Do I Declare Paypal?

nomunny

Hi,

I'm just filling the last bit of my forms and will hopefully go BR tuesday. I have a paypal A/C with a few hundred pounds in it....do I declare it? My worry is that the OR will shut it down. It's a sort of contingency fund if you like and every now and then I can sell something on ebay and top it up. So it would be a real nuisance if it was closed.

Any thoughts on this out there, has someone had a similar experience, and what was the outcome?

Thanks

nomunny

caseyj

when i had my o/r interview my paypal account was empty,so when i bought on ebay it was funded through my bank,so my bank statements showed paypal payments on them,which the o/r questioned me on,i explained it was used by my kids for selling there toys and games on,so he said that was fine,if i was you id try make the paypal balance nil,and not mention it,the o/r arent really interested in you selling personal items on ebay as long as its not for thousands

maxmycardagain

as paypal is an american concern can the OR check? paypals fees are so high as to make it to be avoided though, and ebay own it

sell something on ebay and get paid thru paypal and they are creaming it big time

mrsthrifty_2

nomunny wrote: »

I have a paypal A/C with a few hundred pounds in it....do I declare it?

as Paypal is usually linked to a bank acount for transferring money in and out what will happen if/when your linked bank account gets closed through BR unfortunately if you transfer your balance today it will not be available for you to withdraw before Tuesday and the account could be closed by then. I think you have to mention it at this late stage if you want any chance of getting the money that is in there.

caseyj

if your going to leave the money in,all i did was link my new bank account to it after b/r(coop cashminder) and carried on as before

caseyj

so whats being dishonest about not mentioning a paypal account with no money in it?,its not a bank account,its a way of paying and recieving money for personal auction items

nomunny

Thanks for your answers, I think the best thing is to mention it..it will show on my bank statements that I have sent monies at different times from paypal to my bank a/c...obviously to try and improve my financial situation, so I will be up front.

What paperwork will I need on Tuesday, other than the necessary forms? Anything I need to be aware of?

Thanks

nomunny

caseyj

you just need your filled in forms,make sure youve included everything possible in your statement of affairs,and dont forget your money,i was in and out in 45 mins,a quick word with the cerk lady she checked my forms took the money,then up to the judge he stamped my forms,adjudged me bankrupt,back down to the clerk then a quick phone conversation to the o/r and then home,obviously it wasnt busy tho,
oh yes you have to swear on the holy bible too

fiveyearplan

Our paypal is in husband's name - I don't often have anything to sell but if I did it would go through his account - not to be dishonest its just a pain setting up the account, why bother when he already has one?

Good luck nomunny.

Waspeze

Couldn't you withdraw it and use it towards paying your BR fees and then gradually top it up again after BR? That way you're not "deceiving" anyone and in theory haven't lost out.
Just a thought, not sure of the "legal" standpoint on doing this though.

fiveyearplan

Thats a good idea Wasp.