I owe PayPal $15,000 USD.

I

iowelottamoney2222

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This is to US people only, as my account has a SSN attached.

I got involved in a crypto scam. I owe $15,000 when I don't have it. I only have around $2500 I can make. Which is a small dent.

What I'm asking is, It will be sent to collections soon, to some shady company. What i'm scared is they will harm credit as it's in my fathers name since I am underrage and cant open one, but if I tell them I opened it under my fathers name they will take me to court or my father.

What I want to know is, will this show up on his credit report?
Anyone who has been in the same shoes? Please help me out. I am pulling out my hair one by one. It's over for me.
 
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If a debt collector gets this debt, and by get I mean actually purchases it, as that is what most of them do, that will cause a ding to your or your Father's credit.
 
BassTrackerBoats said:
If a debt collector gets this debt, and by get I mean actually purchase it, as that is what most of them do, that will cause a ding to your or your Father's credit.
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Understood. I Called PayPal and asked them they selves dont report it, but the debt purchased they can report it, but most likely wont.

Everyone I have talked to has said there was no harm to their credit, but most of their amount is much lower than mine.

Are you speaking with experience? Has this happened to you? And I know all debts do, but PayPal is different I hear.

It's a 14 year aged account, all real details as well. i opened when i was much younger. I just used it last year and got scammed
 
I am prepared to go to jail. I dont have 15k neither does my father. Is there anyway I can have this debt under my name instead or him say it wasnt him who opened it so I can go to jail?
 
Very much doubt you’d go prison but it will cause a dent in the credit score. I’ve had my credit score destroyed by a few bad decisions in my early 20s and debt collections even with phone bills of $60 which went unpaid for months.
 
iowelottamoney2222 said:
Understood. I Called PayPal and asked them they selves dont report it, but the debt purchased they can report it, but most likely wont.

Everyone I have talked to has said there was no harm to their credit, but most of their amount is much lower than mine.

Are you speaking with experience? Has this happened to you? And I know all debts do, but PayPal is different I hear.

It's a 14 year aged account, all real details as well. i opened when i was much younger. I just used it last year and got scammed
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They will sell the debt and that company will put the debt on your Father's credit report... that is standard procedure and used to get them paid from the debtor.

iowelottamoney2222 said:
I am prepared to go to jail. I dont have 15k neither does my father. Is there anyway I can have this debt under my name instead or him say it wasnt him who opened it so I can go to jail?
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You cannot go to jail as the US does not have debtor prison.

Tell your Father what is going on and work things out as you may be able to settle that debt for pennies on the dollar.
 
Just called PayPal @BassTrackerBoats @Opulentos

They said they do not sell Debt usually. The guy was a longtime worker there and he said he doesn't remember the last time It was sold. But they do transfer the debt and he said they follow their lead.

I begged them for more answers and they said they cannot do anything as it hasnt been sent to collections yet.


GUYS I KNOW CREDIT CARD DEBT IS BAD AND IT WILL DING, I AM TALKING ABOUT PAYPAL SPECIFICALLY IM SORRY FOR ANY CONFUSION. PAYPAL NEGATIVE BALANCE. IF ANYONE HAS EXPERIENCE PLEASE LET ME KNOW.
 
BassTrackerBoats said:
They will sell the debt and that company will put the debt on your Father's credit report... that is standard procedure and used to get them paid from the debtor.


You cannot go to jail as the US does not have debtor prison.

Tell your Father what is going on and work things out as you may be able to settle that debt for pennies on the dollar.
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I know they dont have prison but I did identity fraud
 
You need to discuss this with your father and determine if the credit issue will be a problem, or the money is more important.

This is very important to discuss, because if it does go to collections, you can very easily negotiate with them. They buy it for pennies on the dollar if it's moved, so you have more room. But in US it's very structured so you have to be methodical.

First step is discuss with your father.
 
Fish Alliance said:
You need to discuss this with your father and determine if the credit issue will be a problem, or the money is more important.

This is very important to discuss, because if it does go to collections, you can very easily negotiate with them. They buy it for pennies on the dollar if it's moved, so you have more room. But in US it's very structured so you have to be methodical.

First step is discuss with your father.
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Thank you.. I will. But I can pay it monthly by getting a job. I just dont want it to harm his credit since ha hs perfect score.
 
iowelottamoney2222 said:
This is to US people only, as my account has a SSN attached.

I got involved in a crypto scam. I owe $15,000 when I don't have it. I only have around $2500 I can make. Which is a small dent.

What I'm asking is, It will be sent to collections soon, to some shady company. What i'm scared is they will harm credit as it's in my fathers name since I am underrage and cant open one, but if I tell them I opened it under my fathers name they will take me to court or my father.

What I want to know is, will this show up on his credit report?
Anyone who has been in the same shoes? Please help me out. I am pulling out my hair one by one. It's over for me.
Click to expand...
I wonder how PayPal let you spend such an amount of money. Did you rob your father credentials or something?
 
Have you admitted the mistake to your father?
 
iowelottamoney2222 said:
They send me money. I withdraw. they chargeback
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In the case that the debt is put into collection, which in the first place is a big if.

If you yourself were scammed or frauded, which I reckon is what happened to you by that "I withdraw. they chargeback" statement, then familiarize yourself with debt validation.

This is of course quite location dependant to how the details work, but pretty much everywhere debt collectors have to somehow actually validate the debt they are supposedly collecting.

When/if the debt collectors take first contact with you, get your lawyer to put the debt into validation.
The debt collectors will then put the collection to a hold, and they will have to validate the debt with PayPal. This process alone will most likely get you a few months more playtime before they try collecting the debt again.

And if your lawyer is smart, they will try to refute the entire debt in its entirety based on the fact that the debt is caused by a fraud that you are a victim of.

Don't stress about it too much. I myself got threatened by PayPal's legal team when I was underage because I did some slightly sketchy shit at that time and nothing happened; I was dealing with fairly similar sums as you, a little bit bigger even.
They are mostly just paper tigers and very non-efficient at that.

Look into debt validation processes and debt disputing.

Either way, tell your father about the situation.
 
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