Harmoney

[Harvey Specter]

Hi Saamee and Kiwi on OE - the first payment for all new loans is the date, one month past the contract date. In New Zealand it is quite normal for people to try and align their payments to their PAYE or income date. Often if this date is later than the contract date, this can mean they miss their first payment, however the repair rate is very very high indeed. Monica.mathis@harmoney.co.nz

Woudn't a responsible lender ask this upfront and cater for this. Especially for debt consolidation, choosing payment date would be good for the sales pitch.

[Monica@Harmoney]

Woudn't a responsible lender ask this upfront and cater for this. Especially for debt consolidation, choosing payment date would be good for the sales pitch.

Harvey Spector, as a responsible lender, we do - but often people change their mind. Out of over $200m loans to date, I am sure this is a minor concern.

[Knot]

losing your principal is never a minor concern.

[Puggy]

losing your principal is never a minor concern.

I realise I'm somewhat of an extreme example, but of the $500 I put into Harmoney to test the water, $297 has been charged off.

[Saamee]

Arrears > Accurate Status update now I'm by the PC!

Attachment 7929

[Kelvin]

I realise I'm somewhat of an extreme example, but of the $500 I put into Harmoney to test the water, $297 has been charged off.

! can I ask what grades you invested in? And how did you spread that $500 across loans?

[kiwi_on_OE]

Arrears > Accurate Status update now I'm by the PC!

Attachment 7929

Thx for sharing that Saamee. I find it interesting, because the link I shared indicates that delinquencies could probably be expected to increase linearly over time for the first year or so before levelling out. Your experience shows two things 1) most delinquencies started in the first month, 2) the other delinquencies may have been increasing linearly.

Monica, this pattern of delinquencies in the first month is a bit troubling to me. Are you able to share any stats about the patterns/timings of delinquencies that are happening in the overall portfolio?

[Monica@Harmoney]

losing your principal is never a minor concern.

As I said, the repair rate is extremely high. thanks for your comments - I will answer questions where I can help. Monica.maths@harmoney.co.nz

[Saamee]

Today a 'good read' ( below ) article on P2P and Taxation on Interest.co.nz

http://www.interest.co.nz/opinion/80...rk-p2p-lending

[Bjauck]

Today a 'good read' ( below ) article on P2P and Taxation on Interest.co.nz

http://www.interest.co.nz/opinion/80...rk-p2p-lending

Thanks for the link. An investment with Harmoney P2P is definitely made with the expectation of a "blended return" (interest less service charges and charge-offs) from all the notes the investors money goes into.