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Thread: "Borrowing" Money from paypal
BlazinBeckie
New User

From: N/A
Messages: 2
 "Borrowing" Money from paypal
Sent: 10-20-2007 13:45
  Reply



BlazinBeckie, UPDATE!

It turned out that I I had to pay the money to the bank (plus charges if i'd left it a day later), but I don't have an overdraft but if you do (credit card) then it should be ok.

 




i_hate_big_boss
Registered User

From: N/A
Messages: 21
 "Borrowing" Money from paypal
Sent: 10-11-2007 07:39
  Reply



Brycey,
ive done it a few times, but there is rules to follow otherwise paypal will reverse the payment off the seller, leaving u with a pissed off seller with your address.
first off never cancel the direct debit untill paypal have tried to deduct the funds, otherwise they will reverse it, what u want is to be put in to a neg balance (seller as his money u have the goods paypal haves nothing), also let them try and take money from your back up funding source i.e credit card, if u cancel it they will reverse the funds from seller back to your account.
do it at your own risk,

 




BlazinBeckie
New User

From: N/A
Messages: 2
 x501 is wrong!
Sent: 10-09-2007 18:04
  Reply



x501, I just paid for an item on ebay and don't have any money in my paypal account OR bank account and the payment went through. I'll let you all know if the bank gets onto me with extra charges like they do when cheques bounce, or if Paypal automatically takes the money out of my bank account when I get paid (fingers crossed its the latter!)

Beckie

 




x501
Big BOSS

From: N/A
Messages: 473
 "Borrowing" Money from paypal
Sent: 09-16-2007 07:43
  Reply



Brycey, Obviously if you are not out to scam somebody, there is nothing wrong with it I suppose. The first rule is to always think about the person you are taking money from.

 




Brycey
New User

From: N/A
Messages: 3
 "Borrowing" Money from paypal
Sent: 09-15-2007 20:01
  Reply



Thanks for the info. I would honestly never think of doing such a thing, I was telling the person who did it how stupid he was to do this. But I also saw it as a flaw in paypal on how to borrow money interest free. Just curiosity, that's all.

 




x501
Big BOSS

From: N/A
Messages: 473
 "Borrowing" Money from paypal
Sent: 09-15-2007 14:49
  Reply



Brycey, What you are talking about is, in fact, fraud. However in theory, yes, if you sold something on eBay with the intent of never sending it -- and receive payment through PayPal, you would have the funds and the product. However, if the buyer files a claim -- or has paid with a credit card, the buyer would get his or her money back thourgh their credit card company. PayPal would place your account in the minus, or debit the amount in your PayPal account should you have funds there. Should there be no funds, PayPal would attempt to collect the funds via other methods.

I really would not even think about it -- as doing such things is what has made PayPal and eBay such ugly places to do business with today. Innocent people are getting caught in these companies webs becuase people started doing the very same thing that you are "wondering" about now. Stop wondering and forget the whole idea. You are asking of trouble if you attempt to do such a thing.

 




Brycey
New User

From: N/A
Messages: 3
 "Borrowing" Money from paypal
Sent: 09-15-2007 10:01
  Reply



OK, thanks for the reply.

I know this shouldn't be done but i was just curious: What if one was to sell something on ebay, never intending to send anything. Then spend the money that was received. The "seller's" paypal would surely then go negative?
That is in fact the way my friend said he did it.
I'm obviously not going to do this, i was just curious.

 




x501
Big BOSS

From: N/A
Messages: 473
 "Borrowing" Money from paypal
Sent: 09-15-2007 07:16
  Reply



Brycey, This is 100% not true. If your account has a zero balance and you no available funds with which to send a payment (credit card with funds available or bank account with funds) the transaction will not even go through in the first place. Second, even if you could do such a thing, PayPal will have tried to hammer your bank account and credit card for the amount LONG BEFORE the six months is over. Third, you will not even make it to six months. PayPal will have sold your "debt", the negative balance, to a credit collection agency long before that. Fourth, there is NOTHING in the PayPal User Agreement UK (or any other one for that fact) that states PayPal must wait 6 months to contact somebody about bringing their account out of the negative.

The only six months I know about is the 6 months YOU GIVE PAYPAL TO LOAN THEM YOUR MONEY. That's right, according to the PayPal User Agreement, PayPal can take YOUR MONEY FOR ANY REASON AND DENY YOU ACCESS TO IT FOR 6 MONTHS.

You can "loan" PayPal money. But good luck trying to get PayPal to "loan" money to you...

 




Brycey
New User

From: N/A
Messages: 3
 "Borrowing" Money from paypal
Sent: 09-14-2007 16:32
  Reply



First off, this is not exactly a problem.

My friend recently told me how i can borrow money off paypal, leaving 6 months to pay it back. He said if i buy something using paypal online while there was no money in my paypal or bank account, paypal will still pay the seller, but leaving your account negative, with 6 months to pay it back. He bought a few things from ebay using this method.

Can anyone confirm that this defiently works?

Thanks in advance,

 






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