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Thread: Harmoney

  1. #4601
    yeah, nah
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    update.jpg

    BJ1, considering where your loan spread is, I think you've done very well. I took on a bit more risk for a bit more reward, but not all that much compared to you. (100K Invested).

  2. #4602
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    God knows what I did wrong but I did it spectacularly. Low risk and high charge-offs!!!

  3. #4603
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    How many loans did you take ?

  4. #4604
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    Quote Originally Posted by BJ1 View Post
    Attachment 11925
    Just for comparison. I topped out at $120k and been falling away rapidly since Harmoney started refinancing retail loans for themselves. Currently getting $4,000 per month cash back.
    Nice work! I'm at 12.75% and 18% write-offs/ gross interest. I rarely read the stories but used filters and diversified widely. Even spread of A-D for the most part but shifted to more risk near the end.

  5. #4605
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    One way or another most of my working life has been in financial risk analysis. I've always looked for anomalies in presented information so did read the stories on all loans. That is where the systems used by such as Harmoney leave gaps because they can't analyse the info in that way. In our Covid world I'm happy to have taken the approach I did which saw me up to 50% invested in 36 month loans which have been coming back rapidly. Those not refinanced by now are where I may end up taking more hits, but I'm glad I'm not at the high risk end, given expectations of another 100,000 or more out of work in the coming year.

  6. #4606
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    Thought someone discovered that 60 months had more of a quicker payback ie early repayment, more churn etc, instead of going full term. Maybe the 3 year peoples are more procrastinators and have general loans bad outlook- hence borrow for as little as possible, but in general dont juggle the loan as as much. Usually when offered a loan - people have a tendency to go for as long as possible and as much as possible - maybe with outlook to refinance two years into it to a cheap rate. It would be interesting to see 3 year to 5 year early repayment stats - but dosnt matter now as harmony has gone.

  7. #4607
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    Quote Originally Posted by IntheRearWithTheGear View Post
    How many loans did you take ?
    3885 over the last 3 years.

  8. #4608
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    We all know Heartland Bank for their large Investment in Harmoney.....

    This week they got my NZ Bank business with this deal......

    HLB.jpg

  9. #4609
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    Quote Originally Posted by RMJH View Post
    Nice work! I'm at 12.75% and 18% . I rarely read the stories but used filters and diversified widely. Even spread of A-D for the most part but shifted to more risk near the end.
    I have a different approach again I have ended up with high write offs but a fairly high RAR too

    30.75% gross write-offs/ gross interest
    29.44% net write-offs/ gross interest (which I think is more important figure vs what some others have quoted)

    14.69% rar

    5047 unique loans

    My Rar has been ever so slowly climbing since I stopped making new investments. But has pretty much always been above 13.8% usually above 14%.
    Last edited by humvee; 04-10-2020 at 07:06 AM.

  10. #4610
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    Quote Originally Posted by humvee View Post
    I have a different approach again I have ended up with high write offs but a fairly high RAR too

    30.75% gross write-offs/ gross interest
    29.44% net write-offs/ gross interest (which I think is more important figure vs what some others have quoted)

    14.69% rar

    5047 unique loans

    My Rar has been ever so slowly climbing since I stopped making new investments. But has pretty much always been above 13.8% usually above 14%.
    It's quite sad that effectively good honest people (the majority) are paying very high interest rates to cover the debt write-offs of bad people (the minority). The issue is exacerbated by the manner in which Harmoney loans money based on algorithms which are open to deception and abuse while being reluctant/uninterested in chasing bad debts. No security lien adds to the problem which is what sets Lending Crowd high above Harm-Money.

  11. #4611
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    Quote Originally Posted by joker View Post
    It's quite sad that effectively good honest people (the majority) are paying very high interest rates to cover the debt write-offs of bad people (the minority). The issue is exacerbated by the manner in which Harmoney loans money based on algorithms which are open to deception and abuse while being reluctant/uninterested in chasing bad debts. No security lien adds to the problem which is what sets Lending Crowd high above Harm-Money.
    I think Harmoney originated from a good place but were up against a system which protected the status quo. The political will to support P2P and get better rates for borrowers and lenders never seemed strong unfortunately. Such a missed opportunity.

  12. #4612
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    Still continuing to receive Capital Repayments at a large rate currently.

    Plus no new Write Offs BUT a small trickle of Bad loan repayments coming in!

    That I find Encouraging and Positive....
    Last edited by Saamee; 11-10-2020 at 10:55 AM.

  13. #4613
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    Quote Originally Posted by Saamee View Post
    Still continuing to receive Capital Repayments at a large rate currently.

    Plus no new Write Offs BUT a small trickle of Bad loan repayments coming in!

    That I find Encouraging and Positive....
    Same here.

    My charged offs the last two months averaged less than $400 a month. The average for the 9 months before that was well above $2000. So, it does looks like HM had been clearing their books of bad loans earlier, was very bad in the 3 months Dec to Feb before they close to us, with February the worst month ever. Another bad month (2nd highest for me) was in July this year.

  14. #4614
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    Quote Originally Posted by Cool Bear View Post
    Same here.

    My charged offs the last two months averaged less than $400 a month. The average for the 9 months before that was well above $2000. So, it does looks like HM had been clearing their books of bad loans earlier, was very bad in the 3 months Dec to Feb before they close to us, with February the worst month ever. Another bad month (2nd highest for me) was in July this year.
    Cleaning up prior to an IPO?!

  15. #4615
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    Quote Originally Posted by RMJH View Post
    Cleaning up prior to an IPO?!
    Still continue to see Funds being Repaid at an extremely high rate....

    Borrowers must be being offered some amazing good deals to refinance at much lower interest rates?

  16. #4616
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    Quote Originally Posted by Saamee View Post
    Still continue to see Funds being Repaid at an extremely high rate....

    Borrowers must be being offered some amazing good deals to refinance at much lower interest rates?
    Did you just get a sudden drop in RAR of about 60 points? Not sure what that's all about!

  17. #4617
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    Quote Originally Posted by RMJH View Post
    Did you just get a sudden drop in RAR of about 60 points? Not sure what that's all about!
    Yes sure did.

    Around the same magnitude as you.

    One week down, next week back up again!

  18. #4618
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    Bit of a pants down for those that may care/follow.
    Protect Waiver 345.44 0.47% 12
    Hardship 1118.98 1.51% 26
    Current 69977.07 94.72% 1916
    Arrears 2437.15 3.30% 70
    Outstanding principal $73878.64 2024

  19. #4619
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    Quote Originally Posted by RMJH View Post
    Did you just get a sudden drop in RAR of about 60 points? Not sure what that's all about!
    And this Monday - A sadden 1% swing back up!!

  20. #4620
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    Quote Originally Posted by Saamee View Post
    And this Monday - A sadden 1% swing back up!!
    Yep, mine bounced too! Hardly fills you with confidence.

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