Just as a matter of interest, has anyone had a full repayment since 20 March, or seen any loans on the marketplace?
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Just as a matter of interest, has anyone had a full repayment since 20 March, or seen any loans on the marketplace?
Well that's the end of HM P2P.... Just got the offical reminder Email.
What happens to THIS thread now????
Brutal drop in the stock market? Hardly, the NZ50 is only back to approx where it was about a year ago. You ain't seen nothing yet. We have been in an asset bubble for a few years now, something was going to prick it although I must admit I didn't see this coming, I was expecting a repeat of the GFC. Some companies will come out the other end albeit with much lower valuations e.g. the industrial and office property companies, the freight companies ,the ports and the utility companies. IMO anything connected to tourism such Air New Zealand, Auckland Airport, Tourism Holdings and Sky City will not survive. Due to their national importance AIA and AIR will be nationalised but what the shareholders will be left with is anybody's guess, that's the risk of being a part owner of a business.
As far as Harmoney is concerned they will want to clear the decks asap so it will be convenient to write off or sell delinquent loans, it is already happening. They don't have to worry about their investors base anymore.
I hope I'm not being to gloomy but as a survivor of the 1972/3 oil shocks, the 1987 sharemarket crash, the 2000 tech crash and the 2008 GFC I think this one will be worse than any of them. I hope I am wrong.
Happy Days
The NZX50 index includes gross dividends. So capital values have fallen by about 4% in the year. Meanwhile house prices actually increased in the March quarter and by about 6% in the past year! As it is so much easier to leverage your purchase of housing, prices have been inflated based on borrowers ability to repay, from their income, capital and interest repayments. House prices still have yet to reflect the realities of the drastic Covid response measures and their effects on incomes.
Who knows what the effect of quantitative easing this time round will be. The money sloshing around will have to find a home somewhere?
Hi all,
Has anyone else experienced a sharp increase in charge-offs since April 1st (closure of Retail lending)?
My charge offs are now 3 times higher than March 31st.
Given the collection process timeline I don't believe this would be a reflection of Covid-19 related defaults.