Can´pay

Junah

Hi everyone,
Hope someone can help me out with some info. I am conducting an Internet business which has been going pretty good the last 3 years, till about 6 months ago when it went down and now I am at a point where I can say the business is as good as over. The problem is that now I can't pay my 3 credit cards anymore. I have been using the cards to load my Paypal account in order to pay goods. Would like to know if the card issuers can take back the (authorized) money I loaded on Paypal or if they would even consider this? Haven't payed my C/C bills from 2 cards in 2 months. Will the try to take it back from Paypal or contact PayPal in this matter? I think that's not possible, since they authorized the money. Can anyone help me out here? I still have a bit of the money on my Paypal account, but urgently need it to pay for some goods.
Any help would be greatly appreaciated.
Thanks so much
Len

Gromitt

They won't take it from Paypal, they'll rather come after you.

If the business is as good as over however, what do you want to bother buying more goods? Do you think you can resurrect the business?

Junah

Gromitt wrote: »

They won't take it from Paypal, they'll rather come after you.

If the business is as good as over however, what do you want to bother buying more goods? Do you think you can resurrect the business?

Hi Gromitt,
Thanks for your reply and your info. Thing about my business is, that it is as good as over, but I am still selling a few things and that´s my only income at the moment. Unfortunately I have to keep going like this for a bit, till I have a better idea. I am obviously aware of the fact that the card issuers will come after me, but that´s my least concern at the moment. My main concern at the moment is if they will try to get the money back from PaPal and therefor screw up my realtionship with PayPal or if the just come after me without involving PayPal? I hope they are not going to involve PayPal since I am dependant on them.
Any help is greatly appreciated.

Junah

Gromitt

To them, Paypal is a purchase and they've made their fee. They are not going to issue a chargeback as you could have exchanged the money for products or services.

If you have credit cards with a bank, they could use other funds you have in that bank to pay off your debt.

However, the longer you are unable to pay your debts, the more chance of you being forced into liquidation by your creditors.

torbrex

Is it not possible for you to withdraw the money from paypal back to the credit card yourself? or even to a seperate bank account then pay it to the card from there.

Simon7685

DON'T DO IT!
You would be much better advised to try and reach an agreement with your card issuers than defaulting. Believe me as someone who has been in this situation myself, it seems like a good idea at the time but you have the defaults for 6 years. If you manage to get another business off the ground you will get no credit from anyone for at least 6 years and it is a long long time.

Junah

Thank you everyone for you opinions, I appreaciate it. I could transfer the money back to my bank account and then pay the card, but that's not an option for me now. I need that money in my PayPal account to make purchases. I wish I had any other options, but unfortunately my situation is like this. My only concern right now is not to have problems with PayPal.
So you guys think the card issuer will definitely not involve PayPal?
Thanks
Len

zerog

Junah wrote: »

Thank you everyone for you opinions, I appreaciate it. I could transfer the money back to my bank account and then pay the card, but that's not an option for me now. I need that money in my PayPal account to make purchases. I wish I had any other options, but unfortunately my situation is like this. My only concern right now is not to have problems with PayPal.
So you guys think the card issuer will definitely not involve PayPal?
Thanks
Len

Buy your goods and close your paypal account. Then think of a way to pay off the credit cards as soon as possible.

Junah

zerog wrote: »

Buy your goods and close your paypal account. Then think of a way to pay off the credit cards as soon as possible.

Well, that's the whole thing, I can't close my PayPal account, since I urgently need it. That's why I wanted to know if the card issuer will get in touch with PayPal?
Is there a chance they will? Or, as I would imagine just come after me? I can't see them contacting Paypal since the money was authorized from them.
Thanks
Len

zerog

Why do you need the account after you've bought the goods?

jd87

Why do you need to buy anything? Sell what you have. Reach an agreement with your credit card companies. Move on.