Harmoney

[Harvey Specter]

Tax is a personal responsibility Not Harmoney's. Why do you expect them to do your work? The service charge IS an expense against earning income, therefore deductible. The charge-offs are capital losses.

Agree.

Harmoney is already seeking a ruling from the IRD. Companies often seek rulings from the IRD on tax implications, to their shareholders or investors, of proposed actions or payments. It saves their investors and their expensive tax accountants having to duplicate research into the tax consequences. I am surprised that Harmoney have not already obtained such a ruling on service charges and charge-offs for the various types of investors.

I dont think they will be able to get a ruling from IRD as the outcome is fact specific, not a matter of interpretation which is all a ruling can be on. Per my comments above, I believe my situations allows it but others investing directly doesn't. IRD will only be able to issue a ruling saying interest is taxable, fees are deductible but charge-offs depend on the situation of the investor. Which isn't very useful. I would be surprised if Harmoney even tried as it would be a great way to waste $50k+ on fees.

[TazzieDave]

Just had some interesting account activity- LAI-00031926 was credited on 27th Jan with an amount to become paid off. Today, the same amount has been debited - maybe somebody didn't want to take the rewrite after all??

In the meantime I've already invested the amount meaning that my cash balance is now negative. I'm currently investing harmoney's money

[unhuman]

In the meantime I've already invested the amount meaning that my cash balance is now negative. I'm currently investing harmoney's money

Ha, had that as well when I first started. I thought it was very nice of them to let me earn interest with their money.

[Cool Bear]

The service fees I am paying is tapering off its scary growth and as at today is effectively 2.62% (instead of 1.25%). I started in July last year and the calculations as at the first of each month was Jul 1.25%, Aug 1.39, Sep 1.50, Oct 1.71, Nov 2.00, Dec 2.44, Jan 2.61, Feb 2.62%.

[Knot]

Just had some interesting account activity- LAI-00031926 was credited on 27th Jan with an amount to become paid off. Today, the same amount has been debited - maybe somebody didn't want to take the rewrite after all??

In the meantime I've already invested the amount meaning that my cash balance is now negative. I'm currently investing harmoney's money

LAI-00054030 did a similar thing on Friday, even now it is broken, marked as fully funded, and also only 98% funded. I have queried Harmoney but they have yet to reply.

I suspect a number of Investors might of reallocated the returned funds, and now the loan is stuck until their account is brought to a non negative balance (This is just a guess on my part).

My account was only overdrawn for about 16 hours as I had further funds incoming on Friday night.

[Finite]

The service fees I am paying is tapering off its scary growth and as at today is effectively 2.62% (instead of 1.25%). I started in July last year and the calculations as at the first of each month was Jul 1.25%, Aug 1.39, Sep 1.50, Oct 1.71, Nov 2.00, Dec 2.44, Jan 2.61, Feb 2.62%.

What is your strategy to avoid rewrites?
I'm only choosing loans that are rewrites or are at, or near, the borrowing limit for their risk grade.

[Harvey Specter]

What is your strategy to avoid rewrites?
I'm only choosing loans that are rewrites or are at, or near, the borrowing limit for their risk grade.

I thought being a re-write, they would be predisposed to re-writes and likely to top up, even if only back to the original amount, down the line.

[Cool Bear]

What is your strategy to avoid rewrites?
I'm only choosing loans that are rewrites or are at, or near, the borrowing limit for their risk grade.

Up to now, I have not been too concerned about rewrites although I had been monitoring its effect on my investment. I update my criteria for choosing loans to invest and how much to invest in each loan everytime I hit about 500 loans. Now that I am well over 1500, it is time to update again and like you, I did thought to favour loans that are rewrites or near their limits or over a certain $amount.

[humvee]

Has anyone elses arrears just dropped alot (like around 40%). I wonder if maybe they have removed charged off loans from arrears because i dont think this was happening before.

[Cool Bear]

Has anyone elses arrears just dropped alot (like around 40%). I wonder if maybe they have removed charged off loans from arrears because i dont think this was happening before.

Yes, mine drop quite a bit and now back to about the level before the Christmas/New Year holidays. Harmoney did say that arrears will be high during those few weeks.