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Paypal Negative Balance

Discussion in 'Business & Tax Advice' started by helprequired, Feb 12, 2016.

  1. helprequired

    helprequired Newbie

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    Okay so I owe Paypal over £2000, I have my real address on there and credit cards but thinking of changing the address and removing the cards, what will happen guys? I can't pay as I have no job right now.
     
  2. islandman1010

    islandman1010 Elite Member

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    What country are you in. I wouldnt bother removing your address now, they will have it already.
     
  3. helprequired

    helprequired Newbie

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    United Kingdom, I don't know were I'm going to get this money from
     
  4. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Garbage comment.

    It is a civil issue, in all probability, and not a criminal one.

    PP may do nothing for that small amount of money or they may send (sell) your debt to a collection agency which would be annoying.

    Different countries have different laws but for that small amount of money I'm sure that PP does not want the world to know that you can screw them for a couple of grand and get away with it and may just write it off.

    Just saw your post that it is the UK... I'm sure someone from the UK will pop in here and share something more detailed than I did.
     
  5. v1n0dv1ncent

    v1n0dv1ncent Registered Member

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    it wont be a problem
    i got scammed by one guy couple of years back for 2k $

    and i left the account and made new account
     
  6. LoftPower

    LoftPower Elite Member

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    Why do you owe them so much? From a BillMeLater account?
     
  7. PoisonAce

    PoisonAce Regular Member

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    How did you get your account negative and not personally loose money? Jw thanks
     
  8. helprequired

    helprequired Newbie

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    Basically I paid for stuff with money I didn't have like a jackass
     
  9. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Actually you didn't pay for it... do what you can and generate the money over the next X amount of months, pay PP and you'll feel a hundred times better about things.

    You don't have to worry about jail or anything like that but I know that you will feel real good about paying that off once you are able.
     
  10. islandman1010

    islandman1010 Elite Member

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    Ok I am in the UK and you don't need to worry about jail and all that. Paypal will make a few attempts to contact you maybe by email/letter and phone and if they don't succeed they will then outsource the collection or sell the debt to a collections agency. If you hear from a collections agency don't ignore it and contact them and tell them you have no job and you will have to fill in an income and expenditure form and offer them £1 or £2 a month. This will give you 6 months breathing space until they review it. If you ignore them they will just go to the court and file a County Court Judgment and then you have to pay to the court. You really don't want that as if you miss a payment you are in Contempt of Court. If you can prove you are getting Jobseekers Allowance even better, but if you aren't the collections agency can't check that. So in a nutshell. If you hear from a collections agency, call them and make an arrangement to pay by installments. Then look on here for ways to make money and get it paid off as soon as possible as it wont go away and each month your credit score will show you have a debt with a payment arrangement so if you need loans/mortgages/credit cards in the future they can see this.
     
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  11. TyphoonAgency

    TyphoonAgency Regular Member

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    When you owe PayPal money they will not let you remove banking and card information. You won't go to jail but I am sure it could effect your credit score.
     
  12. Br4mz

    Br4mz Registered Member

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    A debt collecting agency will visit you if you ignore the letters. I am in debt for £300 with Paypal and it took them a while but apparently a debt collecting agency will visit me soon. Nothing haS happened thus far, but then again your debt is 5 times mine lol.
     
  13. Lozzie336

    Lozzie336 Newbie

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    Hi I'm wondering if you can tell me what happened as I'm in a similar situation and really worried :(
     
  14. Ablehost

    Ablehost Newbie

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    Luckily, Debtors prisons don't exist anymore, and indentured servitude is something that doesn't exist too. SO, you're not going to go to jail.

    That's the good news.

    Bad news? As was said above, you still have to pay it. You can't simply change your address, or remove the cards as Paypal has that on record, and they will recoup the losses. They'll sell the information to a debt collection agency, who will hound you till you pay. If you ignore them, they get more aggressive til they sue you and take you to court.

    Now, that's not a problem. If you can't pay it, you can't pay it. So thats whats going to keep you out of prison. BUT they can garnish your wages, or put a lien on property you have. Plus the more payments you miss, the more interest you'll accrue.

    Your best bet is to get a hold of them, explain the situation, and toss them money whenever you can. They'll want to keep you in debt with them becuase you'll pay more on the interest. So they won't mind. They just want to know your paying and staying on time.

    speaking from experience here.