Harmoney

[Jinx]

Has Kiwi_On_OE got HM stumped for an answer???

Looks to me like Harmoney found themselves in a sticky situation, then made mistakes trying to resolve the issue & now are not willing to compensate the victims?

[kiwi_on_OE]

The cancellation and full repayment was backdated to the date it was received (but not correctly allocated) on the borrower account. The transaction on the statement will be on that date.

Inadequate

[kiwi_on_OE]

This comment on loan 61342 made me chuckle "...the good thing with Harmoney is they are willing to reduce my rate as long as I can show my loan history is excellent with them over then next 3-6 months.". I won't be investing as either the borrower will fail to make the repayments or it will be re-drawn in a few months with the associated fees.

[emveha]

I now avoid lending to any rewrite for this very reason.

[Harvey Specter]

This comment on loan 61342 made me chuckle "...the good thing with Harmoney is they are willing to reduce my rate as long as I can show my loan history is excellent with them over then next 3-6 months.". I won't be investing as either the borrower will fail to make the repayments or it will be re-drawn in a few months with the associated fees.

I now avoid lending to any rewrite for this very reason.

I would have thought you want re-writes as they have shown a good payment history, and re-writen the loan to get a better rate which they will lock in for the term. its those that haven't been re-writen that you have to be careful of as they will be going for a re-write as soon as they can show good payment history as that will secure them a better rate.

Trying to predict those that wont make a payment is impossible in my view.

[Harvey Specter]

Just had another charge off - I am getting absolutely killed at the moment. At this rate, Squirrel with a 8.5% and a guarantee is starting to look good.

[Darchie]

This comment on loan 61342 made me chuckle "...the good thing with Harmoney is they are willing to reduce my rate as long as I can show my loan history is excellent with them over then next 3-6 months.". I won't be investing as either the borrower will fail to make the repayments or it will be re-drawn in a few months with the associated fees.

Their marketing to borrowers seems to have little or no regard to how it hurts their lenders ..

[Darchie]

I now avoid lending to any rewrite for this very reason.

But you could very well be setting yourself up for a much harder hit 2 to 3 months down the track

[Bjauck]

Just had another charge off - I am getting absolutely killed at the moment. At this rate, Squirrel with a 8.5% and a guarantee is starting to look good.

It sounds like you have hit a rough patch. Is your gross return over the past 12 months getting close to Squirrel's 8.5%?

[Bjauck]

Thx Dan

Have I got this right, ...2) Harmoney recorded receipt of a payment (Feb) from the borrower that it didn't actually receive (or did the borrower actually make the payment),...

I'd like to see what Harmoney's response is to all your reconciliation questions, but especially that one. I would also like to know if Borrower comments are actually read by Harmoney and cross-referenced to details provided by the borrower for consistency.