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Home » Blogs » Dan's blog

IOU Central: I'd Still Trust Them

Submitted by Dan on Tue, 03/04/2008 - 13:02

Bank Account Transfers Still Working Properly

I just wanted to post that when they announced their limited functionality status, I initiated a transfer of funds to my bank account, and today, the funds arrived in my bank account. So they're not artificially delaying anything.

So they're not in any way doing anything that I would consider unethical at this point. They are certainly sticking to what they said they would do: No new loans/bids but keeping the rest of the website operating normally.

It was also nice to see them send out a global e-mail from the CEO today with details on what is going on.

I certainly hope them luck when they get to respond on March 6th to the regulators. As well, the meeting is open to the public, anyone in Montreal want to attend a write a summary for me? If you're going anyway, I'll kick you a few dollars to do so.

AMF vs. IOU Central

My call to Frédéric Alberro @ AMF's media line wasn't too productive. He just referred me to their consumer information department, saying that he had also forwarded my previous email to them (I BCC'd it anyway). No response yet from the consumer department. I really dislike how emails in this world are automatically given less priority than phone calls, but anyways... I was able to ask him a few questions though to clarify things. Looks like in Quebec the AMF does the investigation, and then the BDRVM is the actual quasi-judicial body that makes the decisions/orders. Whereas in pretty much every other jurisdiction the two bodies aren't separated so much. Not sure if it is a civil law thing to do it that way, or what.

I'm guessing the central issue is: Are they actually trading securities or not? I really don't have too much interest in reading Quebec's Securities Act, the Ontario Corporations Act is more than enough fun for me (and relevant). Prosper seems to be find operating without brokerage licenses etc. They are licensed in some states, but I'm guessing that they're licensed as money-transferrers or some such, not full blown brokers.

  • Dan's blog

8 reponses to "IOU Central: I'd Still Trust Them"

1. Hi, Im new to all of this,

Submitted by candiss (not verified) on Tue, 09/13/2011 - 23:35.

Hi,
Im new to all of this, and Im wondering how do I go about "applying". I am currently looking to borrow $4000 as my fiance and I are trying to move our wedding up due to health issues. I am not currently working he is ( he takes home between 1300 and 1500 a month). Any information would be greatly appreciated.

Thank you for your time, Candiss

  • reply

2. If you feel like lending im

Submitted by Anonymous (not verified) on Sun, 03/09/2008 - 17:07.

If you feel like lending im in need of $3000 till my student loan money comes in next month and will pay.

  • reply

3. Perhaps you could share your

Submitted by Dan on Mon, 03/10/2008 - 21:44.

Perhaps you could share your general location, why we should lend to you, and any other info you feel is relevant?

 

  • reply

4. Please keep writing

Submitted by Jon (not verified) on Tue, 03/04/2008 - 16:38.

I am checking back here regularly, i also have money that has been transferred to ioucentral and really looking forward to doing some lending.
thanks for keeping us updated.

  • reply

5. Getting money out

Submitted by North4st on Tue, 03/04/2008 - 18:30.

I'm still waiting for my PIN to arrive by snail mail so I can order the retrieval of my $$ back into my bank. After serveral days in transit (deposited) I see that it is available. It is being held hostage until the magic number arrives.

  • reply

6. Success?

Submitted by Dan on Tue, 03/11/2008 - 19:18.

Have you received your set of PIN codes yet North4st?

  • reply

7. Still no PIN

Submitted by North4st on Thu, 03/13/2008 - 14:06.

Sorry to say I haven't yet. I'm geting a bit worried.Frown

UPDATE March 13: Just exchanged email with SUPPORT at IOU Central. There records show a PIN was mailed. They are remailling. If the "2 to 3 business days" promise is correct I should have my PIN by Monday at the latest.

  • reply

8. Thanks for the update, I was

Submitted by Dan on Thu, 03/13/2008 - 16:16.

Thanks for the update, I was just about to send them an email about this.

  • reply

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