An update regarding my status in Fanbox.
I currently earned US$ 11,112.77 as of July 08. Unfortunately, I have never gotten my hands on it and on the brink of losing it all.
You see Fanbox loans its members “I’ll Pay Later” (IPL) which you can use to invest, create ads, blogs, and buy stuff. I have been a member (according to their records) for 2 years, and actively participating less than a year.
My initial IPL was $2,000 which was substantial, considering new members get only $100.
Like any other debt, you have to pay it back… eventually. This case, you pay more than 1% of your utilized IPL. And I paid religiously since it is linked in my credit card and paypal account.
They’re activities are simple. Blog, post ads, comment, sell, and invest. They are fairly easy. You get paid for this. You cannot cash out however, unless your fund matures which is every 90 days, or when you pay out all of the utilized IPL. I have indicated that I earned $117 in just 3 days that was November 2012. Before the end of November, I eared nearly $600.
January 2013 came and the fund “supposedly” matured. It did but it was reinvested automatically. In addition, my IPL increased to $2,000.
A few months ago my IPL increased again to $5,000 (i think it’s last March 2013) and another $500 (recently). Making my debt increased to $5,500.
Once I reached the maximum IPL, I turned it off – for obvious reasons – so I can’t use it again and it won’t increase also. That was 3 months ago.
My IPL minimum payment now is almost $100 (1.5% of 5,500).
Here’s my balance:
Another confusion, I thought I earned $11,112.77. Why does it show a different balance? How come I only have $5,300?
Regardless, just imagine, all of it, when it matures goes to my IPL. My IPL is still the same… considering I had been there almost a year, which has a few 90-days turnovers. My fund had matured a few times.
This time I got furious. I’ve been paying my outstanding IPL percentage, and I refuse to pay now. I haven’t gotten hold of any of that amount ($11,112.77). I earn less than $1000 a month in Fanbox which matures in 90 days. Yet my IPL remained the same – over the last 3 months. I thought, more than half of $11,000 had already matured, shouldn’t my IPL be paid already?
I’ve asked them about it. They kept telling me that my fund hasn’t matured. Okay. The 3-month old fund hasn’t matured, how about the funds before that? Also, they automatically renew my Investments (which they didn’t do at first) without my info. Meaning all of my funds including those that hasn’t matured, were going back to my investments without my permission. Usually, once the investment completed or reached the amount I allowed them to invest, it stops and will not restart unless I reschedule them.
People / members had already earned here. I applaud them. It may seem easy but it’s not. And I am frustrated. I like Fanbox, it is fun and had given me tons of information. But unless they give me a portion of my earnings, I am not paying them a cent. Good thing my credit card had already expired and am not renewing it. According to them, if I don’t pay the IPL, I lose it all (my earnings). Should I just let it go or wait till my fund matures and pay it from there? I chose to wait for my fund to mature.