able to apply the Jan payment correctly, we had to reverse all payments applied on the loan after (from Jan 2019 to July 2019).
    • The Operations team is working on fixing the payments but were not able to complete this during business hours, and the end of day job pushed the loan into active bad standing - we usually aim to fix any issues during one business day, but it didn't happen in this case.
    • The active bad standing status was synced to the front end and this is what you see

    The loan is in Active good standing and will get back into the correct status, once Operations have applied the payments correctly. We are aiming to complete this urgently.

    We apologize for the miscommunication we sent earlier, and for the inconvenience caused.

  2. #4337
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    Quote Originally Posted by nickw View Post
    I have had a good response from harmoney this morning, and although it would have been nice if the loan was reversed, fixed and reapplied all at the same time, it didn't and it took a bit longer. Their response was as follows.

    Thank you for your patience in this matter.

    We have looked a little further into LAI-00153997 and can confirm that this loan is in Active Good standing, please refer to details below:

    • There was a $30 payment on the loan from Jan 2019 which had a date issue and had to be reversed.
    • To be able to apply the Jan payment correctly, we had to reverse all payments applied on the loan after (from Jan 2019 to July 2019).
    • The Operations team is working on fixing the payments but were not able to complete this during business hours, and the end of day job pushed the loan into active bad standing - we usually aim to fix any issues during one business day, but it didn't happen in this case.
    • The active bad standing status was synced to the front end and this is what you see

    The loan is in Active good standing and will get back into the correct status, once Operations have applied the payments correctly. We are aiming to complete this urgently.

    We apologize for the miscommunication we sent earlier, and for the inconvenience caused.
    Good to hear that HM have gone to the effort. Although it is a concern, they've had to reverse out a whole chain of payments to fix a minor error. The system they operate can't be all that great.

    I see the status of LAI-00153997 has moved to Arrears (0). Feeling a little more happier about that note and HM!

  3. #4338
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    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.

  4. #4339
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    Quote Originally Posted by GR68 View Post
    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.
    Yep, I'm seeing the same thing. Haven't figured out if it's a change yet in Chrome, the refresher extension or the Harmoney website.

  5. #4340
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    Quote Originally Posted by GR68 View Post
    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.
    I'm using Easy Auto Refresh over at Lending Crowd - All working OK there!

  6. #4341
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    Quote Originally Posted by spudooli View Post
    Yep, I'm seeing the same thing. Haven't figured out if it's a change yet in Chrome, the refresher extension or the Harmoney website.
    I saw the same thing, using a 3min refresher in Firefox. Perhaps yesterday there was an issue at Harmony with the period it takes for you to be auto logged out.

  7. #4342
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    Harmoney News @ Interest.co.nz Today....


    HARMONEY BRINGS IN NEW CEO
    Harmoney says David Stevens will take the reins from founder Neil Roberts as CEO early in 2020. The licensed peer-to-peer lender says this will free up Roberts, who is also Harmoney's biggest shareholder, to focus on strategy and product. Stevens most recently led the start-up MiFund, a medical payment options provider for patients in Australia. There he was "instrumental" in securing the Bank of Queensland as a 35% equity holder in MiFund, Harmoney says. Prior to that role Stevens was CFO of FlexiGroup, leading the negotiations when the Aussie firm bought Fisher & Paykel Finance.

  8. #4343
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    Hi all - I've been watching this thread for a while. Thanks for all the information...

    Do people still feel it's worthwhile investing here, or Lending Crowd, or...?

    I am not clear how much time would be involved to keep $100K employed in not-crazy-risk loans, and whether I'd be likely to receive a return in excess of 10%.

    Thanks for any help!
    Simple
    Last edited by simplesimplesimple; 22-08-2019 at 06:27 AM.

  9. #4344
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    IMHO don't bother trying Harmoney. They have admitted in the interest.co.nz article posted by Wsp on 24/7 above that they aren't even trying to be P2P anymore, and therefore they offer very few loans. I think they're just waiting until we all get fed up & leave rather than kicking us off.

    Peer to peer-turned "online" lender Harmoney has posted a maiden after-tax profit, courtesy of adoption of a new accounting standard that boosted its after-tax earnings by $7.5 million.
    Harmoney, which was the first licensed P2P lender in New Zealand, but which has dropped the P2P description of itself in favour of "online" following changes in the way it operates, reported a $7.22 million after-tax profit for the year to March 31,2019, compared with an after tax loss of $1.84 million a year ago.
    Last edited by ream; 22-08-2019 at 09:45 AM. Reason: Trying to fix damned quote marks...

  10. #4345
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    Simple, I have around $130K invested in Harmoney at the moment (details outlined if you go back through this thread).

    You have to keep on top of it to keep that amount invested, however there are just enough loans that meet my fairly strict parameters to stay invested. Note that I'm investing around $200 per loan (not the best option if you are investing only a small amount since you want good diversification - however for $100K, IMO, there is no problem with this amount).

    My RAR is slowly climbing due to better investment choices, now at just over 16%. My calculated return (XIRR) is currently 14.7% after tax (minimum tax rate of 10.5% though), a little better after claiming deductions.

    To get this sort of return you need to be investing in C's, D's and E's. From my loans, D's and lower E's are by far the best performers (interest vs defaults), but that is dependant on loan selection and potential risk with these loans.

    Harmony's current adverts (TV) are again stating P2P lending, which in my opinion is what Harmoney loans are. I don't believe they are getting out of P2P lending, they are making good money out of it, however, this type of lending/investing is now available on a number of platforms, so has become harder to attract the volume of loans that were experienced in the past. Harmoney themselves have diversified into Australia and other forms of lending so perhaps are a little less focused on this platform, but I personally don't see them getting out any time soon.

    IMO, Harmony offers the best platform for usability, details on loans, details on investment etc.

    If you want an invest and forget type experience you could try Zagga, but returns are significantly lower.

  11. #4346
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    Default Set and forget

    Quote Originally Posted by simplesimplesimple View Post
    Hi all - I've been watching this thread for a while. Thanks for all the information...

    Do people still feel it's worthwhile investing here, or Lending Crowd, or...?

    I am not clear how much time would be involved to keep $100K employed in not-crazy-risk loans, and whether I'd be likely to receive a return in excess of 10%.

    Thanks for any help!
    Simple
    Hi Simple

    I invest in Harmoney on behalf of some friends and family members via 2 companies.

    If my target is 10% before tax and I do not want to spend too much time, it is actually very easy. I will just put the 100k into Harmoney (in one lump sum) and set autoloan to take up every loan at say $50 or $100 per loan. My RAR will definitely be more than 10%, and may even be higher than Harmoney's average of 12+% for retail. And that is after accounting for fees and writeoffs - which could be about 20+% of your gross interest. My gross interest before any deductions would likely to be between 14 to 20%.

    My actual returns (net interest) before tax will be about 10% less than my RAR because of the cash sitting idle in Harmoney waiting for the autolending but the end result should still be over my target of 10%.

    The above is both from experience and from Harmoney published stats - https://www.harmoney.co.nz/investors...060.1490774573.

    So, almost set and forget.

    ps.. to cover my ass, please note that I am in no position to give financial advice and the above is an opinion only and cannot be taken to be financial advice in any manner or form
    Last edited by Cool Bear; 28-08-2019 at 10:19 AM. Reason: chnage of pronouns

  12. #4347
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    Quote Originally Posted by Cool Bear View Post
    Hi Simple

    I invest in Harmoney on behalf of some friends and family members via 2 companies.

    If my target is 10% before tax and I do not want to spend too much time, it is actually very easy. I will just put the 100k into Harmoney (in one lump sum) and set autoloan to take up every loan at say $50 or $100 per loan. My RAR will definitely be more than 10%, and may even be higher than Harmoney's average of 12+% for retail. And that is after accounting for fees and writeoffs - which could be about 20+% of your gross interest. My gross interest before any deductions would likely to be between 14 to 20%.

    My actual returns (net interest) before tax will be about 10% less than my RAR because of the cash sitting idle in Harmoney waiting for the autolending but the end result should still be over my target of 10%.

    The above is both from experience and from Harmoney published stats - https://www.harmoney.co.nz/investors...060.1490774573.

    So, almost set and forget.

    ps.. to cover my ass, please note that I am in no position to give financial advice and the above is an opinion only and cannot be taken to be financial advice in any manner or form
    Ha, but I tend to agree!

    My reinvestment rate scales to approx $140 per loan on a $100k portfolio and I find that I am now stable with autolend and quite strict filters.

  13. #4348
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    Top insights for Simple guys!

    Am in the active camp like Myles, slogging away, but returns not as good as his - 15% RAR

    Coolbear OOI how much cash do you have sitting idle to trigger Autolend to pickup most loans? I have a 1-3k float idle on 70k and only get the rubbish.

  14. #4349
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    Quote Originally Posted by leesal View Post
    Top insights for Simple guys!

    Am in the active camp like Myles, slogging away, but returns not as good as his - 15% RAR

    Coolbear OOI how much cash do you have sitting idle to trigger Autolend to pickup most loans? I have a 1-3k float idle on 70k and only get the rubbish.
    I have too much sitting in cash. With bank rates (eg ANZ Call account) at just 0.1%, I tend to leave the cash there unless the companies need it to pay some other commitments. As a percentage of outstanding loans, cash balance is usually a very high 10+%. Too b#@# high!!

  15. #4350
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    Quote Originally Posted by Cool Bear View Post
    I have too much sitting in cash. With bank rates (eg ANZ Call account) at just 0.1%, I tend to leave the cash there unless the companies need it to pay some other commitments. As a percentage of outstanding loans, cash balance is usually a very high 10+%. Too b#@# high!!
    I getcha anything better then sitting in the bank!

    Some general advice to newbies... don't mix active invest and passive without a decent filter - else you'll autoloan the dregs

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