Topic: Does BTCJam recover your loses in any way? - page 2. (Read 1596 times)
I lost some coins to scammers and stay away from this site . That was some time ago, maybe they improved the verification, but probably the scammers got better too. I don't know I just don't trust anymore.
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What is Arbitration?
If a borrower does not make payments as required by the terms of the loan, a Notice of Default will be sent to the borrower. Simultaneously, the investors will receive a letter to encourage finding a solution. If the Default remains uncured for 90 calendar days, the entire loan will be sent to our arbitration partner, net-ARB.com. Net-ARB is an independent firm, having no ties to BTCjam.com or any of its officers.
Our arbitration partner, net-ARB, will review the loan terms, certify default and issue an Award in favor of the investor(s) for the full amount still owed. The Arbitration Award is binding and cannot be appealed. This Award may be used to procure a judgment against the borrower in a court of law. (Net-ARB will provide the investor(s) with all other information necessary to pursue a judgment).
If a borrower does not make payments as required by the terms of the loan, a Notice of Default will be sent to the borrower. Simultaneously, the investors will receive a letter to encourage finding a solution. If the Default remains uncured for 90 calendar days, the entire loan will be sent to our arbitration partner, net-ARB.com. Net-ARB is an independent firm, having no ties to BTCjam.com or any of its officers.
Our arbitration partner, net-ARB, will review the loan terms, certify default and issue an Award in favor of the investor(s) for the full amount still owed. The Arbitration Award is binding and cannot be appealed. This Award may be used to procure a judgment against the borrower in a court of law. (Net-ARB will provide the investor(s) with all other information necessary to pursue a judgment).
http://help.btcjam.com/customer/portal/articles/1987707-arbitration
They ask for tons of informations like password, adress , ID, Paypal , bank accounts and stuff but they don't do nothing really .
If you get scammed, you get scammed and there isn't anything youcould do , they may give you the informations of the users but dont think there is much if you are both from two different countries .
If you get scammed, you get scammed and there isn't anything youcould do , they may give you the informations of the users but dont think there is much if you are both from two different countries .
If the person taking your loan defaults, what happens? you simply lose your money? then whats the point? you are already taking a risk by having your coins outside your personal wallet, the least they could do is recover your loss.
What are the chances an A+ verified person will default on you? and what are the consequences? I don't understand this loaning business since if they default and nothing happens to them and you simply lose your money, it's gambling and tons of scammers will be all over the place on the daily. What stops a person from scaming you if they can ask for a loan, get the money, default and run without nothing happening? that sounds like free money, doesnt make sense to me.
What are the chances an A+ verified person will default on you? and what are the consequences? I don't understand this loaning business since if they default and nothing happens to them and you simply lose your money, it's gambling and tons of scammers will be all over the place on the daily. What stops a person from scaming you if they can ask for a loan, get the money, default and run without nothing happening? that sounds like free money, doesnt make sense to me.
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