Harmoney

[Whippeedo]

yes agreed......

I reckon that the RAR should be updated daily.
It's all computerised; once you have a formula it should be updating real-time along with account balances etc.
Imagine if the NZX50 had all the share prices updating daily but they only published the index once a month.. Ridiculous

[Whippeedo]

What a shocking result

Maybe I'm an extreme case, but my RAR with Harmoney is currently -83.06%. Put in $500 initially just to test the water, put $100 each into a D1, E2, 2xE3, and an E4. One E3 was written off with no payments at all, one E3 was paid off as a rewrite, and the E2 and E4 were written off after only around $10 each paid. At the moment only the D1 is rolling along, but I don't hold out much hope for that one.

Harmoney at the moment is giving me the same feeling I get when playing blackjack at the casino and the dealer keeps hitting 21... The odds are what they are, but I'm not putting any more money into it.

[Whippeedo]

Yes I agree

There should be a penalty on the borrower for repaying early. The penalty could reduce during the loan period. My guess is if they pay within 3 months of taking out the loan the lender loses out. Not enough interest earned to pay the 1.25% and tax.

[Whippeedo]

Thanks humvee

Why did my last post appear then disappear? Lucky i still have most of it in copy paste....
OTE=Whippeedo;608138]Hi, 2 write offs from how many loans do you have in total?

Im only posting from phone so its hard to get exact stats at the moment but that was quite an old post. I now have 18 loans written off.
And 111 loans in arrears. Along with 108 loans repaid early. Total is over 1000

RAR as at 23/01/16 was just over 18%.
A new RAR should be published 23rd of this month

If you want ill post my grade distribution graph next time im posting from a computer.[/QUOTE]

[Whippeedo]

Thanks winner69. I'll add that to the list of jobs I definitely wouldn't want

Heartland have a special operations room with 15 staff processing the loans - like below

Hard work entering 40,000 $25 Investments in a week .... they all say phew at the end of week and then do it again the following week

[permutation]

Its hard to believe you only had that 3 defaults in E and F grades. Please share your secret

To date I still only have 3 defaults. These loans were taken in my first month of investing.

Even though sorting through loans is time consuming, I feel that the extra effort I put in pays off in the long run.

I analyse each loan as to what I feel is a comfortable "repayment v Income" commitment by the borrower. I then try to get an impression of the borrower through the comments they write therefore I never invest in a loan that has "NONE" in the comments section.

Many of the loans I take are for debt consolidation or home improvements, with a spattering for education, weddings and some holidays.

My composition of Loans is 72% A-C : 17,25,30% and 14,10,4% in D, E and F grades. Arrears currently running at 4.20% of Active Loans.

[Saamee]

Permutation, I had not considered working out the Arrears / Active Loans ( Outstanding Principal ) ratio - good idea. Out of 243 loans ( mainly B's ) currently 0.005%... Currently no loan defaults to date in 8 months.

[Monica@Harmoney]

Good morning @Rapeedo & @Saamee
Monica Mathis, GM of Harmoney here. Myself and my team would like to extend the offer to come in and meet us to take the Harmoney Tour. We would love to take the opportunity to show you around our business and let you know how things are done here. Monica.Mathis@Harmoney.co.nz

[permutation]

Permutation, I had not considered working out the Arrears / Active Loans ( Outstanding Principal ) ratio - good idea. Out of 243 loans ( mainly B's ) currently 0.005%... Currently no loan defaults to date in 8 months.

Saamee, the arrears I mentioned, 4.20%, in my previous post are numbers of Loans v Active numbers of loans i.e. average of 4.2 loans per 100 loans are currently in arrears, not the $ amount.

One calculation that I do have on my spreadsheet is the (Interest earned v Outstanding Principal) of my arrears; which currently stands at 10.57% but is variable as the arrears composition changes daily.

All of my arrears currently have had some payment made by the borrowers, it gives me confidence that they will keep paying. I noticed that 2 of the 3 defaults I have had in E,F grades had no payments at all for about 5 months and suddenly "boom" they were Charged off.

I have just over 300 loans A-D grade and no defaults in 11 months.

[humvee]

Good morning @Rapeedo & @Saamee
Monica Mathis, GM of Harmoney here. Myself and my team would like to extend the offer to come in and meet us to take the Harmoney Tour. We would love to take the opportunity to show you around our business and let you know how things are done here. Monica.Mathis@Harmoney.co.nz

Welcome Monica


Its good to see someone from harmoney about in the forum.


I was wondering if you could tell us if there are any improvements on the way for the information and ease of access of the information in the dashboard and reports as well as exports.


For example I want to go back and see the full details, notes and descriptions for Charged off loans. The only way for me to do this is to get the loan ID - try and guess what date the order for the loan might have been places (this guess can often be out by one or 2 days) then go to the original orders and open each order to see if the loan ID is in there if its not I have to go pack out - and it takes me back to the 1st page of orders - not where I was at, find the next order and go into that one then repeat until I find the correct order. Also It would be useful to be able to see the date a loan was charged off - currently the appears to be no way to see this


Thanks