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Thread: Harmoney

  1. #4291
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    Quote Originally Posted by myles View Post
    I have never been able to calculate an arrears value equal to what Harmoney show in the dashboard summary

    Often there are individual loans flagged as being in arrears but have had recent payments and, conversely, individual loans that have not had a payment for well over a month that are not flagged as being in arrears.

    My individual loan arrears sum is currently $445.75, the summary dashboard value is $518.67.

    The details in the 'frontend' have always been wrong and as far as I can tell are still wrong.
    The backend is confusing!

    Date Status Time in arrears (days)
    LAI-00133312 05/07/2018 Current 1-30
    LAI-00133312 05/07/2018 Current 1-30
    LAI-00140705 08/10/2018 Current 1-30
    LAI-00144720 05/11/2018 Current 1-30
    LAI-00145319 06/11/2018 Current 1-30
    LAI-00145327 06/11/2018 Current 1-30
    LAI-00146060 09/11/2018 Current 1-30
    LAI-00151261 07/01/2019 Current 1-30
    LAI-00151261 07/01/2019 Current 1-30
    LAI-00151536 08/01/2019 Current 1-30
    LAI-00154121 05/02/2019 Current 1-30

    However despite whatever HM is mucking up in the front-end, the back-end data has been consistent over the past week.

    Loan availability was a little better over the last month. Hopefully that continues once they've sorted their general error's they've been experiencing have been fixed.

  2. #4292
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    Quote Originally Posted by CageyB View Post
    Via the "Claim expenses related to your income -> Add non-business expense" function on myIR?
    yeah i just did it like that, IRD processed it pretty quick

    Its a real pain that harmoney pay your tax for you at the wrong stage, pre fees not after.
    Real hard to sell people the platform as an investment

    "yeah returns are pretty good but you have to make a tax adjustment each year with the IRD cause harmoney over pay your tax" - not the greatest sales pitch makes it a hassle for people not used to doing accounting sh1t

  3. #4293
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    Harmoney does the same way as anyone else does. The correct way. Your tax return is your responsibility not theirs.

  4. #4294
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    Quote Originally Posted by 777 View Post
    Harmoney does the same way as anyone else does. The correct way. Your tax return is your responsibility not theirs.
    Squirrel deducts their fees and transfers to their reserve fund (that covers write-offs) prior to paying their P2P investors. RWT is then deducted from the net amount paid to P2P lenders.

  5. #4295
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    Quote Originally Posted by Bjauck View Post
    Squirrel deducts their fees and transfers to their reserve fund (that covers write-offs) prior to paying their P2P investors. RWT is then deducted from the net amount paid to P2P lenders.
    My understanding is not 100% as written above....

    I understand it is only the Borrowers Reserve Fund Levy that pays into the Reserve Fund.

    As per here >> https://www.squirrel.co.nz/invest/how-we-manage-risk

    Borrowers Do NOT pay anything into the Reserve Fund.....

    I stand to be corrected of course!

  6. #4296
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    Quote Originally Posted by joker View Post
    How does this work? Loan is funded to 116% - presumably overloaded by the institutions. Somebody is going to miss out - hopefully not me.
    Attachment 10496
    I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
    I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
    I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.

  7. #4297
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    Can't say I've ever seen a 'failed' loan in over $300K worth of loan purchases. I have 5 cancelled loans - my understanding is that a cancelled loan is one where the borrower pulls out (7 day cool off period is a legal requirement).?

    The issue of the 116% loan funding is, I believe, only in the 'frontend', most likely when multiple lenders hit the 'Red' error (can't remember what it says) when they have tried to purchase more notes then are available - yes it shouldn't happen, but I've never seen it in the 'backend', where a purchase needs to be reversed. Perhaps I've just been lucky?

  8. #4298
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    Quote Originally Posted by SilverBack View Post
    I have tackled Harmoney over this numerous times over the years. There is absolutely no excuse for this. It means that when you make an application to fund a loan and receive an order back that you actually do not have an verified order at all. It is no more nor less than an acknowledgement and you may or may not have your order satisfied.
    I have designed many computer systems over the years and I can state categorically that the Harmoney processing system is absolute cr*p. It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order. Harmoney usually get ****ty when I press them over their system failings but I don't care - they are amateurs when it comes to transaction processing. Apart from their ignorance, it really annoys me when I spend my time reviewing a loan, submitting an order, and receiving a verification only to eventually find out a few days later that the order failed - not even an email notification about it! I have to reconcile back to find what has happened. Such a waste of my time and so needless if they fixed their system to properly process.
    I wish everyone complained about this every time it happens so that they learned that they have a serious issue that needs fixing.
    well... you know what they say...

    yoda-quote-path-to-the-darkside-1068x561.jpg
    Last edited by alistar_mid; 28-05-2019 at 10:32 AM.

  9. #4299
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    Harmoney, is in theory, more attractive now given the OCR has dropped. We have seen a boost in yeild stocks (utilities etc) because of this as their dividends are now more attractive, so in theory this would hold the same for Harmoney. With a balanced well diversified portfolio that has a long term consistent return (I've been around 12% for the last 24 months or so), this would put more "value" on the Harmoney investment.

    Speaking to a one of NZ's biggest fund managers over the weekend he stated that one of their competitors (another large NZ fund manager) had just gone into Harmoney, I forget who though!

  10. #4300
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    Yes agree. Looks like this may be seconded by things over at Squirrel right now.....

    HM.jpg

  11. #4301
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    Quote Originally Posted by SilverBack View Post
    It has been standard practice in IT for decades to lock records (as in a loan record) so that any orders against it are committed without any conflict from any other order.
    Couldn't help but laugh, I was reading your email while waiting for some acceptance tests to run where I've been 'mending' them to do exactly this!

    I posted some time back, it's searchable; but IIRC Harmoney didn't write the system, they brought it from a chap and they skin it. If they don't have direct access to make changes/submit PRs, and this still holds true, they could be at the mercy of the development company on fixes and features.

  12. #4302
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    The lack of loan availability for the retail investors has been mentioned a lot recently, and I'm beyond the point of holding out for things to change. Harmoney is effectively dead, unfortunately..

    This plot (and table) shows how easily I found it to grow a portfolio when I first started, compared to the most recent 6 months.

    cumulative loans.jpg

    data.jpg

    The steepness / gradient of the plot shows how easy or difficult I found it to invest. The 147 days for the last 100 loans is a bit misleading, as I didn't invest in any loans in Feb 2019, however, the drop-off is plain to see.

  13. #4303
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    Quote Originally Posted by alundracloud View Post
    The lack of loan availability for the retail investors has been mentioned a lot recently, and I'm beyond the point of holding out for things to change. Harmoney is effectively dead, unfortunately..

    This plot (and table) shows how easily I found it to grow a portfolio when I first started, compared to the most recent 6 months.

    cumulative loans.jpg

    data.jpg

    The steepness / gradient of the plot shows how easy or difficult I found it to invest. The 147 days for the last 100 loans is a bit misleading, as I didn't invest in any loans in Feb 2019, however, the drop-off is plain to see.
    Harmoneys returns are becoming more attractive with lower interest rates, so there are more people wanting a peice of each loan now.

    You just need to increase your notes per loan, if your'e doing 1, 2 notes per loan then there just isn't enough loan volume compared to demand to fill loans at a rate to deploy your capital like you have been used to, so increase the notes per loan

    I am currently deploying $50k and I recon it will take just over a 2 months, i do 15 notes per loan which deploys nearly $10k a week.

  14. #4304
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    To invest in that many loans I would need to widen my loan criteria, which I'm not prepared to do.

  15. #4305
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    Quote Originally Posted by alundracloud View Post
    To invest in that many loans I would need to widen my loan criteria, which I'm not prepared to do.
    ?

    Did I not make it clear it wasn't an issue of investing in more loans, but more notes per loan?

    Same loan volume (possible lower loan volume) MORE NOTES PER LOAN.

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