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Thread: Harmoney

  1. #4336
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    Anyone invested in LN LAI-00153997?

    This loan has gone from never being in arrears to 121-180 days in arrears overnight and all the repayments that have been made until now have been reversed.
    Last edited by Paddles; 23-07-2019 at 11:21 AM.

  2. #4337
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    Quote Originally Posted by Paddles View Post
    Anyone invested in LN LAI-00153997?

    This loan has gone from never being in arrears to 121-180 days in arrears overnight and all the repayments that have been made until now have been reversed.
    I've got that loan.Good spot on the payments. This is my downloaded info from last friday. Might pay to ask HM about it.

    Loan note Date Status Time in arrears (days) Grade Interest rate Outstanding principal Interest earned Term (months) Payments remaining You invested Payment due Total Loan Amount Last Payment Date Last Payment Amount Payments to Date Principal Gross Int Paid Service / Lender Fee
    LAI-00153997 01/02/2019 Current 121-180 B3 15.8 22.96 1.6 60 60 25 01/08/2019 41200 04/07/2019 0.02 3.64 2.04 1.6 0.32

    LOAN DETAILS | BORROWER DETAILS

    • TOTAL LOAN AMOUNT:$41,200.00
    • MAXIMUM TERM:60 months

    RECEIVED PAYMENTS

    • LAST PAYMENT DATE:Jul 17, 2019
    • LAST PAYMENT AMOUNT:$0.15
    • PAYMENTS TO DATE:$0.26
    • PRINCIPAL:$0.00
    • GROSS INT. PAID:$0.26

    LENDER FEES



    • SERVICE / LENDER FEE:$0.05

  3. #4338
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    Quote Originally Posted by leesal View Post
    I've got that loan.Good spot on the payments. This is my downloaded info from last friday. Might pay to ask HM about it.

    Loan note Date Status Time in arrears (days) Grade Interest rate Outstanding principal Interest earned Term (months) Payments remaining You invested Payment due Total Loan Amount Last Payment Date Last Payment Amount Payments to Date Principal Gross Int Paid Service / Lender Fee
    LAI-00153997 01/02/2019 Current 121-180 B3 15.8 22.96 1.6 60 60 25 01/08/2019 41200 04/07/2019 0.02 3.64 2.04 1.6 0.32

    LOAN DETAILS | BORROWER DETAILS

    • TOTAL LOAN AMOUNT:$41,200.00
    • MAXIMUM TERM:60 months

    RECEIVED PAYMENTS


    • LAST PAYMENT DATE:Jul 17, 2019
    • LAST PAYMENT AMOUNT:$0.15
    • PAYMENTS TO DATE:$0.26
    • PRINCIPAL:$0.00
    • GROSS INT. PAID:$0.26

    LENDER FEES


    • SERVICE / LENDER FEE:$0.05
    This is the response I've received from Harmony.
    So the dashboard is not a true reflection on the status of your loans. What a joke!

    Harmony.JPG

  4. #4339

  5. #4340
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    On the 2nd July, I had almost exactly the same response for a different question from a different lending officer about arrears not showing. It would seem that this is a standard response, and not a lot of thought has gone into this.

    It clearly cannot be a simple matter of the "back end" not knowing what the "front end" is doing - or visa versa, I can accept that something might not have been updated, but to have interest posted many times and then reversed out months later would seem to be much more serious.

    I also have this loan and have emailed my own question to Harmoney. I do think we deserve a better response than the one received.

  6. #4341
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    Interesting change in marketing tactics. Their systems definitely need a thorough overhaul, and could benefit from external oversight. Now that Harmoney is no longer advertising itself as a P2P (implicit acceptance that it isn't a true P2P afterall), perhaps the regulators might consider reassigning it out of the P2P license to a more appropriate one (which also means stricter regulatory control, external audits and reporting requirements).

  7. #4342
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    Quote Originally Posted by Paddles View Post
    This is the response I've received from Harmony.
    So the dashboard is not a true reflection on the status of your loans. What a joke!

    Harmony.JPG
    I have had a good response from harmoney this morning, and although it would have been nice if the loan was reversed, fixed and reapplied all at the same time, it didn't and it took a bit longer. Their response was as follows.

    Thank you for your patience in this matter.

    We have looked a little further into LAI-00153997 and can confirm that this loan is in Active Good standing, please refer to details below:

    • There was a $30 payment on the loan from Jan 2019 which had a date issue and had to be reversed.
    • To be able to apply the Jan payment correctly, we had to reverse all payments applied on the loan after (from Jan 2019 to July 2019).
    • The Operations team is working on fixing the payments but were not able to complete this during business hours, and the end of day job pushed the loan into active bad standing - we usually aim to fix any issues during one business day, but it didn't happen in this case.
    • The active bad standing status was synced to the front end and this is what you see

    The loan is in Active good standing and will get back into the correct status, once Operations have applied the payments correctly. We are aiming to complete this urgently.

    We apologize for the miscommunication we sent earlier, and for the inconvenience caused.

  8. #4343
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    Quote Originally Posted by nickw View Post
    I have had a good response from harmoney this morning, and although it would have been nice if the loan was reversed, fixed and reapplied all at the same time, it didn't and it took a bit longer. Their response was as follows.

    Thank you for your patience in this matter.

    We have looked a little further into LAI-00153997 and can confirm that this loan is in Active Good standing, please refer to details below:

    • There was a $30 payment on the loan from Jan 2019 which had a date issue and had to be reversed.
    • To be able to apply the Jan payment correctly, we had to reverse all payments applied on the loan after (from Jan 2019 to July 2019).
    • The Operations team is working on fixing the payments but were not able to complete this during business hours, and the end of day job pushed the loan into active bad standing - we usually aim to fix any issues during one business day, but it didn't happen in this case.
    • The active bad standing status was synced to the front end and this is what you see

    The loan is in Active good standing and will get back into the correct status, once Operations have applied the payments correctly. We are aiming to complete this urgently.

    We apologize for the miscommunication we sent earlier, and for the inconvenience caused.
    Good to hear that HM have gone to the effort. Although it is a concern, they've had to reverse out a whole chain of payments to fix a minor error. The system they operate can't be all that great.

    I see the status of LAI-00153997 has moved to Arrears (0). Feeling a little more happier about that note and HM!

  9. #4344
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    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.

  10. #4345
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    Quote Originally Posted by GR68 View Post
    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.
    Yep, I'm seeing the same thing. Haven't figured out if it's a change yet in Chrome, the refresher extension or the Harmoney website.

  11. #4346
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    Quote Originally Posted by GR68 View Post
    Has anyone else had issues with auto-refresh in Chrome?

    Most days - while at my desk- I have a second screen running which is on auto refresh, so keeps me logged in and seeing any new listings. Yesterday it started to log me out so then miss any new loans Same thing occurred on a second computer.
    I'm using Easy Auto Refresh over at Lending Crowd - All working OK there!

  12. #4347
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    Quote Originally Posted by spudooli View Post
    Yep, I'm seeing the same thing. Haven't figured out if it's a change yet in Chrome, the refresher extension or the Harmoney website.
    I saw the same thing, using a 3min refresher in Firefox. Perhaps yesterday there was an issue at Harmony with the period it takes for you to be auto logged out.

  13. #4348
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    Harmoney News @ Interest.co.nz Today....


    HARMONEY BRINGS IN NEW CEO
    Harmoney says David Stevens will take the reins from founder Neil Roberts as CEO early in 2020. The licensed peer-to-peer lender says this will free up Roberts, who is also Harmoney's biggest shareholder, to focus on strategy and product. Stevens most recently led the start-up MiFund, a medical payment options provider for patients in Australia. There he was "instrumental" in securing the Bank of Queensland as a 35% equity holder in MiFund, Harmoney says. Prior to that role Stevens was CFO of FlexiGroup, leading the negotiations when the Aussie firm bought Fisher & Paykel Finance.

  14. #4349
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    Hi all - I've been watching this thread for a while. Thanks for all the information...

    Do people still feel it's worthwhile investing here, or Lending Crowd, or...?

    I am not clear how much time would be involved to keep $100K employed in not-crazy-risk loans, and whether I'd be likely to receive a return in excess of 10%.

    Thanks for any help!
    Simple
    Last edited by simplesimplesimple; 22-08-2019 at 05:27 AM.

  15. #4350
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    IMHO don't bother trying Harmoney. They have admitted in the interest.co.nz article posted by Wsp on 24/7 above that they aren't even trying to be P2P anymore, and therefore they offer very few loans. I think they're just waiting until we all get fed up & leave rather than kicking us off.

    Peer to peer-turned "online" lender Harmoney has posted a maiden after-tax profit, courtesy of adoption of a new accounting standard that boosted its after-tax earnings by $7.5 million.
    Harmoney, which was the first licensed P2P lender in New Zealand, but which has dropped the P2P description of itself in favour of "online" following changes in the way it operates, reported a $7.22 million after-tax profit for the year to March 31,2019, compared with an after tax loss of $1.84 million a year ago.
    Last edited by ream; 22-08-2019 at 08:45 AM. Reason: Trying to fix damned quote marks...

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