Hi, how many loans repaid early?
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Hi, how many loans repaid early?
Harmoney has some very serious structural conflicts of interest due to various policy it has created/adopted.
Some policy shouldn't be allowed and will end up in court and trail-by-media sooner than later.
I believe the Harmoney will not survive unless it adapts to a win-win-win approach with its various policy. Re-writes being the worst issue atm.
Investors will eventually boycott the funding of re-written loans and/or a competitor will emerge which does all the good things Harmoney does, but without the bad things like double dipping on fees charged to its investors and manipulating borrowers for more fees and debt.
A new crowd funded P2P operator might be able look after the interest of investors and borrowers better rather than a corporate backed P2P like Harmoney.
Any thoughts on that? If anyone seconds this idea let me know and we'll get going on this new project.
Unfortunately the current competition to Harmoney does not offer High enough returns. If the competition did it would attract huge amounts of investment and close down Harmoney rather quickly. Harmony loans should be secured like other P2P's do. No fee on early repayments. Maybe no early repayments should be allowed or have a penalty early payment fee to the borrower for cutting the loan short.
Imagine if there was a socially and ethically responsible P2P lending operator in NZ which actually delivered the returns it advertised without a one sided penalty to the investor if the borrower takes up the offer from harmoney to get some more debt.
Harmoney has done a great job in some ways, but there is room and serious need for improvement.
Why did my last post appear then disappear? Lucky i still have most of it in copy paste....
OTE=Whippeedo;608138]Hi, 2 write offs from how many loans do you have in total?[/QUOTE]
Im only posting from phone so its hard to get exact stats at the moment but that was quite an old post. I now have 18 loans written off.
And 111 loans in arrears. Along with 108 loans repaid early. Total is over 1000
RAR as at 23/01/16 was just over 18%.
A new RAR should be published 23rd of this month
If you want ill post my grade distribution graph next time im posting from a computer.
It is kinda fun if we weren't get screwed on early repayment. That's classic corp greed right there