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12-03-2016, 01:44 AM
#701
Member
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'?
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13-03-2016, 05:52 PM
#702
Member
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
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13-03-2016, 07:16 PM
#703
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.
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14-03-2016, 08:55 AM
#704
Originally Posted by WingingIt
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
Originally Posted by mlt322
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
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14-03-2016, 08:58 AM
#705
Originally Posted by mathismo
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
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14-03-2016, 10:00 AM
#706
Originally Posted by mathismo
...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?
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15-03-2016, 04:07 PM
#707
Originally Posted by Bjauck
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
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16-03-2016, 07:33 AM
#708
Member
Any one else unable to place orders this morning? I had the same problem the other day too.
Unknown error please try again later.
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16-03-2016, 08:18 AM
#709
Sorry about that everyone. We are fixing the issue and it will be back on line shortly. Monica.mathis@harmoney.co.nz
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16-03-2016, 01:05 PM
#710
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
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