IOU Central Users: Please Post Here with Your Experiences
Submitted by Dan on Sat, 03/01/2008 - 16:05
I honestly did have funds in my account waiting to make a bid, but with school stuff, I didn't have time to investigate my opportunities. So, if any users here have borrowed or loaned out funds before the "Limited Functionality" thing happened, please use this entry to post with your experiences of the process. Things like payments, how your borrowers are doing etc. would be very much appreciated until we get a bulletin board set up here.
3 reponses to "IOU Central Users: Please Post Here with Your Experiences"
1. AMF?
I was digging a little bit, and came across this press release from "AMF", which appears to be a regulatory body in Quebec. Here's a link:
http://www.lautorite.qc.ca/pdf/com3mars2008-ioucentral-ang.pdf
I have mixed feelings about this. It seems that IOU central would have known in advance that they weren't registered with the AMF (assuming the above press release is true). On the other hand, we have a government agency here claiming to act on behalf of consumers while DENYING US the ability to participate in social lending, and getting those interest rate benefits. I don't know about the rest of you, but I assumed P2P lending was pretty risky going in, I accepted that risk, and I kind of resent the government preventing me from making that decision myself. There must be more going on here.
At any rate, I'm sure at this point Ayn Rand is rolling around in her grave.
2. AMF
I emailed a rep at the company on Friday and indeed got a quick reply (which was refreshing). As expected, the rep did say that they received a request from the AMF, but couldn't say much more, which I can't really complain too much about, I can understand why.
I wanted to confirm with the AMF before really saying anything, but I guess this confirms what I had heard. I'm still going to try to give the AMF a call right now to see what else I can find. We'll see what they say when I call their "Media Only" phone number.
3. Lending experience
Well as we know now the window of opportunity for lending or borrowing experience was very short. I have $200 in transit that did not arrive prior to the business freeze. More details on the regulatory issue are in The Star: Loan auction site closes `temporarily' My calendar had just brought forward a note to myself to get excited about a lending opportunity that was due to close shortly. As with other auction type sites I was going to watch how the activity went close to deadline. It is not meant to be.
BTW you can still access Loan requests if you know the loan number. There is no longer an index page but if you know the reference such as Loan 1633 .
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