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Thread: Harmoney

  1. #2871
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    Another case of successful fraud at Harmoney.
    Grade D3, borrowed $30,000, never made a payment yet supposedly earned $147,000 per annum after tax. Loan comment "This is going to give me an amazing family holiday." I guess I should have avoided loans for holidays - especially to people who earn enough to pay cash for their holidays! Also was a rewrite - Harmoney claims that rewrites are only available to borrowers with an excellent payment history yet this guy hadn't even made a payment before getting a rewrite increasing his loan from $6k to $30k!

    ScreenHunt.jpg
    Last edited by joker; 11-12-2017 at 04:21 PM. Reason: Added info about rewrite

  2. #2872
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    Do any of these get to court?

  3. #2873
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    Quote Originally Posted by 777 View Post
    Do any of these get to court?
    I've never heard of one making it to court. In this case Harmoney got their $1000 lending fees paid by the investors - the only losers of the $30,500 are the investors so I guess Harmoney isn't too worried about chasing it.

    It's also possible that the guy was jailed on other charges (maybe his amazing income was from selling meth) and now he's having that "amazing family holiday" in the can.

  4. #2874
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    Quote Originally Posted by joker View Post
    Another case of successful fraud at Harmoney.
    Grade D3, borrowed $30,000, never made a payment yet supposedly earned $147,000 per annum after tax. Loan comment "This is going to give me an amazing family holiday." I guess I should have avoided loans for holidays - especially to people who earn enough to pay cash for their holidays! Also was a rewrite - Harmoney claims that rewrites are only available to borrowers with an excellent payment history yet this guy hadn't even made a payment before getting a rewrite increasing his loan from $6k to $30k!

    ScreenHunt.jpg
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    Last edited by hardt; 13-12-2017 at 08:08 AM.

  5. #2875
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    Quote Originally Posted by hardt View Post
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    You're rught - red flags everywhere but unfortunately it was bought by autolend. As soon as I saw it I smelt a rat - but I thought Harmoney was able to confirm incomes through access to bank deposit data?

  6. #2876
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    Not a pretty picture, increasing risk and diminishing returns in a goldilocks economy - RAR falling, 15% fees, 22% arrears, 25% tax approx. Looks like screening not stringent enough at Harmoney.

  7. #2877
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    Quote Originally Posted by hardt View Post
    Time at employer of 1 year, is boarding, earning 140k and it being packaged as a D rated loan - should have been enough to deter you.
    lol, many of us have a sizeable chunk in so its not worthwhile to read individual loans, we trust harmonies algorithms to correctly assess each loan.

    It comes down to how much is your time worth?

  8. #2878
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    Quote Originally Posted by beacon View Post
    Not a pretty picture, increasing risk and diminishing returns in a goldilocks economy - RAR falling, 15% fees, 22% arrears, 25% tax approx. Looks like screening not stringent enough at Harmoney.
    Your RAR is supposed to fall over time as more defaults naturally occur. Depending on your fee & tax rate, it is still possible to obtain a return of 12% p.a. after fees, tax and Harmoney's predicted default levels.

  9. #2879
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    Harmoney today have emailed saying they will on sell the charged off loans to a third party.

    I cant see this as good as the incentive is gone for Harmoney to chase loans in arrears. Previously it was in Harmoneys best interest to keep arreared loans under control so the charged off department had less work.
    Now nothing stops them giving up, throwing it into charged off then onselling that loan.

  10. #2880
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    Quote Originally Posted by whitt View Post
    Harmoney today have emailed saying they will on sell the charged off loans to a third party.

    I cant see this as good as the incentive is gone for Harmoney to chase loans in arrears. Previously it was in Harmoneys best interest to keep arreared loans under control so the charged off department had less work.
    Now nothing stops them giving up, throwing it into charged off then onselling that loan.
    Clearly Harmoney are not currently following up charged-off loans, $6 recovered out of $2,800 charged-off for me, so anything we can get for them from a third party will be better than the present situation in my view.

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