Harmoney

[Knot]

Well this is odd. Last night I flicked some cash across to my account to top up the cash available to a multiple of $25, ie keep my cash working for me.

It was there this morning so I bought notes to put the money to use, giving me a $0.00 cash balance.

The loans were taken up, so nothing is in the "in funding" state, keeping my cash balance at $0.00.

Now I have a cash balance of $25.00, and for the life of my I can't see where it has come from, no loan has been repaid in full, no further deposits etc etc.

[Harvey Specter]

Well this is odd. Last night I flicked some cash across to my account to top up the cash available to a multiple of $25, ie keep my cash working for me.

It was there this morning so I bought notes to put the money to use, giving me a $0.00 cash balance.

The loans were taken up, so nothing is in the "in funding" state, keeping my cash balance at $0.00.

Now I have a cash balance of $25.00, and for the life of my I can't see where it has come from, no loan has been repaid in full, no further deposits etc etc.

Maybe the loan wasn't taken up?

[Knot]

Hi Harvey,

Showing that it was, but I now suspect what has happened is another loan is cancelling within the 7 day grace period, it just isn't showing in the report yet. Will report back when something shows.

[Knot]

Now it gets even weirder, Tried to put it into another loan, got told I don't have the funds, my balance is now $0.00 again, but the principal repaid is showing the extra $25.

[Dan@Harmoney]

Now it gets even weirder, Tried to put it into another loan, got told I don't have the funds, my balance is now $0.00 again, but the principal repaid is showing the extra $25.

Hi Knot, if you email me the details I will take a look at it: dan@harmoney.co.nz

[Knot]

Hi Knot, if you email me the details I will take a look at it: dan@harmoney.co.nz

Hi Dan,

Thanks for the offer, I think the $25 difference in the principal repaid was a mistake on my part. I did a quick calculation in my head instead of waiting until I got home to use my harmoney app tool to compare my records to yours. Sorry about that. As for the $25 appearing as cash and then disappearing, I guess that was a glitch.

[Whippeedo]

Thanks for the fast response Monica and Mark.

The loans live on, taken over by a third party in short.

Hi Monica,

I have been investing in Harmoney since November. ...............

............. If Harmoney runs out of operating money say half way through the life of a loan and has to shut its doors so to speak, does the loan live on? Or is it transferred to another company or organisations to administer the repayments a see the loan out to completion? Or does it disolve?

[nztyke]

I notice that the Platform RAR has dropped from 12.59 to 11.66 in the last month. According to the website


"Realised Annual Return (Old calculation)

Our portfolio is showing a 12.60% RAR at 21 March 2016. This is the entire portfolio including retail (26% of portfolio) and institutional (74% of portfolio) lending.
This graph uses the same calculation we have used in previous months. However, from this month we are implementing a change in the calculation which takes into consideration a new fee structure for Institutional Lenders. See the next graph for the new Portfolio RAR moving forward.

Realised Annual Return (New calculation)

Factoring in the new Institutional Lenders' fee structure, our portfolio is showing a 11.66% RAR at 21 March 2016."

This would suggest that fees have increased for institutional investors. I notice that there is a lot of agitation on this board about the early repayment fees due to rewrites, suggesting that the LC model of a 10% fee on gross interest would be preferable. However whilst it does give certainty, in my case the Harmoney fees have been 8.66% of the gross for the last 12 months, so it could be a case of be careful what you wish for.

[Knot]

One of the two loans I invested in that had never made a payment went from being in arrears yesterday to current.

The stats page for that loan is showing strange information, I'm wondering if anyone has seen this before and knows what it means?

odd.jpg

According to the stats page there was a payment on the 1st of March (no this change happened yesterday, prior to yesterday they were $3.45 in arrears) of 23 cents, the numbers also don't add up, 0.23 was the last payment amount, payments to date are 0.00, etc (the 23 cents is not in my cash available either)

Any ideas?

[Knot]

That loan has updated again, the funds appear in my account now, but there is still the question of the payment date, and last payment amount.

odd2.jpg

Things just don't make sense with the date and last payment amount, at least not to me.