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12-02-2018, 05:49 PM
#3051
Member
Originally Posted by permutation
You could see an increased $ Value in the recoveries on your Dashboard.
Unfortunately Harmoney have removed the "Debt Sold loans" from the standalone "Charged Off Loans" Filter; you can make a copy of the Charged Off filter yourself and select Charged-off an Debt Sold sub filters, this will then show a total of the Charge-Offs you originally had.
To see individual $value details of the "Debt Sold" loans you have to download a CSV file from Harmoney and convert the data in Excel from "text to columns"; then sort status to view "Debt Sold", you will then see the actual $ amounts you received in Column V .. Make Sense??
Yikes! But thanks!
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13-02-2018, 05:09 AM
#3052
Junior Member
Ouch indeed. 3% recovery from debt sold on what was originally an A loan with mortgage (although residential status changed when reported as deep in arrears). and ongoing job still reported. I understand why we can't know the details but I'd really like to see an independent review of LC from perspective of how accurate was original details and how good they are at negotiating debt sale i.e. contrast with whatever eventual recovery is. It would take some time but even knowing stats were being independently reviewed might help ensure investor interests are protected.
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13-02-2018, 08:03 AM
#3053
Member
Originally Posted by 777
Go to the report section and select all loans then sort by status. Scroll down until you get to "Debt Sold".
You need to select each individual loan to see sale price (if anything).
Thanks, 41 sold but 5/8 of the proverbial recovered!
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14-02-2018, 07:36 AM
#3054
Member
Only 2 charged off, both sold, the E for 8% and the A for 7.95% of the charged off amount. Both sums processed as interest. But Harmoney's records show that the last payment amount was more than the amount originally charged off. After 3 years it's about time they fixed this stuff. To me this feels like an exercise in removing work rather than a genuine attempt to maximise for investors. With no independent audit report to investors, who is to say this transaction is above board?
Investors are left having to decide if the return over alternative investments is worth the issue of dealing with this organisation. That we are still here says it all?
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14-02-2018, 03:03 PM
#3055
Member
So you're saying that you'll be paying tax on that principal figure sold albeit actual principal that was returned! Ouch!!!
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15-02-2018, 07:21 AM
#3056
An independent audit should help them sort out their reporting, accounting and bookkeeping practices, failing which there is always the option to complain to the overseeing authority, if they seem entrenched. Transparency and trust would help them and the industry grow.
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15-02-2018, 08:20 AM
#3057
Member
Originally Posted by Darchie
So you're saying that you'll be paying tax on that principal figure sold albeit actual principal that was returned! Ouch!!!
Assuming that you claim chargeoffs the tax will come out right in your tax return.
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15-02-2018, 12:04 PM
#3058
Member
$7300 in write-offs, $43 recovered. Not exactly stellar. I was expecting it might be around the $200 mark. Most of the loans that say debt sold don't actually have any return, i.e. they were 'sold' for zero dollars.
I'm starting to pull my money now and put it into silver which I made a lot of money in a few years ago (it paid off my mortgage). It looks like it's turned and will head back up again, even though I'm at 15% for Harmoney.
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15-02-2018, 12:46 PM
#3059
Member
Originally Posted by beacon
An independent audit should help them sort out their reporting, accounting and bookkeeping practices.
I don't see Harmoney ever agreeing to having an independent audit. I'd love to be proven wrong though. Perhaps annual independent audits should be compulsory as part of their peer-to-peer lending licence.
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15-02-2018, 04:25 PM
#3060
Member
Originally Posted by darrenc
$7300 in write-offs, $43 recovered. Not exactly stellar. I was expecting it might be around the $200 mark. Most of the loans that say debt sold don't actually have any return, i.e. they were 'sold' for zero dollars.
I'm starting to pull my money now and put it into silver which I made a lot of money in a few years ago (it paid off my mortgage). It looks like it's turned and will head back up again, even though I'm at 15% for Harmoney.
$4450 of write offs and $32 of recoveries here. This is on a $117k initial investment in split into 2 blocks 6 months apart which through withdrawals (interest + prepaids) down to $73k.
On the bright side with this "correction" in the sharemarket losing a me a bit of money, Harmoney stays consistent with its ~10% IRR after tax.
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