Credit Card for one off PayPal payment

AntonB19

Hi,
I need to make a payment to a company in the next few weeks of £2000 through paypal.
I'm currently in the process of buying a house and when all is completed with the solicitors with regards to the house and mortgage. I will have the £2000 back but it might take 6-8 weeks for completion.

So I need to pay the £2000 through paypal and then within a month I can pay that card off with my mortgage money.
What's my best option?

Thanks
Anton

sharpy2010

£2000 through PayPal? Sounds like a recipe for disaster to me.

AntonB19

Was there any advice in you post??

chrisuren

£2,000 is a lot of money to be sending through paypal, who is it you're sending the money too?

As to advice regarding it, credit cards are typically for a very long time so you say you'll have the money a few months after the paypal payment (Thus paying of the CC debt) you're left with a credit card for the next 2-3 years that you have no need for.

You could speak to the banks about extending your overdraft, this is probably the best idea as you've got a proven track record with the banks, they're more inclined to lend you the £2,000 and it will give you a good record when you pay it back to them.

Hominu

If you've just had a mortgage application accepted, the bank may frown at lending you another £2,000 on top of that.

Secondly, I've had mortgages in the past and have never seen the mortgage money - the solicitor has requested it off the bank and sent it to the vendors solicitors for me - its never touched my account, so I'm unsure what your trying to do.

Can't you pay the company from savings? Borrow it from someone?

lisyloo

We need more information in order to help you with the best suggestions.
Why paypal?
Is is the fact that you basically don't have the money? so it's the best way you can think of borrowing?
Or is it that the merchant needs to be paid this way (some small holiday companies for example)?

There is a big downside of not using a credit card and that's loss of section 75 protection (which is a statutory right).

What is the £2000 for? Not being nosey/judgmental but some things needs protection more than others.

If you tell us why you want to use paypal then we might be able to come up with a better suggestion, but the big downside is lack of protection if anything goes wrong e.g. supplier goes bust.
The advice may be better if you tell us what you actually paying for as it makes a difference.

Hominu

lisyloo wrote: »

There is a big downside of not using a credit card and that's loss of section 75 protection (which is a statutory right).

If you use a debit card that creates an overdraft (going from a positive to a negative balance), that would also be considered a 'credit token' under the terms of the CCA and therefore give you section 75 protection from the bank.

lisyloo

We need to know what the payment is for.
If for exmaple it's a small holiday company abroad (family/individual) then it's quite possible they don't accept credit cards or debit cards and can only take money transfers/paypal/BACS tranfers.

We really need to know what it's for and why the OP has chosen paypal or been asked to use paypal.

sharpy2010

AntonB19 wrote: »

Was there any advice in you post??

Yes, don't send £2,000 through PayPal unless at the very least you wish for it to be "held up in the system" for ages whilst you jump through multiple hoops to release it, and at worst lose it altogether.

brendon

No reputable company will make PayPal the only payment method for values in the £1,000's. I don't know what company you are paying, or what for, but I'd approach it with caution.

hillcats

Be very wary of Paypal...