Harmoney

[BJ1]

Investor: my two write-offs were both sold for a small increase in total interest received. No principal. The only way I know is I had them in excel and could compare info. The last payment amount in the Harmony status report was a load of hogwash.

[kiwi783]

regarding the write-offs. i've just spent a frustrating hour inside excel equivalent trying to reconcile statement transactions for written-off loan vs reported on Harmoney summary. I can't figure it out. However they recorded the sale/recovery number it doesn't seem to be attributed with same loan reference - and there is no unusual transaction that doesn't have a loan reference. If I understand above comments a lot of the sale/recovery proceeds have been attributed as interest rather than principal (I'm sure the investors agreement says this is what will happen). So worst case from a tax perspective (for those who are not in the business of) and I assume best case for Harmoney who can take service fees on the additional "interest" amount. Or am I just being too cynical?

[777]

regarding the write-offs. i've just spent a frustrating hour inside excel equivalent trying to reconcile statement transactions for written-off loan vs reported on Harmoney summary. I can't figure it out. However they recorded the sale/recovery number it doesn't seem to be attributed with same loan reference - and there is no unusual transaction that doesn't have a loan reference. If I understand above comments a lot of the sale/recovery proceeds have been attributed as interest rather than principal (I'm sure the investors agreement says this is what will happen). So worst case from a tax perspective (for those who are not in the business of) and I assume best case for Harmoney who can take service fees on the additional "interest" amount. Or am I just being too cynical?

Harmoney would get the same service fee from principal repayment as interest.

[Investor]

Harmoney just charges on gross interest since about 2016, so they are better off by classing it as interest (i'd be surprised if that is the case)

[777]

Harmoney just charges on gross interest since about 2016, so they are better off by classing it as interest (i'd be surprised if that is the case)

But most ,if not all, those loans sold would be before that change. All loans taken up prior to that change are still on the old rules.

[beacon]

Good point 777. By the way, saw a defaulter listed as a B3 today. I was under the impression recent defaulters would be low down ... Attachment 9541

[alistar_mid]

hit the $20k gross interest mark

initially (harmoney 1.0) I thought E's where the best ROI.... turns out they default a lot.

Attachment 9542

[beacon]

13.51% RAR - not bad, Alistar. Others have lost over a 1% and some after Harmoney changed their RAR calcs recently...
Congrats on the $20k milestone

[beacon]

I thought E's where the best ROI.... turns out they default a lot.

No wonder. If a recent defaulter is being classed a B3, there'd be no hiding from the c, D, E and Fs

[777]

beacon how does that loan above indicate that the borrower was a defaulter? I would have thought once a defaulter that they would no longer be able to borrow.

Stand easy. I have just found it noted. It does surprise me that they can borrow again though.