PayPal debts.

Thanks again max made me feel a lot at ease just awaiting the direct debits to bounce back now

No probs. Cancel the bank card linked to your Paypal account immediately. (It's going to bounce back anyway). But it will stop Paypal trying to get any money from your account in the future, the moment you get paid, etc.

Open a "parachute" new bank account on Monday. A basic bank account with a different bank to set up new wages paid into, and new DD's or Standing Orders to be taken from, etc.

Max

Now lets have this right so it can be faced properly in recovery. It is fraud brought on by the mind control of gambling addiction. its the road many compulsive gamblers end up on so I do understand.

That sums up the gambling industry for me and its a loophole that needs closing. As far as Im concerned no gambling orginisation should take paypal and paypal should not allow gambling transactions.

I will go further in that no bank should allow direct gambling transactions that they have a clear record of

There is no shame in admiting to a gambling addiction and there is help for you. If you are open and honest about it, the important thing is you dont gamble gain with strong blocks in place.

If the finance companies and citizens advice know the true story , you will find its easier to deal with.

You can only pay what you can afford so there is no point letting debts worry you ill. Paypal are not a soft option though and you have used their money. With a gambling addiction I know you were in a gambling mist and I could have done the same when heavily addicted.

There is a pride and even serenity in knowing you are facing it and doing the right thing. The CAB will help you. Face this knowing that you are allowed money to live on in a debt repayment plan.

Best wishes from everyone on the forum

CJ. wrote:

LittleL1234 you need to speak to someone like payplan or stepchange. They will help you with sorting your finances out and getting you back on track.

In relation to your gambling addiction. You need Gamstop which will stop you in your tracks if you want it to.

CJ.

I rang stepchange when this first happened and they literally said they couldn't do anything to help me as I already have an IVA in place.

Just a quick update.. I'm 60 days GF now and no urge to return to it after my huge PayPal loss from money I never had in the first place.

My payment plan is all set up and I am paying back a small amount of 50 a month for a while (although I am saving in a separate account in hopes of paying it off sooner in a lump sum)
The future is looking a little brighter now two months in and I am starting to learn the true value of money.

Hi all thanks for your help feeling bit nervous today as PayPal account has finally gone into a minus of £12,000.

Jg did you make contact with PayPal wondering how I approach this thank you

I did make contact with PayPal. They tried to take the money from my bank regardless, as I had no overdraft facility with my bank all of the payments were rejected by the bank and reversed back to my PayPal account who the debt then settled with.

At this point expect the phonecalls to start.
PayPal do not allow you to set up a payment plan, and I got the impression they were trying to get as much money as possible, as soon as possible. I literally was adamant with them that all I could afford was 50 a month and asked them numerous times to escalate it to a debt collection agency. They have now done that and I have a payment plan set up.

Best of luck LittleL keep me posted on how you get on.

Hi that’s great thank you not recieved any phone calls from them yet but I’m expecting them anytime.

I will keep you updated with my progress with them.

Yes please keep us updated. I have asked Paypal several times! To limit my account. They say they can’t but will look into the possibility of providing this in the future!! If other people complain they may listen!

I haven’t had calls from PayPal as yet I have emailed them but no response. I feel I am weighed down by this I have 12k owing to PayPal and over 50k of unsecured debt is going bankrupt a realistic option or a cowards way out?

LittleL1234 wrote:

I haven’t had calls from PayPal as yet I have emailed them but no response. I feel I am weighed down by this I have 12k owing to PayPal and over 50k of unsecured debt is going bankrupt a realistic option or a cowards way out?

depends on your income but with over 60 grands worth of unsecured debt i would imagine most creditors wouldn't be interested in anything under £800 a month in repayments

if you have an annual income of less than 40K you defenitley need to look into some form of insolvency

Hi all just a heads up I still haven’t had any contact from PayPal I emailed them almost 2 weeks ago my account is restricted access and in a minus but still no phone calls getting bit concerned

LittleL1234 wrote:

Hi all just a heads up I still haven’t had any contact from PayPal I emailed them almost 2 weeks ago my account is restricted access and in a minus but still no phone calls getting bit concerned

Have you tried calling them to see what is happening with it?
They may have escalated it straight to a debt collection agency?
If so that could take up to a couple of weeks? If I was you I would try and call them.

They wouldn't stop hounding me for the 4.5k I owe them (lost in one night)
Still makes me sick thinking about it.

Same here I feel sick thinking of my loss £12k in one day, just kept chasing it. I’m hoping the debt collection agency don’t demand big repayments I’m already in a dmp.