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Author Topic: How do I make borrowers return my money in BTCJam?  (Read 773 times)
Prophet Daniel (OP)
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February 06, 2014, 02:27:11 PM
 #1

I read a comment from Vezunchik in the other post and arrived to the same question.
What to do and to expect next since you already won the "Loan Arbitration Award"?

Hi BTCJam.
There are several overdue loan listings where I've invested funds.
It was more than 6 months ago and I want to know what was done to make borrowers return my money.
Now it looks like that you simply wrote several e-mails with "BTCJAM Loan Arbitration Award" and that is all.
When I can expect any result? Never?

To my understanding you have to get a sworn Affidavit of Arbitration from net-ARB and then go to court.
You have to put some effort here since you want to get back those beloved BTC.


According to net-ARB FAQ taken from https://www.net-arb.com/FAQ.php#Rules:


Q: How do I enforce the decision?

 Courts routinely enforce arbitration decisions in much the same manner that they enforce their own decisions, called judgments. When the losing party does not pay the amount or perform the action directed by a judgment within a reasonable amount of time (typically 30 days), the winning party returns to court and requests a fi fa (short for fieri facias), a judicial writ ordering the sheriff to satisfy the judgment from the debtor's property. This can take the form of seizure of bank accounts, property, or garnishment of wages.

In the case of an arbitration award, there is one intermediate step. The judge must turn the award into a judgment and then issue the fi fa on the judgment. Because the courts favor arbitration as a means to settle disputes without tying up the courts, this intermediate step is usually a routine matter. In our 9+ years of operation, no court has ever rejected a net-ARB award.

Before you go to court, you will need a sworn Affidavit of Arbitration from us, stating the terms of the Arbitration Agreement and the amount of the Award. You can obtain an Affidavit of Arbitration by writing to » net-ARB Support anytime after your case has been decided. There is a nominal $35 processing fee for this service.

Several international conventions for Enforcement of Arbitral Awards, most notably The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards show overwhelming support for arbitration and enforcement of arbitration awards in »144 countries worldwide.
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impresionesmline
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February 08, 2014, 02:59:30 AM
 #2

You would likely loose your coins as a lot of borrowers on that page use false information to commit fraud and nobody does a thing to at least help you  find them.
UltraPleb
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February 08, 2014, 11:30:14 PM
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You would likely loose your coins as a lot of borrowers on that page use false information to commit fraud and nobody does a thing to at least help you  find them.
From that information it seems unlikely, the description says they've never lost a case.
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