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Thread: Harmoney

  1. #2901
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    Just one more point: Section EW11 states that financial arrangements rules do not apply to the calculation of resident passive income. Investments in finance companies are in my view passive as there is no interaction between the parties. Hence the inability to deduct losses when those companies failed. However, direct one to one lending via an agent who is paid to manage that lending on a daily basis and to conduct arrears management is not passive, in my view.

  2. #2902
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    There was a message on the Harmoney Dashboard saying no loans will be released to the marketplace over the Holiday period from the 23rd to 26th December.
    Yet on the 26th Boxing Day they released 39 Loans, who was told about that? Did anyone using this forum get any?

  3. #2903
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    Quote Originally Posted by permutation View Post
    There was a message on the Harmoney Dashboard saying no loans will be released to the marketplace over the Holiday period from the 23rd to 26th December.
    Yet on the 26th Boxing Day they released 39 Loans, who was told about that? Did anyone using this forum get any?
    A bit of confusion shown by HM between TWO messages!

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  4. #2904
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    Quote Originally Posted by permutation View Post
    There was a message on the Harmoney Dashboard saying no loans will be released to the marketplace over the Holiday period from the 23rd to 26th December.
    Yet on the 26th Boxing Day they released 39 Loans, who was told about that? Did anyone using this forum get any?
    I didn't get notified but my auto-lend got 9 of them. However one of them looks very dodgy...Monthly income $18,633 after tax, rewrite of previous loan after no payments and borrowing $30,000 @ 21.49%. Lives with parents! I've got a feeling an early charge-off is coming. Does Harmoney actually check the borrower's income details?
    ScreenHunt.jpg

  5. #2905
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    Quote Originally Posted by BJ1 View Post
    Just one more point: Section EW11 states that financial arrangements rules do not apply to the calculation of resident passive income. Investments in finance companies are in my view passive as there is no interaction between the parties. Hence the inability to deduct losses when those companies failed. However, direct one to one lending via an agent who is paid to manage that lending on a daily basis and to conduct arrears management is not passive, in my view.
    2016 Article from Deloitte on bad debts and P2P in NZ. https://www2.deloitte.com/nz/en/page...p-lending.html

  6. #2906
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    How is this possible? Below is a screenshot of a loan listed 04/01/2018. Harmoney claims that the borrower has an after tax monthly income of $19,378.33 which equates to $4,400 per week after tax and around $350,000 p.a. gross.
    The borrower states “I am looking forward to being able to consolidate my income and get ahead in the new year”. The level of income and the borrower’s comments seem mutually exclusive/extremely unlikely. The interest rate of 21.49% also seems to discredit the borrower’s income claim. How robust is Harmoney's checking system?
    ScreenHunt.jpg

  7. #2907
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    Looks like they borrower entered their annual income as a monthly figure. Perhaps Harmoney doesn’t place huge weighting on income figures in their loan grades. I suspect they simply rely on they credit ratings of each borrower and grade according to that with a few tweaks.

  8. #2908
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    And how many people using autolend have picked up a piece of this? If such information is being trusted then there is no point in reading the info provided - investors may as well just take a piece of every loan within their grade parameters and hope for a portfolio average based on those. Not my cup of tea!

  9. #2909
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    Quote Originally Posted by joker View Post
    How is this possible? Below is a screenshot of a loan listed 04/01/2018. Harmoney claims that the borrower has an after tax monthly income of $19,378.33 which equates to $4,400 per week after tax and around $350,000 p.a. gross.
    The borrower states “I am looking forward to being able to consolidate my income and get ahead in the new year”. The level of income and the borrower’s comments seem mutually exclusive/extremely unlikely. The interest rate of 21.49% also seems to discredit the borrower’s income claim. How robust is Harmoney's checking system?
    ScreenHunt.jpg
    Quote Originally Posted by Wsp View Post
    Looks like they borrower entered their annual income as a monthly figure. Perhaps Harmoney doesn’t place huge weighting on income figures in their loan grades. I suspect they simply rely on they credit ratings of each borrower and grade according to that with a few tweaks.
    But their system as I understand it requires borrowers to upload bank statements as proof of income. If the proof isn't being verified, the whole system is useless - after all we as investors need verification that borrowers earn sufficient to repay thir loans. Additionally there is a auto-lend filter based on the percentage of repayment v. income. If income errors are present this filter is compromised. It all seems a bit Mickey Mouse - especially sice my last charge-off made no payments and had a (claimed) monthly after tax income of $12,286!

  10. #2910
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    Only a few of the dodgy loans get mentioned on here. I come across similar loans information that simply doesn't make sense on a regular basis. Hopefully Harmoney fixes this problem as lenders will start loosing trust in their platform.

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