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Thread: Harmoney

  1. #1
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    Default Harmoney

    There was a thread for this but it went missing with temporary bannings.

    I am interested in how any investors are going. Have you had many defaults yet?.

    I have been investing for about 7 weeks now and so far all those that are due have paid up.

  2. #2
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    Sorry I know I should really look through the website, but what happens when someone defaults?

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    Quote Originally Posted by Entrep View Post
    Sorry I know I should really look through the website, but what happens when someone defaults?
    https://www.harmoney.com/how-it-works/borrower-faq

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    My experience matches Black Knat exactly.

    Unfortunately my bank balance doesn't. Invested in over 100 loans but only 1 or 2 notes in each. Focusing on D and E 36 month loans.

    From what I have read on overseas experience, the default rates are about right so you are rewarded for the extra risk. Whether Harmoney has got it right like lending club and prosper, only time will tell.
    Last edited by Harvey Specter; 27-12-2014 at 04:59 PM.

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    Good to know a few of us around investing. I tend to stick to the 36 month ones and B's thru D's. Usually in 10 unit lots. Reasonably time consuming and you have to be watching a lot as many loans get filled quite quickly.

    Interesting only two loans showing on market at present.

    Will keep you posted on any failures when they occur.

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    At the moment I have 10 loans in arrears, suddenly up from one. Could be that people have over-spent for xmas etc. or maybe the banking system is out of wack with the harmony system during the holiday period???
    Soolaimon

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    Quote Originally Posted by Soolaimon View Post
    At the moment I have 10 loans in arrears, suddenly up from one. Could be that people have over-spent for xmas etc. or maybe the banking system is out of wack with the harmony system during the holiday period???
    When you say "in arrears", have you been informed of that or are you calculating that yourself. Remember that there is at least 3 business days before you see the payment credited against your loan and with the public holidays effect, this will affect both the borrowers payments being debited against their account and therefore the receipt by Harmoney. Then the 3 days to show up for you.

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    Re the arrears, yes I have been informed by harmony that there are 10 loans in arrears totaling $43. I have checked through all other loans due about the same time ie. 23-24th Dec and one or two are paid up but the 10 are not. However I am pretty sure it is due to the 3 day thing at this time of the year. We will know more on the 3rd of Jan I guess.
    Soolaimon

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    Re arrears, I always have them. Sometimes it is just the first pay,ent not being set up properly from what I can tell. They always seem to get paid (with very little in penalties).

    Having said that, I am starting to get concerned with the quality of some of the data. It sometimes fluctuates throughout the day in a way that can't be reconciled - outstanding reduces even though no payment received.

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    Two E1's there today. Each with different interest rates. One has a lower rate than the D4 showing.

    LAI-00003583 E1
    68.4% 5,300.00 22.94% 4.4%

    LAI-00008726 E1
    12.26% 5,300.00 24.66% 2.78%

    LAI-00008731 D4
    5.8% 10,350.00 22.96% 2.21%

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    21 loans now in arrears totaling $97. More than 20% of my notes. I still think (and hope) it is the holiday banking dates. Anyone else in the same boat???
    Soolaimon

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    No arrears now. Thin on the loan offerings at present.

    I have a number of loans that are repaying more than once monthly.

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    Quote Originally Posted by Soolaimon View Post
    21 loans now in arrears totaling $97. More than 20% of my notes. I still think (and hope) it is the holiday banking dates. Anyone else in the same boat???
    mine went high over New Years (not as high as yours). Went down quickly - some of that may be late payment fees which makes it look high. It will sort itself out once they get back to work.

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    Quote Originally Posted by Harvey Specter View Post
    mine went high over New Years (not as high as yours). Went down quickly - some of that may be late payment fees which makes it look high. It will sort itself out once they get back to work.
    My $97 of arrears now down to $11 but no increase to late payments which have stayed at 0.44 cents. I find it difficult to reconcile total value at any one time due to uncleared amounts. I have started investing again after holding off for a month to see how things were going. I am still not sure if I will increase my rate of investment or not at this stage but all in all it does look promising.
    Soolaimon

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    I met someone involved with Harmoney who was explaining it to me a few months back and meant to have a play then but I completely forgot about this site. So thanks for posting here 777 and reminding me. I have put 1k into my account this week so lets see how it goes - I always assume the worst in these sorts of things, that way I can be pleasantly surprised. :-)

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