Harmoney

[Whippeedo]

Amen. I agree

I had a loan repaid in full 3 days ago, it was 10 days after it was taken out. They took their 1.25%, so I lost some of my principal. This and losing principal on rewrites are two of the things that hold me back from putting large amounts into the platform. (Yes I am a gambler in this regard) The other major thing for me is poor transaction reporting, so much is only available as a summary, no real transaction log.

[Whippeedo]

Thanks permutation. My spread is A 19% B 20% C 42% D 17% E 2%. 170 loans into $20K so far. Testing waters to see if serious money is safe here.

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.

[Finite]

170 loans into $20K so far. Testing waters to see if serious money is safe here.

Your money is safe (ish) here until the economy tanks and people start losing their jobs in big numbers - then all bets are off.

[Bjauck]

Your money is safe (ish) here until the economy tanks and people start losing their jobs in big numbers - then all bets are off.

It depends which grades of loans your money is in. If A and even B grades start to see serious numbers of charge-offs, then I would guess many other financial investments are in trouble with share prices falling and the possibility arising of hair-cuts at big banks. Redundancy and/or Bankruptcy of house-owners, whether owner-occupied or investment rental, would mean the property-bubble would be collapsing, so bricks and mortar would be no refuge in such a situation I imagine.

[Bjauck]

I would like to hear about the latest plans for a secondary market - the lack of one is stopping me investing more.
How about just getting the institutional funders to agree to purchase any loans from retail investors at their face value of outstanding principal?

With the current number of rewrites, quite a few loans do not reach their first anniversary. Of the rest, some are charged off and some are repaid before their original maturity date anyway. But I agree it would be good to have a secondary market.

[Saamee]

Is anyone else experiencing 'Lock Ups' and incomplete Pages loading on Harmoney this week? Nearly every other time I am finding when I click on INVEST it fails to load and show any loans?

[Harvey Specter]

No problems here. And the updates that came thorugh yesterday look good (Graph of your RAR and investor statements.).

[Monica@Harmoney]

Hi Monica

Is there any update on this ... given it is march

WHEN WILL PAYMENT PROTECT BE OPEN TO RETAIL INVESTORS?
We expect this product to be available by approximately mid-February 2016. But don't worry; we will notify you as soon as we can with an exact date.

We are still in Private Beta phase - and we hope to go live soon. Be in touch soon. Monica.mathis@harmoney.co.nz

[Monica@Harmoney]

Hi Monica

Is there any update on this ... given it is march

WHEN WILL PAYMENT PROTECT BE OPEN TO RETAIL INVESTORS?
We expect this product to be available by approximately mid-February 2016. But don't worry; we will notify you as soon as we can with an exact date.

I do get the feeling this thread has pulled up on momentum somewhat!

But i have a couple of questions for Monica

Is there any plan to allow joint investors to register? This is an important question ...

And Mark's told me that the 1.25% fee charged on both interest & principal (which is LETHAL on our returns on these reoccurring Re-Writes) ... is going to be addressed ...

I ask when is this dreadful fee structure going to be fixed? .... I'd like to know what's happening with this, as i will not plonk any more funds into Harmoney until this is addressed.

Awaiting your response Monica

Hi there Darchie.
We are working on the new fee structure and this should be announced shortly. And it will address the rewrite. I'll check on the joint investors - not one that I am aware of that has been asked for by others. Monica.mathis@harmoney.co.nz

[Monica@Harmoney]

Hi Monica

Is there any update on this ... given it is march

WHEN WILL PAYMENT PROTECT BE OPEN TO RETAIL INVESTORS?
We expect this product to be available by approximately mid-February 2016. But don't worry; we will notify you as soon as we can with an exact date.

Is anyone else experiencing 'Lock Ups' and incomplete Pages loading on Harmoney this week? Nearly every other time I am finding when I click on INVEST it fails to load and show any loans?

Check your filters - might need widening to ensure there are loans to see. Monica.mathis@harmoney.co.nz