Trying to clear PayPal credit

Shakaila

I’ve had my PayPal credit for a few years and the interest is far too high and I want to clear my remaining balance. I received a Halifax balance transfer credit card at 0% however because PayPal is not a traditional credit card with no card number or sort code, I’ve been unable to use the Halifax credit card to clear my PayPal credit balance. PayPal do not allow you to use credit cards to clear the balance. Instead they use a service called third-party consolidation cheques. Halifax do not offer this service and it’s very difficult to see what credit cards will allow me to send PayPal a consolidation cheque to clear my account. The only other option I have seen online is someone saying that I should apply for a money transfer card which I am not eligible for so I feel very stuck. Does anyone have any advice on how I can clear this PayPal credit balance?

[Deleted User]

You'd need a money transfer facility as you either send them funds, pay them by debit card by phone or instruct them to debit your account for the amount you wish to pay

How do I make payments on my PayPal Credit account? | PayPal GB

Shakaila

[Deleted User] said:

You'd need a money transfer facility as you either send them funds, pay them by debit card by phone or instruct them to debit your account for the amount you wish to pay

The point is I don’t want to use my savings or my income from my debit card to pay off the balance I want to use credit. 

MorningcoffeeIV

Shakaila said:

[Deleted User] said:

You'd need a money transfer facility as you either send them funds, pay them by debit card by phone or instruct them to debit your account for the amount you wish to pay

The point is I don’t want to use my savings or my income from my debit card to pay off the balance I want to use credit. 

That's why a money transfer was suggested.

cymruchris

Shakaila said:

[Deleted User] said:

You'd need a money transfer facility as you either send them funds, pay them by debit card by phone or instruct them to debit your account for the amount you wish to pay

The point is I don’t want to use my savings or my income from my debit card to pay off the balance I want to use credit. 

You have savings that would cover it? Earning a few percent APR - compared to your Paypal debt at something more extreme in terms of interest? Wouldn't it be a no brainer to kill the one with the other?

Alternatively if you don't qualify for a money transfer card - then use a credit card for everyday spend - putting the money you'd usually spend on your debit card to paypal.

Another option is that you have an 'Ebay (or similar)' clear out - raise some funds from a 'fire sale' of old tech - stuff in the cupboard - old clothes that you don't wear that are decent brands - you get the idea - and throw that money at the Paypal debt. You don't mention the level of Paypal debt - but it's likely if you had a rummage around you'd probably sell off a load of stuff that you haven't used for months on end that would help clear the balance.

As you say, Paypal credit isn't a credit card so the payment options are more limited.

inthezeroroom

If your savings will cover it then why not just pay it off and get it out of your life? As above, it makes sense mathematically too.

Rajix

Money transfer offer will be the best option