BTC Jam is a peer-to-peer lending site using Bitcoins as currency. I signed up about a year ago and invested a small amount (0.04 BTC) spread over several loans (around 50 in all). Here is my experience using this site to-date:
I have collected 0.0199 BTC, have 0.0133 BTC in late loans and 0.0147 in defaulted loans. In all probability I will walk away losing half of what I invested, as experience has shown me that late loans always turn into defaulted loans.
I contacted Kevin Palley from https://www.enforcemyarbitrationaward.com/ to consult how I could recover at least some of the defaulted loans. He very kindly supplied me with the following information:
Dhami Law Firm, who issues the arbitration awards for all BTCJam defaulted loans, is apparently a "phantom" firm which cannot be contacted- there's no up-to-date web site, phone or physical address. Furthermore, the awards are unenforceable as their authenticity cannot be validated and no judge can contact Dhami Law to verify the said arbitration awards are actually theirs.
BTCJam is not assuming any responsibility for these loans. I strongly recommend to anyone who's considering investing in BTCJam to refrain from doing so.