Attachment 11926
BJ1, considering where your loan spread is, I think you've done very well. I took on a bit more risk for a bit more reward, but not all that much compared to you. (100K Invested).
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Attachment 11926
BJ1, considering where your loan spread is, I think you've done very well. I took on a bit more risk for a bit more reward, but not all that much compared to you. (100K Invested).
Attachment 11928
God knows what I did wrong but I did it spectacularly. Low risk and high charge-offs!!!
How many loans did you take ?
One way or another most of my working life has been in financial risk analysis. I've always looked for anomalies in presented information so did read the stories on all loans. That is where the systems used by such as Harmoney leave gaps because they can't analyse the info in that way. In our Covid world I'm happy to have taken the approach I did which saw me up to 50% invested in 36 month loans which have been coming back rapidly. Those not refinanced by now are where I may end up taking more hits, but I'm glad I'm not at the high risk end, given expectations of another 100,000 or more out of work in the coming year.
Thought someone discovered that 60 months had more of a quicker payback ie early repayment, more churn etc, instead of going full term. Maybe the 3 year peoples are more procrastinators and have general loans bad outlook- hence borrow for as little as possible, but in general dont juggle the loan as as much. Usually when offered a loan - people have a tendency to go for as long as possible and as much as possible - maybe with outlook to refinance two years into it to a cheap rate. It would be interesting to see 3 year to 5 year early repayment stats - but dosnt matter now as harmony has gone.
We all know Heartland Bank for their large Investment in Harmoney.....
This week they got my NZ Bank business with this deal......
Attachment 11971
I have a different approach again I have ended up with high write offs but a fairly high RAR too
30.75% gross write-offs/ gross interest
29.44% net write-offs/ gross interest (which I think is more important figure vs what some others have quoted)
14.69% rar
5047 unique loans
My Rar has been ever so slowly climbing since I stopped making new investments. But has pretty much always been above 13.8% usually above 14%.
It's quite sad that effectively good honest people (the majority) are paying very high interest rates to cover the debt write-offs of bad people (the minority). The issue is exacerbated by the manner in which Harmoney loans money based on algorithms which are open to deception and abuse while being reluctant/uninterested in chasing bad debts. No security lien adds to the problem which is what sets Lending Crowd high above Harm-Money.
Still continuing to receive Capital Repayments at a large rate currently.
Plus no new Write Offs BUT a small trickle of Bad loan repayments coming in!
That I find Encouraging and Positive....
Same here.
My charged offs the last two months averaged less than $400 a month. The average for the 9 months before that was well above $2000. So, it does looks like HM had been clearing their books of bad loans earlier, was very bad in the 3 months Dec to Feb before they close to us, with February the worst month ever. Another bad month (2nd highest for me) was in July this year.
Bit of a pants down for those that may care/follow.
Protect Waiver 345.44 0.47% 12 Hardship 1118.98 1.51% 26 Current 69977.07 94.72% 1916 Arrears 2437.15 3.30% 70 Outstanding principal $73878.64 2024
This week coming should be the week that my initial $100,000 investment is deposited back to me with $47,675 still invested. That's with an overall investment term of 3.5 years. Considering I've had much of the Principal available to invest elsewhere for the last 6 months and ignores tax credits, that is a very significant return on investment (though it isn't in my bank account yet)!
End of Year Tax Certificates are now available for Download in PDF format - Great!
Before I invested in the Harmoney via companies, I tried it out with a $2000 investment in my own name. This week, the last remaining loan of that investment was paid off and that is about the end of that investment. Harmoney will probably keep it open for some time in the very very unlikely event that there are more recoveries.
The returns were really high, Hm puts it at 14.13% which is probably right. Started with a $2000 lump sum in May 2015. By early December 2015, I had already withdrawn more than half of that.
Withdrawals.... Anyone else last night ( Fri 09th July ) NOT get a Deposit made to their bank?
The Mrs and Me both failed to get a payment into our bank account.
1st time ever in about 5 years of P2P...
Have you had a lot of uncollected capital charged off to your account recently?
Yes, just this week had some write offs....
End of Year Tax Certificates are now available for Download in PDF format - Great!
Do you remember \ still have a few of those 36 Month loans?
Well good news..... just over another 4 months and they will have all been repaid :)
At that time, then we will be left with just 24 Months of 5 Year loans left to mature...
https://www.stuff.co.nz/business/119...r-to-investors
Attachment 14285
All my 36 Month loans have now been Repaid....
Only a maximum of 25 months left and all Harmoney Investor loans will be repaid \ finished.
Attachment 14482
RWT Certificates have just been released today :)
Wow!
Expected but unexpected news at the same time!!
Attachment 14753
Got the same. I was always hoping they would do this with the dregs of our investments at some point...the weekly returns for me were getting tiny and tedious.
Someone should be, when it is so hard to make sense of what the company's software is doing.
This was yesterday's screenshot
Attachment 14758
This is today's screenshot
Attachment 14757
See date stamps at bottom at bottom of screenshots.
Seems to be distributing only half of gross interest posted to account - as funds payable after 28% tax deduction and $88.62 being banked to customer's bank account on Monday night.
Screenshot from yesterday
https://www.sharetrader.co.nz/image/...BJRU5ErkJggg==
Attachment 14760
Screenshot today
Attachment 14759
Charge-off reduced Funds available, and not Principal outstanding, after Funds available on weekend banked out to customer
Screenshot today:
Attachment 14761
Screenshot from yesterday:
Attachment 14762
Funds Available OB = 1.94 per screenshot,
Add, Gross interest posted to account after weekend $13.16,
Less, Tax on this Gross at 10.5% $1.38,
Less, Weekend funds banked to customer on Monday $2.65,
= Funds available CB should be =1.94+13.16-(13.16*0.105)-2.65 = $11.06
But Funds available CB, per new screenshot = $9.62 :confused:
Why 'sweat it' now when one day this week Harmoney are Paying Out ALL our deposits...?
End of this Era is just around the corner and all will be settled!!
Well the end of the Harmoney era!
All outstanding Funds have now been fully repaid and loan balance at Zero!
Attachment 14767
HMY completes the closure of its legacy P2P platform
https://announcements.asx.com.au/asx...0j3n1gkslc.pdf
Interesting experiment. Wonder where they got the funds to close it all out at once.
How did P2P via Harmoney workout overall for you lenders? I never leant but interested in how it all went for you all
Over 8 years I ended up with a lifetime rar of 13.15%
$2,230 gross interest received
$635 net charged off principle
Overall it preformed better for me than Lending Crowd currently is.
7.17% rar
$2,355.90 gross interest
$600 charged off
Deleted....
I was interested to know what happens to any future funds that get repaid from borrowers to Harmoney on loans of ours that have gone in to delinquent status...
Those funds should still be our and therefore repaid to us!
They have replied stating that they will come back to me on this matter with a reply.