Harmoney

[beacon]

Former Chairman, Rob Campbell, has finally also divested his interest in Harmoney to Heartland Bank. Hmm....

[CR_111]

How does this possibly constitute responsible lending? Capture.jpg

[RMJH]

How does this possibly constitute responsible lending? Capture.jpg

Half their income to service the loan and it's a C?!

[CR_111]

Half their income in loan repayments, and they are renting in Auckland.

[Bjauck]

Former Chairman, Rob Campbell, has finally also divested his interest in Harmoney to Heartland Bank. Hmm....

P2P with a large presence from a bank. Institutional “peers” being allotted more of the loans despite demand from retail peers. NZ P2P is helping broaden the product range/asset diversification for the banks and institutions?

[Vagabond47]

Half their income to service the loan and it's a C?!

And how many bad decisions do you have to make to get to your fifties, still be renting, and need $40k of debt consolidation loan.

[BJ1]

Statistics: last month Harmoney refinanced 10.6% of my loan numbers outstanding (34 loans). In February it was 20 and January 17, compared with an average of 10 in the first three months of last year. They told me they were actively marketing for new business but what I have seen is that the effectiveness of marketing has been to transfer loans from my portfolio to someone else's, and from comments on this forum it seems obvious the beneficiary has been Harmoney itself and perhaps other wholesale investors, certainly not other , largish, retail investors.
It's not P2P anymore, and about time Harmoney withdrew its TV advertising.

[Saamee]

Is anyone able to explain on here ( in simplified terminology! ), how the Reporting and Taxation of 'Payment Protect' loans is handled by NZ Tax payers?

[joker]

Is anyone able to explain on here ( in simplified terminology! ), how the Reporting and Taxation of 'Payment Protect' loans is handled by NZ Tax payers?

Payment protect fees are taxable income. But, it is hard to know what income you have received from payment protect fees as Harmoney does not tell us.

No guarantees on accuracy or veracity of the data/formula but here goes.

My process involves a formula from the dashboard report...Deposits - withdrawals + gross interest - minus service/lender fees - RWT - charged off principal + recoveries - funds available - O/S principal + in funding balance = total payment protect fees. Total PP fees - all previous years payment protect fees = current years payment protect fees.

On $50k invested, my last tax year pp fees were $495.48, the current tax year (just ended) only $142.01 as I've been getting out of Harmoney.

Basically the formula works on the basis that the total change in value of your Harmoney A/c less allowance for deposits, withdrawals, income and expenses will leave a surplus/deficit? that must reflect PP fees.

Spread sheet image here...ScreenHunt.jpg

[myles]

Tend not to get involved in tax discussions

Not sure how useful this is: https://www.harmoney.co.nz/investors/tax-returns