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Thread: Harmoney

  1. #3046
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    Debt sold appears to include a taxable portion as well as some principal repaid. Whether this is a final payment on those loans remains to be seen. Of five sold I got money from two.

  2. #3047
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    Have noticed a few minutes ago, Harmoney platform RAR jumped up 13 pips to 11.02%, probably, a result of Fridays recoveries from " Debt Sold" across all levels.
    I have personally had 13 Loans sold and money credited from 12 of those.
    My personal RAR is inching ever closer to 15% with over 1750 All-time loans taken over 35 months.

  3. #3048
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    Quote Originally Posted by permutation View Post
    Have noticed a few minutes ago, Harmoney platform RAR jumped up 13 pips to 11.02%, probably, a result of Fridays recoveries from " Debt Sold" across all levels.
    I have personally had 13 Loans sold and money credited from 12 of those.
    My personal RAR is inching ever closer to 15% with over 1750 All-time loans taken over 35 months.
    How did you find the debt sold numbers? No mention of that on my dashboard and have had 74 charge-offs. cheers R

  4. #3049
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    Quote Originally Posted by RMJH View Post
    How did you find the debt sold numbers? No mention of that on my dashboard and have had 74 charge-offs. cheers R
    Go to the report section and select all loans then sort by status. Scroll down until you get to "Debt Sold".

    You need to select each individual loan to see sale price (if anything).
    Last edited by 777; 12-02-2018 at 03:04 PM.

  5. #3050
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    Quote Originally Posted by RMJH View Post
    How did you find the debt sold numbers? No mention of that on my dashboard and have had 74 charge-offs. cheers R
    You could see an increased $ Value in the recoveries on your Dashboard.

    Unfortunately Harmoney have removed the "Debt Sold loans" from the standalone "Charged Off Loans" Filter; you can make a copy of the Charged Off filter yourself and select Charged-off an Debt Sold sub filters, this will then show a total of the Charge-Offs you originally had.

    To see individual $value details of the "Debt Sold" loans you have to download a CSV file from Harmoney and convert the data in Excel from "text to columns"; then sort status to view "Debt Sold", you will then see the actual $ amounts you received in Column V .. Make Sense??
    Last edited by permutation; 12-02-2018 at 04:57 PM.

  6. #3051
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    Quote Originally Posted by permutation View Post
    You could see an increased $ Value in the recoveries on your Dashboard.

    Unfortunately Harmoney have removed the "Debt Sold loans" from the standalone "Charged Off Loans" Filter; you can make a copy of the Charged Off filter yourself and select Charged-off an Debt Sold sub filters, this will then show a total of the Charge-Offs you originally had.

    To see individual $value details of the "Debt Sold" loans you have to download a CSV file from Harmoney and convert the data in Excel from "text to columns"; then sort status to view "Debt Sold", you will then see the actual $ amounts you received in Column V .. Make Sense??
    Yikes! But thanks!

  7. #3052
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    Ouch indeed. 3% recovery from debt sold on what was originally an A loan with mortgage (although residential status changed when reported as deep in arrears). and ongoing job still reported. I understand why we can't know the details but I'd really like to see an independent review of LC from perspective of how accurate was original details and how good they are at negotiating debt sale i.e. contrast with whatever eventual recovery is. It would take some time but even knowing stats were being independently reviewed might help ensure investor interests are protected.

  8. #3053
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    Quote Originally Posted by 777 View Post
    Go to the report section and select all loans then sort by status. Scroll down until you get to "Debt Sold".

    You need to select each individual loan to see sale price (if anything).
    Thanks, 41 sold but 5/8 of the proverbial recovered!

  9. #3054
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    Only 2 charged off, both sold, the E for 8% and the A for 7.95% of the charged off amount. Both sums processed as interest. But Harmoney's records show that the last payment amount was more than the amount originally charged off. After 3 years it's about time they fixed this stuff. To me this feels like an exercise in removing work rather than a genuine attempt to maximise for investors. With no independent audit report to investors, who is to say this transaction is above board?

    Investors are left having to decide if the return over alternative investments is worth the issue of dealing with this organisation. That we are still here says it all?

  10. #3055
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    So you're saying that you'll be paying tax on that principal figure sold albeit actual principal that was returned! Ouch!!!

  11. #3056
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    An independent audit should help them sort out their reporting, accounting and bookkeeping practices, failing which there is always the option to complain to the overseeing authority, if they seem entrenched. Transparency and trust would help them and the industry grow.

  12. #3057
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    Quote Originally Posted by Darchie View Post
    So you're saying that you'll be paying tax on that principal figure sold albeit actual principal that was returned! Ouch!!!
    Assuming that you claim chargeoffs the tax will come out right in your tax return.

  13. #3058
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    $7300 in write-offs, $43 recovered. Not exactly stellar. I was expecting it might be around the $200 mark. Most of the loans that say debt sold don't actually have any return, i.e. they were 'sold' for zero dollars.

    I'm starting to pull my money now and put it into silver which I made a lot of money in a few years ago (it paid off my mortgage). It looks like it's turned and will head back up again, even though I'm at 15% for Harmoney.

  14. #3059
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    Quote Originally Posted by beacon View Post
    An independent audit should help them sort out their reporting, accounting and bookkeeping practices.
    I don't see Harmoney ever agreeing to having an independent audit. I'd love to be proven wrong though. Perhaps annual independent audits should be compulsory as part of their peer-to-peer lending licence.

  15. #3060
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    Quote Originally Posted by darrenc View Post
    $7300 in write-offs, $43 recovered. Not exactly stellar. I was expecting it might be around the $200 mark. Most of the loans that say debt sold don't actually have any return, i.e. they were 'sold' for zero dollars.

    I'm starting to pull my money now and put it into silver which I made a lot of money in a few years ago (it paid off my mortgage). It looks like it's turned and will head back up again, even though I'm at 15% for Harmoney.
    $4450 of write offs and $32 of recoveries here. This is on a $117k initial investment in split into 2 blocks 6 months apart which through withdrawals (interest + prepaids) down to $73k.

    On the bright side with this "correction" in the sharemarket losing a me a bit of money, Harmoney stays consistent with its ~10% IRR after tax.

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