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Thread: Harmoney

  1. #4501
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    Quote Originally Posted by leesal View Post
    Hi Cool Bear. Been with Zagga for a year but never invested. How frequent do the loans come up?




    Attachment 11016
    Not frequent. I would say 2 to 3 each month at best. Seems to be improving the last few months.

    I have invested in about 20 loans with 5 paid back. 2 gone into arrears but with the low Loan to Value Ratio, we will probably get back our investments plus maybe even gain penalty interest. Doing okay so far. Returns much lower than Hm and Lending Crowd but much more secured and better communication.

  2. #4502
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    Harmoney seems to be doing massive writeoffs the last couple of weeks. Both funds I managed are way negative this month so far!

  3. #4503
    yeah, nah
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    Quote Originally Posted by Cool Bear View Post
    Harmoney seems to be doing massive writeoffs the last couple of weeks.
    Same - hope they are just doing a bit of a cleanup and things settle. Graph below shows charge offs on the rise since January (my loans):

    watch.jpg

  4. #4504
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    Quote Originally Posted by Cool Bear View Post
    Harmoney seems to be doing massive writeoffs the last couple of weeks. Both funds I managed are way negative this month so far!
    Yes, I had a few ( too many ) as well on the 14th Feb.

    You have to hope that when Retail investing ends..... That they still care enough to actually try an Collect late payments and not just write loans off just to 'get rid of them' off their books!
    Last edited by Saamee; 17-02-2020 at 01:16 PM.

  5. #4505
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    Quote Originally Posted by Saamee View Post
    Yes, I had a few ( too many ) as well on the 14th Feb.

    You have to hope that when Retail investing ends..... That they still care enough to actually try an Collect late payments and not just write loans off just to 'get rid of them' off their books!
    I guess there are the fair dealing provisions under the FMA. Plus all their charges for late fees & the incentive to minimise commissions lost. But don't imagine they'd lose too much sleep over the difficult collections, probably just flick them straight to the 3rd party collections.

    Anyone still investing between now and 31st March?

  6. #4506
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    Anyone still investing between now and 31st March?
    I may be silly but yes, I am. I won't reach the level of investment I originally wanted to (the timeframe between now and 01-APR is too short) but I'll still put in a fair whack and then, over the next few years, transfer the interest/principal collected over LC, which will provide a lower but safer return, I guess.

  7. #4507
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    Quote Originally Posted by leesal View Post
    Anyone still investing between now and 31st March?
    I caught an available one this morning so yes, I'm still investing and will continue until the end of March. Squirrelmoney is almost dry but not as drought stricken like LendingCrowd.

  8. #4508
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    Quote Originally Posted by Saamee View Post
    Yes, I had a few ( too many ) as well on the 14th Feb.

    You have to hope that when Retail investing ends..... That they still care enough to actually try an Collect late payments and not just write loans off just to 'get rid of them' off their books!
    You can hope although given the history for retail investors in NZ, who knows?

    When p2p was introduced in NZ the FMA together with the IRD could have made a ruling that the taxable return for all investors from P2P was a blended return net of charge-offs and lender's fees. Instead it was up to each investor to seek an accountant's advice to determine what deductions were deductible. Straight off, p2p became less appealing for the retail investor...

  9. #4509
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    more writeoffs today! Hope it is just spring clean and not a sign of things to come!

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