Quote from: thy on June 05, 2015, 08:09:52 AM

Quote from: RappelzReborn on June 05, 2015, 05:57:55 AM

I guess accidents happen , and even if it never happened to me I would like to know from people here who already used the Service ... In case a guy Class A let's say and he is verified and stuff and he scam you and don't wanna pay back ? Does BTCJam pay you back or nothing at all ? and what they do about it

Btcjam dont act as an issurance company in those cases when borrowers is late or end up defaulting on there loans but they do followups, borrowers that is late on there payments btcjam mails and is calling and such, they said back in september that they where going to partner with collecting agency(s).
But as far as i can tell its not fully incorporated on btcjams site yet. So you cant just sent your defaulted note to a collecting agency onsite and they will collect the full debt in soething like 85% of the cases for a 10% fee on collected amount type of thing yet, but im sure it will come in the very near future as it already has been implemented on several P2P lending sites in the fiat and BTC sector already.

When a debt gets defaulted it will be sent to an arbitrator and you will get an arbitration award in witch the borrowers debt to you and the borrowers known information, name address, phone, social networks and so on is included, this award you can use to either contact the borrower yourself to collect the debt or sent it to a collecting agencys or go directly to court to reclaim the debt and most or all cost involved in collecing the debt depending on in what country the borrower is in.

As its time consuming to follow up on defaulted loans until the site will handle it in a central and more or less automatic way it is in general safer to spread investments around to reduce the risks and reduce the effect of a single default, in an example from the biggest fiat P2P lending site it was calculated that one needed to invest in a minimum of 146 loans to be garanteed to have a positive return (0.02% - 14%) but if one spread it to 500 loans the lowest and highest expected return got a few percent closer to the avg(6.93%) return.

If ones good at judging borrowers way higher avg returns can be achived in the p2p lending sector than the fiat one thou.

mmm but basically people look for big loans like 50 BTC , most of people iwll borrow small amount small amount till the one need the loan gets the full amount , let's say who need the amount is from Africa & the borrowers is from Asia , Europe or America or Australia and he don't give them back their money and walk away ? they will use Interpol or what exactly ? I mean how in the world they will sue him for not giving back their money ?? Shocked

So unless borrower and who need the loan are from the same country or continant the borrower is screwed ? Shocked

not very cool if you ask me