Topic: BTCjam Defaults/Arbitration - page 2. (Read 1691 times)
I'm still in the process of the netarb, they contacted me in January and said an arbitration will start in a week or so... still never got any updates. I believe they provide you with the borrower's info.
I really don't think that anyone will actually bother to sue them, since tracking them down and suing them would require more funds than the ones lent.
What happens, if someone still doesn’t pay me back?
If a borrower misses one of his payment for the first time, we try to get in contact with him in various ways. If we get a hold of him and he manages to pay back with a slight delay, we will accept the late payment with a processing fee and return the money to immediately.
If a borrower does not respond to us within 90 days, we start the arbitration process.
Has anyone ever been trought the arbitration process? If so, did the person who default got sued? Did investors get their money back? I'm just curious to see and learn more about BTCjam, what if someone steals identity documents to obtain a loan, and when you contact the person trought arbitration process they claim they know nothing about it?.
Any experts out there who might be able to answer these questions?
Thanks!
If a borrower misses one of his payment for the first time, we try to get in contact with him in various ways. If we get a hold of him and he manages to pay back with a slight delay, we will accept the late payment with a processing fee and return the money to immediately.
If a borrower does not respond to us within 90 days, we start the arbitration process.
Has anyone ever been trought the arbitration process? If so, did the person who default got sued? Did investors get their money back? I'm just curious to see and learn more about BTCjam, what if someone steals identity documents to obtain a loan, and when you contact the person trought arbitration process they claim they know nothing about it?.
Any experts out there who might be able to answer these questions?
Thanks!
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