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Thread: Harmoney

  1. #2866
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    Quote Originally Posted by Entrep View Post
    Anyone know what this article is all about? https://www.nbr.co.nz/article/joke%E...ng-cs-p-210923

    Behind pay wall.

  2. #2867
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    Quote Originally Posted by 777 View Post
    Behind pay wall.
    yes, give us some screen grabs

  3. #2868
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    Default write offs as a percentage of gross interest.

    I always thought that my writeoffs (or charge off) as a percentage of gross interest is very high at 21.1% (20.8% after recoveries). That was because my spreadsheet estimated it as just below 10% based on Harmoney's figures. However, I just noted that based on Harmoney statistics today - total charge off $19,076,967 and total interest paid $86,179,074 (10 Dec), the actual overall ratio is a very high 22.14%. So mine is actually below the average!!

  4. #2869
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    Quote Originally Posted by alistar_mid View Post
    yes, give us some screen grabs
    I've just read the article. I suggest you get a subscription to the NBR if you wish to know of its content.

  5. #2870
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    Quote Originally Posted by Investor View Post
    I've just read the article. I suggest you get a subscription to the NBR if you wish to know of its content.

  6. #2871
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    Another case of successful fraud at Harmoney.
    Grade D3, borrowed $30,000, never made a payment yet supposedly earned $147,000 per annum after tax. Loan comment "This is going to give me an amazing family holiday." I guess I should have avoided loans for holidays - especially to people who earn enough to pay cash for their holidays! Also was a rewrite - Harmoney claims that rewrites are only available to borrowers with an excellent payment history yet this guy hadn't even made a payment before getting a rewrite increasing his loan from $6k to $30k!

    ScreenHunt.jpg
    Last edited by joker; 11-12-2017 at 04:21 PM. Reason: Added info about rewrite

  7. #2872
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    Do any of these get to court?

  8. #2873
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    Quote Originally Posted by 777 View Post
    Do any of these get to court?
    I've never heard of one making it to court. In this case Harmoney got their $1000 lending fees paid by the investors - the only losers of the $30,500 are the investors so I guess Harmoney isn't too worried about chasing it.

    It's also possible that the guy was jailed on other charges (maybe his amazing income was from selling meth) and now he's having that "amazing family holiday" in the can.

  9. #2874
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    Quote Originally Posted by joker View Post
    Another case of successful fraud at Harmoney.
    Grade D3, borrowed $30,000, never made a payment yet supposedly earned $147,000 per annum after tax. Loan comment "This is going to give me an amazing family holiday." I guess I should have avoided loans for holidays - especially to people who earn enough to pay cash for their holidays! Also was a rewrite - Harmoney claims that rewrites are only available to borrowers with an excellent payment history yet this guy hadn't even made a payment before getting a rewrite increasing his loan from $6k to $30k!

    ScreenHunt.jpg
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    Last edited by hardt; 13-12-2017 at 08:08 AM.

  10. #2875
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    Quote Originally Posted by hardt View Post
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    You're rught - red flags everywhere but unfortunately it was bought by autolend. As soon as I saw it I smelt a rat - but I thought Harmoney was able to confirm incomes through access to bank deposit data?

  11. #2876
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    Not a pretty picture, increasing risk and diminishing returns in a goldilocks economy - RAR falling, 15% fees, 22% arrears, 25% tax approx. Looks like screening not stringent enough at Harmoney.

  12. #2877
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    Quote Originally Posted by hardt View Post
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    lol, many of us have a sizeable chunk in so its not worthwhile to read individual loans, we trust harmonies algorithms to correctly assess each loan.

    It comes down to how much is your time worth?

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