Massive negative PayPal balance

[unclebulgaria67]

Not my area of knowledge. Others will comment.

 

I think Paypal will pass to Debt Collection Agency to chase for payment and if you owe the amount, with no issues to raise, then you would have to come to an arrangement. 

 

What are your other financial circumstances ? Any other debts ?  Are you working ? Do you own any assets such as property ?

 

It is about what you can afford to repay each month, without putting yourself in hardship. 

 

Have you contacted Paypal asking for help ?

 

 

 

 

 

 

[unclebulgaria67]

You have no choice, other than to wait and see what happens.

 

If had a search around online and could find no mention of court claims being made.

 

Paypal are registered in Luxembourg and I should imagine that they simply do not want to risk publicity about their business model. And if they took it to court, I should imagine questions would be asked.

 

It is not great for any such business to enable large negative account balances and quite a lot of these appear to have enabled gambling.  

 

 

[unclebulgaria67]

Probably about, 4 to 6 months before it goes to Debt Collection.

 

It it were me with such a debt, I would contact Paypal advising of the gambling addiction and advise that I would pay £10 per week or whatever was affordable.  Don't send them any budgeting information if they ask for it, as you would be correct to withold it on grounds of your data protection confidentiality.

 

Ignore Paypal refusal of payment amount or request for higher amount. Simply state affordable amount is £x per week and just keep paying them the amount, until they stop accepting it. Then record any rejection of payment. Ignore any Debt Collection letters and advise that you will only deal with Paypal.

 

 

[unclebulgaria67]

Standing order, payment via a debit card to online account ?  If you are making payment from your end, it is you authorising and not them having your bank details.

 

 

 

 

 

 

[unclebulgaria67]

I suspect many other people have done exactly what you have. Managed to gamble large sums, with the help of Paypal.

 

Might be £20,000, but that is £20,000 of bad publicity about a poor business model that allows this to happen.

 

That is why the debts are chased for a period and nothing happens. Paypal realises they have been used for Gambling and drops it like a hot potato.

[unclebulgaria67]

Could the way money was transferred back and forward be seen as criminal ? Was the behavior fraud ?

 

Are Paypal likely to involve Police to investigate ?

[unclebulgaria67]

 

Please be careful with advice given and taken, that it does not give the impression of a conduct which may  lead to consequences in the future.

 

The way the debt was originally incurred and the subsequent conduct should all be considered carefully. 

 

Do not dig yourself into a bigger hole than you are in already, must surely be the advice to take. Can be a slippery slope, once you start having to have many different accounts to avoid previous issues.