PayPal Credit default

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freshstart2023
freshstart2023 Posts: 70 Forumite
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in Debt-free wannabe
My PayPal Credit account has showed in my credit report for at least a month now as defaulted. However I’ve never received the default notice from them in the post and they are continuing to write to me and send emails seeking minimum payments? I just received another letter today saying minimum payment by 8th April? I am hoping to start a DMP as soon as all accounts have defaulted. Is this usual after an account has defaulted? 

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  • freshstart2023
    freshstart2023 Posts: 70 Forumite
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    They also haven’t reported any missed payments since Jan..
  • BlackPeony
    BlackPeony Posts: 7 Newbie
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    I don't know if it's any help, but my Paypal credit account was transferred to Moorcroft as soon as I missed my first payment and they never informed me. Luckily they replied to StepChange as they were sending out my DMP proposals and that's how I found out. To this day it still shows as active and up to date on my Experian credit report, so idk what's going on really.  
  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    PayPal Credit are not currently FCA regulated, so they don`t need to comply with certain aspects of the consumer credit act.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • freshstart2023
    freshstart2023 Posts: 70 Forumite
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    Ahh ok I see, I thought they were now FCA regulated, thankyou…it just seems a bit odd. My credit report shows that they defaulted me after 3 missed payments Nov/Dec/Jan..nothing reported since from them on my credit file, however correspondence continues as usual…that makes more sense then Sourcrates, I obviously had that wrong. Thankyou 
  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    PayPal have just become FCA regulated, but some of their financial products remain unregulated.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Sly72
    Sly72 Posts: 126 Forumite
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    freshstart2023 said:
    Ahh ok I see, I thought they were now FCA regulated, thankyou…it just seems a bit odd. My credit report shows that they defaulted me after 3 missed payments Nov/Dec/Jan..nothing reported since from them on my credit file, however correspondence continues as usual…that makes more sense then Sourcrates, I obviously had that wrong. Thankyou 
    If it helps i have not paid for 12 months, no default, no chasing, just shows missed payments on credit file last one 12 months ago.
    I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.
  • freshstart2023
    freshstart2023 Posts: 70 Forumite
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    Thankyou, 12 months! Geez 😳 ..mine definitely shows as in default on my credit report…but no mention of it in any correspondence. What is your plan? Just wait until they contact you? 
  • Sly72
    Sly72 Posts: 126 Forumite
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    freshstart2023 said:
    Thankyou, 12 months! Geez 😳 ..mine definitely shows as in default on my credit report…but no mention of it in any correspondence. What is your plan? Just wait until they contact you? 
    Just sitting back and waiting!!!
    I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.
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