sharetrader
Page 71 of 465 FirstFirst ... 216167686970717273747581121171 ... LastLast
Results 701 to 710 of 4649

Thread: Harmoney

  1. #701
    Member
    Join Date
    Dec 2015
    Posts
    31

    Default

    I have one loan (one of my first) made back in October last year that made one payment and nothing since. Now that I have access to the borrower details I see that it is a B4 (should be reasonably safe) who owns their own home and was borrowing for some renovations. A fairly safe bet in my books. I am interested to know how far Harmoney goes in recovering the loan as in this case I assume that the borrower has a property that could be sought in the recovery. I'm not at all familiar with debt recovery in NZ but how far can a lender go to recover their loan? I do understand that the loan is not secured but at what point does Harmoney 'give up'?

  2. #702
    Member
    Join Date
    Jun 2015
    Posts
    47

    Default

    Monica,

    Is there a process in place where Harmoney check that a borrower actually uses the money for the reason/category specified in their loan details? I know a lot of people on this forum use the category plus other information in the loan details to make a decision whether to invest or not.

    I am asking because someone I know recently got a personal loan through GE Money to buy a used car and they didn't want any proof that they had actually bought a car.

    Cheers

  3. #703
    Guru
    Join Date
    Nov 2013
    Posts
    3,025

    Default

    Not sure there is much difference between a car or a holiday but I do hope if it's a debt consolidation that they do check they are paid off. Not that there is anything stopping them racking up more debt.

  4. #704
    Harmoney (Verified) Monica@Harmoney's Avatar
    Join Date
    Dec 2015
    Posts
    46

    Default

    Quote Originally Posted by WingingIt View Post
    Monica,

    Is there a process in place where Harmoney check that a borrower actually uses the money for the reason/category specified in their loan details? I know a lot of people on this forum use the category plus other information in the loan details to make a decision whether to invest or not.

    I am asking because someone I know recently got a personal loan through GE Money to buy a used car and they didn't want any proof that they had actually bought a car.

    Cheers
    Quote Originally Posted by mlt322 View Post
    I have one loan (one of my first) made back in October last year that made one payment and nothing since. Now that I have access to the borrower details I see that it is a B4 (should be reasonably safe) who owns their own home and was borrowing for some renovations. A fairly safe bet in my books. I am interested to know how far Harmoney goes in recovering the loan as in this case I assume that the borrower has a property that could be sought in the recovery. I'm not at all familiar with debt recovery in NZ but how far can a lender go to recover their loan? I do understand that the loan is not secured but at what point does Harmoney 'give up'?
    We pursue every avenue, including if necessary a judgement against future wages, and where a property is involved, we may consider a caveat on the property. We also have 2 collections parties - this ensures natural competition and making are that we are getting the very best collections results. We are going to put a web page on the site about our collections process so watch this space. Monica.mathis@harmoney.co.nz

  5. #705
    Harmoney (Verified) Monica@Harmoney's Avatar
    Join Date
    Dec 2015
    Posts
    46

    Default

    Quote Originally Posted by mathismo View Post
    We pursue every avenue, including if necessary a judgement against future wages, and where a property is involved, we may consider a caveat on the property. We also have 2 collections parties - this ensures natural competition and making are that we are getting the very best collections results. We are going to put a web page on the site about our collections process so watch this space. Monica.mathis@harmoney.co.nz
    In relation to loan purpose - some loan purposes we check e.g. house renovation - we check that they own that home. Debt consolidation - if we deem that affordability requires them to pay out certain debts, then we ensure these are paid direct. monica.mathis@harmoney.co.nz

  6. #706
    Guru
    Join Date
    Aug 2012
    Posts
    4,656

    Default

    Quote Originally Posted by mathismo View Post
    ...and where a property is involved, we may consider a caveat on the property. ...
    With a caveat on a property it may be some years before it is discharged (for example, on the sale of the real estate). Would the notes that comprise the loan be charged off in the meantime and then credited back later on, if the caveat is discharged and the loan recovered and repaid in full?

  7. #707
    Harmoney (Verified) Monica@Harmoney's Avatar
    Join Date
    Dec 2015
    Posts
    46

    Default

    Quote Originally Posted by Bjauck View Post
    With a caveat on a property it may be some years before it is discharged (for example, on the sale of the real estate). Would the notes that comprise the loan be charged off in the meantime and then credited back later on, if the caveat is discharged and the loan recovered and repaid in full?
    yes that is correct. Money is still recoverable after charge off. Monica.mathis@harmoney.co.nz

  8. #708
    Member
    Join Date
    Feb 2015
    Posts
    309

    Default

    Any one else unable to place orders this morning? I had the same problem the other day too.

    Unknown error please try again later.

  9. #709
    Harmoney (Verified) Monica@Harmoney's Avatar
    Join Date
    Dec 2015
    Posts
    46

    Default

    Sorry about that everyone. We are fixing the issue and it will be back on line shortly. Monica.mathis@harmoney.co.nz

  10. #710
    Senior Member
    Join Date
    Sep 2015
    Location
    Norf Eyelynd
    Posts
    834

    Default

    Again, today I got the below attachment whilst trying to look at Orders to Invest in... It took about 90 seconds to load!


    HAR.jpg

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •