Hey guys,
When posting a loan request on BTCJam today, I was required to accept the following before being able to proceed:
------------------------------------------------------------------------------------------------------------------------------------------------------Your identity information will be handed over to the authorities and lenders in case of default. Default If you do not make payments as required by the terms of your loan, a Notice of Default will be sent to you at your registered email address. If the Default remains uncured for 90 calendar days, the entire outstanding balance of the loan becomes immediately due and collectible. To facilitate collection, the borrower hereby agrees to submit to non-appearance, binding arbitration for the purpose of reviewing the loan terms, certifying default, and issuing an Award in favor of the lender(s) for the full amount still owed. The borrower expressly acknowledges, understands, and agrees as follows:
• I voluntarily waive my right to a trial in favor of binding arbitration.
• I understand that my consent to these terms cannot be withdrawn for any reason.
• I understand that a binding Arbitration Award cannot be appealed.
• I understand that this Award may be used to procure a judgment against me in a court of law.
I further understand that I have a right to appear in the arbitration by email and contest the issuance of an Award in favor of the lenders for any or all of the balance due on my loan upon payment of a modest $99 fee. Such request must be made in writing by email to
support@btcjam.com within 7 calendar days of our sending the Notice of Default.
Arbitration shall be carried out by net-ARB.com (
www.net-ARB.com), an independent firm having no ties to btcjam.com or any of its officers. net-ARB Awards are recognized in over 140 countries worldwide under The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
------------------------------------------------------------------------------------------------------------------------------------------------------I guess my question is; Is this something that has been implemented as of recent? I know there has been a fair amount of defaulted loans in the past.
Just wondering, as I am new to the website. Does this even add any validity/security?
