Very interesting that result. It's false advertising, misinformation or something on the part of Harmoney. Smoke and mirrors baby! Fool me once..........
Originally Posted by humvee
At the moment Im using both harmoney and Squirrel (with hugely more in harmoney)
I cannot help but think that harmoney dont want to improve the reports because it would show the returns are below what is claimed.
These numbers are only approx due to no report to get it directly from harmoney (so I had to average the deposit dates) - If harmoney wishes to disagree with my figures I would welcome them to contact me and tell me where to access a more accurate report, If im wrong I'll happily post the revised numbers here.
I have access to figures from 2 accounts
70 Loans (D,E,F) 9.1% after fees & writeoffs (At one point this dropped to less then 1% due to writeoff's)
Over 500 Loans (D,E,F, And a few C) 11.1% after fees & writeoffs
Based on the loan selection and harmoneys advertised figures the return should be just under 20% after fees and writeoffs
Yes that and we should be able to access any and all financial data relating to our loans/accounts. Would be nice to be able to create custom reports too. Not the currently narrow and over simplified portal.
Originally Posted by humvee
I would like to see the following reports/figures available
Estimated annual % return base off actual last 6 or 12 months rolling average. this should use 12 months data if available on the account otherwise use 12 months
Aged amount in arrears - If some one is 2 or 3 days late (could be due to bank processing times, public holidays etc) this does not tell me much - The 2 figures I care about are arrears greater then 5 days and Mostly Arrears greater then 35 days
Also you cannot see from the full loan details from the charged off/arrears reports you need to get the loan ID then go into the orders and open each order and try and find the order that contains that loan - a very slow task given there could be 10+ orders over the 3+day period that the date of the loan could match too, When an export is done from the reports/market place screen I would like to see FULL details exported including comments, income, repayment amount, age, location, loan reason etc
Just running the numbers of how bad the rewrites are, My oldest loans are 10 months old - so under a year old
Loans Older then 1 Month
9.25% Have been repaid already
Loans Older then 3 Months
14% Have Been repaid already
Loans Older then 6 Months
17% Have been Repaid Already
HI, whats your secret to such a low default rate? You are the most confident one I've seen post.
Be cool to know how much the fees cost, and who much interest was lost by the loans which were early re payers I reckon?
That is the cream we are missing out on....The difference between the advertising return and the real return.
Big gap in returns created by a bloody bad policy of Harmoney.
Originally Posted by permutation
Investing for about 9 months, Loans invested 450+, in that time I have had 20% paid back, now have 350+ loans.
Loan numbers charged off currently 0.08% and arrears 4.07%.
I can't reinvest faster than the loans that are being repaid.
I'm new to Harmoney and prior to investing, did a lot of research to check out the viability and safety of p2p lending. I had several email discussions with Mark Bardi, at Harmoney, and got prompt, straight answers back which did ease any concerns I had.
I did ask for a number of stats on performance, write-offs, arrears, etc which he answered but are now being published for the world to see. Good work Harmoney!!
..............................
........................So far, 157 loans, 2 arrears (paid now), and 2 paid off. Reinvest all interest and principal received.
Current RAR = 13.31%.... I do have to keep myself 'in check' with reality, that if i was not in Harmoney the $$'s would be getting just about 2.75% in the High Street banks! Then I tell myself whatever the re-writes do, the return is still close to 5 times better!
Its hard to believe you only had that 3 defaults in E and F grades. Please share your secret
Originally Posted by permutation
I have read a number of times in the financial media regarding primary loans i.e.. housing loans; that a borrower having to pay more than 30% of their net income to service a mortgage could be putting themselves under financial stress.
I assume that many loans through Harmoney are additional to mortgage or rent payments.
How difficult over time would it be for a borrower to continue repaying a loan when in some bios I read, the "Repayment v Income ratio is 20-35%+? So total debt servicing could be as high as 55%+
I will never find out if some of these will default because I never invest in such loans.
Over the last 10 months with over 460 loans invested I have had 3 defaults in E, F grades only.
I have a graph of my investment spread in a previous post.
It would be great to have Harmoney join us in these discussions
Originally Posted by mlt322
I have been wondering why, with several negative threads, and the many questions and assumptions regarding how Harmoney operates, why someone from Harmoney hasn't responded to the forum in the same way that JB (John Bolton) of Squirrel Money does on the Squirrel discussion. Surely it would be in their best interest (and ours as investors) to have them answer these questions.
I asked Mark Bardi, from Harmoney, this and he said that they have been asked by Sharetrader not to. If this is the case, I'd be keen to know why the Sharetrader moderators are more than happy for one p2p lending company to respond on here as well as pumping their product at every opportunity but won't let another company respond.
Could we get some clarity on this please? I think that this is fair if this forum is to be open and transparent to all users.
Originally Posted by humvee
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