Open Call for IOU Central Feedback
Submitted by Dan on Fri, 04/11/2008 - 12:17
I just wanted to send out a request for anyone with funds in their accounts or perhaps active loans/borrows on IOU Central to please comment here with how everything is going.
As far as I can tell, by looking at my logs, it doesn't seem like people are having issues. I say that, because I don't see that people ended up on this web-site because they searched for "IOU Central scam" or any search terms like that.
But please, leave a comment here. No Registration is required. I'll approve all non-spam comments. One user before didn't get his PIN number sheet and therefore wasn't able to withdraw, but I think he was able to get it re-issued, and I'm assuming everything was handled.
I'll be sure to post the same open calls once Communitylend opens up as well.
5 reponses to "Open Call for IOU Central Feedback"
1. Feedback
Yes, I was missing a PIN sheet for a while, but it was resent by them and I moved my money back out of IOU Central following their change "limited functionality" status.
2. IOUCentral loan overdue
Well, my only successful bid on IOUCentral is overdue / unpaid for the 2nd straight month.
It sounds to me like if the next month's payment is missed, the loan will be turned over to a collection agency -- the bummer here is that the collection agency takes something like ~40% overall of the value of the loan.
Wasn't quite the start I was hoping for in terms of my first P2P lending experience, but I suppose defaulted loans are all just part of the process and I need to better learn to avoid them in the future.
3. Loan
Hello, I was looking for a loan around $6000.00 Ca. Can pay 3-400 a month. Thanks.
4. Honest but frustrating
Hi Dan,
All my loans were paid back, with one exception.
The borrower has missed their first payment on that loan, and even though the IOU Central support people are responsive to inquiries, I find the process a little frustrating. It seems like their interface isn't designed to share any information when this happens, but the real killer for me is that the "Principal Balance Owed to Me" decreased by the payment amount, but my account was not credited with the payment.
This gives the impression of "missing money", that does not show up under any category. This was not permanent, and when I e-mailed about it, it sounded like they were on top of the situation. Now, after the system corrected itself for a while, it's again showing a decreased amount owing.
My last inquiry about the process resulted in a not-so-helpful "read the FAQ", so... I'm just going to watch extremely carefully, and see what happens. I guess I just hold the fundamental belief that when it comes to money, the numbers should always add up.
CommunityLend, if you're listening, parsing the blogs for suggestions, here you go: Make it so the numbers always add up. :)
So that's my two cents. Has anyone else had any experience with a borrower not paying? I wonder if the IOU Central's 'limited functionality' situation has adversely affected borrowers inclination to repay? Maybe they think: "The company is not operational, so no need to worry about paying this back". I don't know that to be the case, but I would be curious to know what other people think.
Best regards.
5. Fixed!
w00ps, mind must have been in the gutter.
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