Harmoney

[whitt]

Hi whitt, you were replying to my quote "permutation". Yes, until today I have had 8 write-offs(from 625 loans taken they are not arrears) 7/8 are in the E and F grades, have been investing for 20 months.

Today I have had 3 more defaults suddenly.

1 "D" grade the other 2 "F" grades. My default $rate is now 11% of my Gross interest received to date.

I tell you what, I am going to stay completely away from E and F grades from now on.

I was thinking that a lot of people are very young in these grades and I find it a bit of a shame somewhat that Harmoney allows the facility. A fair number of them go into default according to my stats and unfortunately some of these borrowers will get a black mark on their credit record for the future.

I am currently sticking to a b or c only now. Also I setup autolend data to the best of my ability using data posted earlier in this thread.
Older people of those who own houses seem to default less. Since there are plenty of loans to choose from I don't mind setting auto-lend to capture just these.

[kiwi_on_OE]

I am currently sticking to a b or c only now. Also I setup autolend data to the best of my ability using data posted earlier in this thread.
Older people of those who own houses seem to default less. Since there are plenty of loans to choose from I don't mind setting auto-lend to capture just these.

Can you do that? I can see you can choose Grade (A, B, C), and Residential Status, but you can't choose their age as far as I can tell, or am I missing something.

The filters don't allow me to do the sort of thing I want, which involves a bit of maths on monthly income etc., so I'll continue to do it manually. Perhaps I'll get off my lazy arse, do some screen scrapping and do my own filtering.

[percy]

Politics getting involved

Emotional stuff - govt accused of putting 45 jobs at risk

http://www.interest.co.nz/business/8...-overrule-over

Looks to me as though Harmoney thought they had ticked all the boxes before they started business,so the Commerce Commissions challenges appear to have blindsided them.
The Commerce Comission has been very successful tidying up shonky unacceptable fees being charged to borrowers, via legal cases such as the MTF Sportzone case.Every motorvehicle lender changed their fees well before the case hit the courts.Job done.
Person to Person lending appears to be in the Commerce Comission's view just that Person To Person, rather than through a middle man, such as Harmoney.
It would seem to me either the Government has to change the rules to make room for a middleman ,such as Harmoney,or Harmoney goes out of business unless they can find some sort of "reward" that is both profitable to them and is acceptable to the Commerce Commission.
Letting it go on for years to be sorted out,as did the Sportzone case,does not appear to be an option to me.
As a holder of Heartland shares, I do have some concerns for the capital they put into Harmoney,and for the ongoing profits from the loans they have made via Harmoney.
I am not sure whether Heartland will be in any position to qualify any of my concerns at their upcoming agm.as the matter will be "coming before the courts".
Is it material to Heartland?.Yes.

[RMJH]

Looks to me as though Harmoney thought they had ticked all the boxes before they started business,so the Commerce Commissions challenges appear to have blindsided them.
The Commerce Comission has been very successful tidying up shonky unacceptable fees being charged to borrowers, via legal cases such as the MTF Sportzone case.Every motorvehicle lender changed their fees well before the case hit the courts.Job done.
Person to Person lending appears to be in the Commerce Comission's view just that Person To Person, rather than through a middle man, such as Harmoney.
It would seem to me either the Government has to change the rules to make room for a middleman ,such as Harmoney,or Harmoney goes out of business unless they can find some sort of "reward" that is both profitable to them and is acceptable to the Commerce Commission.
Letting it go on for years to be sorted out,as did the Sportzone case,does not appear to be an option to me.
As a holder of Heartland shares, I do have some concerns for the capital they put into Harmoney,and for the ongoing profits from the loans they have made via Harmoney.
I am not sure whether Heartland will be in any position to qualify any of my concerns at their upcoming agm.as the matter will be "coming before the courts".
Is it material to Heartland?.Yes.

Makes you wonder whose interests are being served.

[whitt]

Can you do that? I can see you can choose Grade (A, B, C), and Residential Status, but you can't choose their age as far as I can tell, or am I missing something.

The filters don't allow me to do the sort of thing I want, which involves a bit of maths on monthly income etc., so I'll continue to do it manually. Perhaps I'll get off my lazy arse, do some screen scrapping and do my own filtering.

You are correct in your comment that age and monthly income are not a factor in autolend.
Maybe several of us need to suggest this option to implement.

[whitt]

You are correct in your comment that age and monthly income are not a factor in autolend.
Maybe several of us need to suggest this option to implement.

Make sure you use the residential status option in filtering if you do decide to use autolend.

[RMJH]

You are correct in your comment that age and monthly income are not a factor in autolend.
Maybe several of us need to suggest this option to implement.

Would be good to have an "Enquiries" filter too...

[permutation]

Has anyone noticed the big lag when a loan is funded to when it updates on the dashboard. I have 2 loans today that were funded about 5 hours ago, and they still show as "in funding."
Come on Harmoney what's going on?

[Investor]

Has anyone noticed the big lag when a loan is funded to when it updates on the dashboard. I have 2 loans today that were funded about 5 hours ago, and they still show as "in funding."
Come on Harmoney what's going on?

I predict they must have some form of draw down process and contact the customer once funding is completed. I've had a loan sit in 100% funded for 2-3 days before (including the weekend).

[Soolaimon]

I have come to expect anomalies in the Harmoney platform and it is annoying and time consuming to sort out, so I don't usually bother. The arrears data is never correct and just a few days ago I ordered 2 notes in a loan only to get an error message and then after 3 more attempts I gave up only to discover later that all transactions went through. I had given up on 6/8 note investing but I just could not go through the hassle to see if that could be fixed. With the huge staff numbers they have I would have thought they could be more efficient. O well it is still way ahead of bank term deposits so will keep struggling on.