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Thread: Harmoney

  1. #4276
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    Quote Originally Posted by alundracloud View Post
    E-mail from me & the response from Harmoney below, re. arrears......



    Thank you for your email.


    There was a display issue with the syncing of the front and back end display. This affected the status for certain loans on populating/updating on the front end display (from your lender account). The team had made the appropriate changes which had fixed the issue.


    The correct showing status is correct. Please note, that this is only a display issue and there is no actual cash movement affected. The operations team have an actual view of the backend system to reflect the live status of loans and I can assure you that investors have been paid correctly.


    I hope this clarifies things.


    Kind regards,
    Well, they've certainly dodged the very relevant questions you asked! If fact they have answered a completely different set of questions!

  2. #4277
    yeah, nah
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    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.

  3. #4278
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    Quote Originally Posted by myles View Post
    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.
    What about recovered write offs. Deduct those from the quoted write offs and see if that matches to your calculation.

  4. #4279
    yeah, nah
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    Quote Originally Posted by 777 View Post
    What about recovered write offs. Deduct those from the quoted write offs and see if that matches to your calculation.
    What have Recovered $ from Charged Off loans got to do with loans in arrears? [The 'Recovered' value will grow over time - arrears should only apply to 'current' loans.]

  5. #4280
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    Quote Originally Posted by myles View Post
    What have Recovered $ from Charged Off loans got to do with loans in arrears? [The 'Recovered' value will grow over time - arrears should only apply to 'current' loans.]
    What a dumb a**e I am. The old RFQ problem. My apologies. As you were.

  6. #4281
    yeah, nah
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    Quote Originally Posted by 777 View Post
    What a dumb a**e I am. The old RFQ problem. My apologies. As you were.
    Me thinks it's Harmoney that needs to apologise for their shyte 'frontend' data

  7. #4282
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    Quote Originally Posted by alundracloud View Post
    E-mail from me & the response from Harmoney below, re. arrears......



    Thank you for your email.


    There was a display issue with the syncing of the front and back end display. This affected the status for certain loans on populating/updating on the front end display (from your lender account). The team had made the appropriate changes which had fixed the issue.


    The correct showing status is correct. Please note, that this is only a display issue and there is no actual cash movement affected. The operations team have an actual view of the backend system to reflect the live status of loans and I can assure you that investors have been paid correctly.


    I hope this clarifies things.


    Kind regards,
    Yikes...that is a beautiful email. It should be framed. I know I often have front-end and back-end display issues! I don’t always know what is displayed either! Hopefully however I don’t have a team of people having a good view of my back end...

    Still none the wiser if the arrears figure are correct but at least they are aware that their back end is not always in sync with their front end.

  8. #4283
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    I have a tax question that might be silly but is hopefully relevant to others. I'm on a salary, and with the new IRD processes it looks like tax returns will be done automatically. That's fine, but I paid ~$1000 in service and lender fees to Harmoney this tax year, and according to Harmoney "The Service Fee or Lender Fee is deducted from repayments into the lender account and should be tax deductible." How should I go about claiming a deduction for this amount? I don't see any way to do so on the my IRD site. Do I have to wait until after the automated process is complete in August?

  9. #4284
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    Quote Originally Posted by CageyB View Post
    I have a tax question that might be silly but is hopefully relevant to others. I'm on a salary, and with the new IRD processes it looks like tax returns will be done automatically. That's fine, but I paid ~$1000 in service and lender fees to Harmoney this tax year, and according to Harmoney "The Service Fee or Lender Fee is deducted from repayments into the lender account and should be tax deductible." How should I go about claiming a deduction for this amount? I don't see any way to do so on the my IRD site. Do I have to wait until after the automated process is complete in August?
    Don't wait for the IRD to do it. When all the information shows up on MyIRD do the return yourself. There is a selection available to claim expenses once you begin the process. I actually did my tax return the other day and manually put in all the information including my Harmoney deductions, a whopping $2.25.

    Have just checked my bank account and my refund has just gone in, less than 48hours since I submitted it.
    Last edited by 777; 15-05-2019 at 02:43 PM.

  10. #4285
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    Quote Originally Posted by 777 View Post
    Don't wait for the IRD to do it. When all the information shows up on MyIRD do the return yourself. There is a selection available to claim expenses once you begin the process. I actually did my tax return the other day and manually put in all the information including my Harmoney deductions, a whopping $2.25.

    Have just checked my bank account and my refund has just gone in, less than 48hours since I submitted it.
    Via the "Claim expenses related to your income -> Add non-business expense" function on myIR?

  11. #4286
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    Quote Originally Posted by CageyB View Post
    Via the "Claim expenses related to your income -> Add non-business expense" function on myIR?
    Yep. That's it.

  12. #4287
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    Quote Originally Posted by myles View Post
    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.

  13. #4288
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    Quote Originally Posted by CageyB View Post
    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

  14. #4289
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    Harmoney does the same way as anyone else does. The correct way. Your tax return is your responsibility not theirs.

  15. #4290
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    Quote Originally Posted by 777 View Post
    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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