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Thread: Harmoney

  1. #4471
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    Quote Originally Posted by BJ1 View Post
    I think it will suffer from morbidity alright. Perhaps the only question is: How Long? I saw this Leesal; it just confirmed my view Harmoney is sending all the garbage our way.
    On a benefit with a monthly income of $ 4000 , there is a TUI ad right there....... This is another loan that surely does not comply with the responsible lending code.
    What verification do they do on the income ???

  2. #4472
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    Quote Originally Posted by stoploss View Post
    On a benefit with a monthly income of $ 4000 , there is a TUI ad right there....... This is another loan that surely does not comply with the responsible lending code.
    What verification do they do on the income ???
    AI reading of electronic bank statements I believe - so if you've had a few months of good income selling on trade me (or maybe dealing in substances) your income is inflated accordingly.

  3. #4473
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    Quote Originally Posted by stoploss View Post
    On a benefit with a monthly income of $ 4000 , there is a TUI ad right there.......
    Nope, just filled in the WINZ calculator thing as if I was a late 20s solo parent with three young kids and a part time job. Winz would have given me $928/week after tax if the calculator is to be believed.

  4. #4474
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    Quote Originally Posted by Vagabond47 View Post
    Nope, just filled in the WINZ calculator thing as if I was a late 20s solo parent with three young kids and a part time job. Winz would have given me $928/week after tax if the calculator is to be believed.
    What was the breakdown ?

  5. #4475
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    See attached
    Attachment 10933

  6. #4476
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    Quote Originally Posted by Vagabond47 View Post
    See attached
    Attachment 10933
    It did say they were single living with parents so I very much doubt the accommodation supplement would be anywhere near 300....
    I may be wrong , but it doesn’t look right to me .
    Last edited by stoploss; 06-01-2020 at 08:30 PM.

  7. #4477
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    Quote Originally Posted by stoploss View Post
    It did say they were single living with parents so I very much doubt the accommodation supplement would be anywhere near 300....
    I may be wrong , but it doesn’t look right to me .
    Well, that assumes you tell WINZ you are living with parents.. and also excludes other possibilities, ACC payments based on someone on a good income struck down by disability being the obvious one.
    But yes, I saw that loan.. grabbed my 10 foot barge pole and pushed it away.

  8. #4478
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    At this risk of defending this I have a piece of that loan, mainly for information purposes. If HM is doing its job, then there should be zero difference in the performance between of "loans that look bad on paper", when compared to other loans of equivalent grade. So have started tracking these fugly loans, its early days but so far they have 0 defaults on $500 interest earned with about 6k active. The rest by way of comparison has a default rate of just under 10% of 16k interest, and have had some lovely looking loans turn sour. That said there are some loans that just wont touch .

    (BTW - fugly portfolio has average income repayment ratio of 28%; rest has 8%)

  9. #4479
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    Quote Originally Posted by leesal View Post
    At this risk of defending this I have a piece of that loan, mainly for information purposes. If HM is doing its job, then there should be zero difference in the performance between of "loans that look bad on paper", when compared to other loans of equivalent grade. So have started tracking these fugly loans, its early days but so far they have 0 defaults on $500 interest earned with about 6k active. The rest by way of comparison has a default rate of just under 10% of 16k interest, and have had some lovely looking loans turn sour. That said there are some loans that just wont touch .

    (BTW - fugly portfolio has average income repayment ratio of 28%; rest has 8%)

    @leesal > A good idea to do and try.


    I did something simiilar a gew years back with HM Re-Writes... Invested in Maxed out Re-Writes.

    Results were impressive with NO Losses.....

  10. #4480
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    Well I got my first loan write off. A grade, with house and never a payment made. Who would have thought it!!
    charge off.JPG

    Maybe I should just go for the F grades and get a better return if H can't get money out of someone with a house.

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