Harmoney

[Wsp]

I believe they look at bank transactions over a 3 month period (incomings and outgoings). This is usually done on an automated basis. I believe most of the issues that we are seeing are due to this unrefined automatic process. The addition if some simple logic would help.this would catch unrealistic incomes and also 20-29 year olds listed as having their income as govt superannuation.

[kiwi_on_OE]

have any of the harmoney fraud cases made the media or court notices yet? If so could some one post links. Ive only seen one article which mostly just referenced this thread.

Have any of the accused appeared before court yet? and were they convicted?

I doubt the media will find out if any cases make it to court. I can't see Harmoney advertising it.

Was anyone surprised that Harmoney didn't include links to the media coverage of the fraud in their monthly newsletter?

[Harvey Specter]

I believe they look at bank transactions over a 3 month period (incomings and outgoings).

That was my understanding too. If you had done a lot of overtime, that would skew the results.

[Saamee]

I've been with Harmoney for 9 months now... I know others have already been with them for over 1 year.

I've now witnessed a few 'Write Offs' as well as bad payment history loans too.

Question 1: Do I feel like a 'Valued Investor Client'? - Answer 1: NO

Question 2: Why not? - Answer 2: Lack of personal ( 1 on 1 ) Contact \ Communications regarding when Harmoney Loans go bad.

Question 3: What am I doing about it? - Answer 3: I have not invested fresh money in over 3 months. Also I have not reinvested my existing money ( = Interest & Principle payments ) for over 3 months now. Every cent I can get I am removing from Harmoney.

Question 4: So where is your Fresh money going now? - Answer 4: Over to Lending Crowd.

I would be interested to know what other Investor strategy's are at this time with Harmoney???

[Stevo]

I've been with Harmoney for 9 months now... I know others have already been with them for over 1 year.

I've now witnessed a few 'Write Offs' as well as bad payment history loans too.

Question 1: Do I feel like a 'Valued Investor Client'? - Answer 1: NO

Question 2: Why not? - Answer 2: Lack of personal ( 1 on 1 ) Contact \ Communications regarding when Harmoney Loans go bad.

Question 3: What am I doing about it? - Answer 3: I have not invested fresh money in over 3 months. Also I have not reinvested my existing money ( = Interest & Principle payments ) for over 3 months now. Every cent I can get I am removing from Harmoney.

Question 4: So where is your Fresh money going now? - Answer 4: Over to Lending Crowd.

I would be interested to know what other Investor strategy's are at this time with Harmoney???

What's your experience with arrears?

I exported Harmoney's latest spreadsheet and sorted loans by date of investment vs. interest paid. My dashboard says I've got $0.00 in arrears. But the spreadsheet data shows only 27% have paid by the first due date, even though I allowed for four days grace to clear transactions. The sheet says the next payment (i.e. the first payment) is now due two months from when the loan was issued.

A clear 73% have made no payments. This is from my first batch of 22 loans, ranging from grades A1 to F3. I've since invested $13k over the last month.

Harmoney's bookkeeping doesn't seem to be that flash. Do they sort themselves out over time, or have you not kept track of actual vs. reported arrears?

[Dan@Harmoney]

What's your experience with arrears?

I exported Harmoney's latest spreadsheet and sorted loans by date of investment vs. interest paid. My dashboard says I've got $0.00 in arrears. But the spreadsheet data shows only 27% have paid by the first due date, even though I allowed for four days grace to clear transactions. The sheet says the next payment (i.e. the first payment) is now due two months from when the loan was issued.

A clear 73% have made no payments. This is from my first batch of 22 loans, ranging from grades A1 to F3. I've since invested $13k over the last month.

Harmoney's bookkeeping doesn't seem to be that flash. Do they sort themselves out over time, or have you not kept track of actual vs. reported arrears?

Hi Stevo, If you email me directly with the details we will take a look at it for you. dan@harmoney.co.nz

[Harvey Specter]

I've been with Harmoney for 9 months now... I know others have already been with them for over 1 year.

I've now witnessed a few 'Write Offs' as well as bad payment history loans too.

Question 1: Do I feel like a 'Valued Investor Client'? - Answer 1: NO

Question 2: Why not? - Answer 2: Lack of personal ( 1 on 1 ) Contact \ Communications regarding when Harmoney Loans go bad.

You do realise that this is an online, low service, low margin business. You are investing $25 in a loan and you want a call whenever something happens? Sure you may have invested in 1000 loans and therefore $25k but I think people are getting to bogged down in the individual loans and not in the big picture.

Rather than complaining about lack of personal service (how much would that cost!), you should be complaining about discrepancies in info (which people on this forum are) and the lack of automation. My question:

Q1 - why cant I set criteria (ie. B-E 36m) and have money auto invested whenever i have more than $25 in my account. I have to log in multiple times a day just to ensure my money is working hard. I should be able to choose any of my filters as an auto invest.

[Saamee]

You do realise that this is an online, low service, low margin business. You are investing $25 in a loan and you want a call whenever something happens? Sure you may have invested in 1000 loans and therefore $25k but I think people are getting to bogged down in the individual loans and not in the big picture.

Rather than complaining about lack of personal service (how much would that cost!), you should be complaining about discrepancies in info (which people on this forum are) and the lack of automation. My question:

Q1 - why cant I set criteria (ie. B-E 36m) and have money auto invested whenever i have more than $25 in my account. I have to log in multiple times a day just to ensure my money is working hard. I should be able to choose any of my filters as an auto invest.

Hi Harvey,

You do realize the 'issues' you may have with Harmoney are more than likely going to be different than my 'issues' with Harmoney - We are people and all different!

I also include 'personal contact' as a direct Email to me!

Harmoney know who EVERY Investor in every Note is ( after all they pay us when there is money, every month!

So an Email to every Investor when a loan is XX month over due and for sure an Email for every Default should be easy work for Harmoney to organize.

They have a team of people chasing the Dud loan notes - It's not so hard for someone in that team at Harmoney to send a Group Email to all the Investors - It's just common decency and respect for your Customers.

[Kelvin]

WHat!!! just got an email about the new fee structure for investors starting 13 June.

Instead of a 1.25% fee on interest, a fee will be charged on interest earned. 20% for investors under 10k, 17.5% for investing 10-50k, 15% for investing over 50k

Bloody expensive, the existing fee structure is equivalent to only 5.3% of my interest earned.

https://www.harmoney.co.nz/how-it-wo...aign=feechange

[kiwi_on_OE]

New charging structure released. I haven't made sense of it yet. Not sure if that's cos I'm tired or the explanation is a bit confusing.

Seems like their comparison is between old charges (pre Dec) and new charges, but current charges are not in the comparison. Strange.

One way of putting the change is that our fees are trebling from what they are at the moment, at least I think that's what it implies.