Harmoney

[Dan@Harmoney]

What does the Income Type "Income Change" mean?

Hi Dan from Harmoney here - Showing "Income Change" in the Income Type field is a new bug that shows on some loans and will be fixed in our release next Tues.

[kiwi_on_OE]

Prompted by another delinquency in the first month - and as asked a week ago: -

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]

Prompted by another delinquency in the first month - and as asked a week ago: -

Hi there Kiwi on OE - I'll see what data I can pull. As previously discussed, the repair rates on 1st payments is in the 90's percentage - it mainly happens when people have not thought about aligning their payment date to their PAYE date. We will also be putting the hazard curve on the website showing when defaults generally arise on the portfolio basis.

[Monica@Harmoney]

Prompted by another delinquency in the first month - and as asked a week ago: -

First payment delinquencies are common with lending as borrowers arrange their bank accounts to ensure there are enough funds on the day the loan payment direct debit comes out. The borrowers are contacted by our collections team and usually the account goes to current within a week. That said defaults are more likely to happen early in a loans lifecycle as represented by the hazard curve. There is more information on the hazard curve on our investment risks page here: https://www.harmoney.co.nz/investors/investment-risks

[Darchie]

First payment delinquencies are common with lending as borrowers arrange their bank accounts to ensure there are enough funds on the day the loan payment direct debit comes out. The borrowers are contacted by our collections team and usually the account goes to current within a week. That said defaults are more likely to happen early in a loans lifecycle as represented by the hazard curve. There is more information on the hazard curve on our investment risks page here: https://www.harmoney.co.nz/investors/investment-risks

YES Monica ...... BUT you are Not answering us as to why so many Borrowers miss their first payment and continue with Zero dollars paid, month in and month out ... I have a number of these and some of them dare I say, are from what Mark described as being like your 'Cream of the Crop!' .... Re-Writes ....

[Darchie]

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

Hi Monica. .. time to ask Again ...as it feels like this is being BURIED. ... when will the new fee structure be announced? ... Addressing clipping the ticket on our principal over and over again!
These rewrites are lethal .... the carrot you've put at the end of the string is getting so Very Old now!!!!

Harmoney DO need to move on this issue as I'm sure many are like us and are now starting to move their attention to others in P2P!

[Saamee]

Hi Monica. .. time to ask Again ...as it feels like this is being BURIED. ... when will the new fee structure be announced? ... Addressing clipping the ticket on our principal over and over again!
These rewrites are lethal .... the carrot you've put at the end of the string is getting so Very Old now!!!!

Harmoney DO need to move on this issue as I'm sure many are like us and are now starting to move their attention to others in P2P!

Yes Darchie agreed... I have been "Actively Re-balancing funds" out of HM and over to the secured Lending Crowd P2P lender.

When HM sort out the Re-Write issues for Investors I will resume pouring more funds in to HM until then NO more funds!

[Knot]

YES Monica ...... BUT you are Not answering us as to why so many Borrowers miss their first payment and continue with Zero dollars paid, month in and month out ... I have a number of these and some of them dare I say, are from what Mark described as being like your 'Cream of the Crop!' .... Re-Writes ....

I now have 2 loans that have never paid a cent back after 2 months, getting in line with pay periods etc feels like an excuse to me. I do have to wonder how good the vetting is.

[Monica@Harmoney]

YES Monica ...... BUT you are Not answering us as to why so many Borrowers miss their first payment and continue with Zero dollars paid, month in and month out ... I have a number of these and some of them dare I say, are from what Mark described as being like your 'Cream of the Crop!' .... Re-Writes ....

Hi Darchie - if you could let me know the account numbers via my email - monica.mathis@harmoney.co.nz - I can take a look and give you an accurate response. Monica

[Monica@Harmoney]

Yes Darchie agreed... I have been "Actively Re-balancing funds" out of HM and over to the secured Lending Crowd P2P lender.

When HM sort out the Re-Write issues for Investors I will resume pouring more funds in to HM until then NO more funds!

We launched with a common global P2P fee structure, and this hasn't changed since our launch. Thank you for feedback received regarding re-writes. It is not being buried and I continue to be upfront about this. Fee structure is a key part of any business model so any changes, if there were to be any, cannot be rushed. As soon as I can, I will brief you. Monica.mathis@harmoney.co.nz