Boro

iTrader: (1)

Weve just taken a substantial deposit on Paypal af ter selling our car. How safe is it?

I guess the idea is that the buyer will come down and pay the balance in cash and drive the car away... but is there anything that could go wrong with the deposit paid via Paypal?

bpm1588

if your add for the car on e-bay has been honest and fair i would'nt worry.but to be on the safe side send the funds too your bank,if it's not in the paypal balance it can't be taken from you.worst case may be the guy backs out for some unknown reason and you need to do a refund,just send him a cheque when the funds have cleared in your bank.

Boro

iTrader: (1)

What if... the buyer collects the car, pays the balance then complains to Paypal that there was a problem? Could the funds be frozen or even worse taken back? Even though they have the car?

bpm1588

well they can ask for the money back and you would see a minus xxx amount of pounds in the paypal balance,but like i said if the money is not in the balance they will find it very hard to recover it,but in saying that your ebay and paypal days would be over

bpm1588

its allways best to send money paid into paypal too the bank right away anyway,imho paypal are the biggest crooks out there and seem to side with the buyer no matter what the case may be....i'd have my money in my own bank rather than paypal anyday

Scooby Soon!

If you owe paypal more than a few pounds then they will send debt collectors, with paypal you can always lose the money.

how much is a substantial deposit? anything more than £500 and they have to have a confirmed and verified account to be able to send the money so atleast you know they are kosher, but with paypal T+C's you will need to deliver the car to the paypal confirmed address with signature online tracking something you cant do! (and they can still take the money back anyway!)

Best to only take up £500ish for a paypal deposit

e.g. car £20k deposit £500 should be fine but I would not adjust the % much more than 2.5% of the total amount.

xxQuartzxx

ok .. so he's paid a deposit .. when is the full sale going to take place .. coz it takes 6 to 7 days from the paypal to your bank .. working days that is .. so maybe hold out untill the money has gone in the bank m8 .. transfer it now m8 to the bank ..

bpm1588

yes i spos they could send debt collectors but we are talking extream cases with those guys coming. even if that happened you'd send them on their bike and force paypal to take you too court which if they did you would win your case.........but all that must be a million to one

allways best to know your rights

PayPalSucks.com is where you will learn about the PayPal Class Action Lawsuit, Abuse, Fraud & evil behind the PayPal system!

Best credit cards, cheap mortgages, personal loans, savings accounts, house & car insurance - The Motley Fool UK (discusion boards on there are a good source of info on your rights in cases like scooby soon pointed out)

Scooby Soon!

Anything over £50 they normally start the letters and then sell the debt on, the T+C's that you agree to when signing up with Paypal basically say that they can take the money back whenever they want!

bpm1588

yes terms and conditions are one thing but the law has changed a lot over the past few years,you can't force anyone to pay debts with heavy handed tactic's.if you are firm and know what to do they would need to take you too court..in which case our friend being in the right he'd win.

Boro

iTrader: (1)

Is there a limit on the amount of time passed before a dispute can be lodged?

bpm1588

you could be looking at months my friend before your in the clear.....have you talked to the buyer over the phone?was just thinking tell him you'd rather have a higher balance of the payment made in cash when the car is handed over and if he's happy with that send him by way of refund now part of his deposit

jjones

some guy bought a fireblade off me for 3k, he paid on aypal (full amount+fees). no problem at all, but there was an element of risk envolved

Scooby Soon!

Have you not heard of baliffs? Did you see the program recently on tv where they climb up ladders to climb in through an upstairs window or scare the life out of your wife while she is getting dressed? Paypal wont care as they will sell the debt on to someone else so it wont really be anything to do with them. They normally do this for a £30 parking ticket imagine what they will do for £1000's!


No limit on the time you can dispute a transaction as you can do it through your credit card company up to about 6 months after the transaction.

How much would it cost to take Paypal to court? Although it is in theory possible because they are now regulated by the FSA i dont think I would like to take the chance (speaking as an extremly heavy paypal user).

Scooby Soon!

Why not refund the payment when he comes to collect the car? You can log in to your paypal account refund it, then he can log in to his and see that its there, voila! problem solved.

forgot to add he can then pay you in cash for the full amount.

bpm1588

you really are a scaremonger! but if you did read a bit into this sort of thing you'd see these guys have not got the right to do these things.its the fact that most people don't know there rights and the debt collector use this fact against them.

What can they do to me?

This seems to be a very common question, from those who have gotten themselves into financial difficulty and have been berated by so called 'debt recovery' departments of credit card companies and the like. These departments and agencies deliberately feed their debtors with a liberal diet of half truths and myth, in an effort to scare them into making payments or proposals, for more than they can afford.

Why do they do this? Quite simply, they have very short sighted bad debt policies and their staff are poorly trained to deal with people. A statement which is commonly heard on this board is “we will be sending someone to pay you a visit” this is intimidating but entirely without substance and it is high time that we blew away some of the myths surrounding debt collection practices, so:

What can they do to you?

Firstly, without an order of the Court they cannot do anything! Threats that “we will be sending one of our agents round to your house” should be treated with the contempt that it deserves. This is rule number one in the 'bully boys code of practice manual'. Whilst bona fide debt collection agencies do have a license to carry out site visits, the credit control department of a credit card company do not. Even so, if you were to receive a visit at your home address, these people do not have a right of entry and you can simply refuse to discuss the matter with them and tell them to go away. Contrary to popular belief, even County Court Bailiffs or Sheriff's Officers do not have a right to force entry and they can also be summarily despatched in the same way.

OK, now that we have established that nobody has the right to force entry into your property

Scooby Soon!

Force entry?

But they can climb through or open any window or door as long as its unlocked. I am sure just about every one has an unlocked window in there house?

As soon as they are inside they will wait for you arrive to sign an agreement that you will allow them entry in the future otherwise they WILL force entry (you agree to them doing this when you sign) otherwise they wont leave.

Wont let them in? Do you have a car parked outside? They will clamp it (or take it) work somewhere? they will call and harrass you to embarrass you in to paying.

I have been on the both ends of the stick (so to speak).


Anyway this has gone off on a tangent, basically:

You can ALWAYS lose your money with PAYPAL, you MAY be able to get it back by going through the courts but its almost impossible.

ChristianR

iTrader: (1)

If he has paid you via credit card, he has upto three months to contact his credit card company and tell them to freeze the payment.

Once the payment has been frozen, paypal will then freeze you account/deduct your credit card for the amount owed.

Boro

iTrader: (1)

Thanks for all the advice guys, the deposit is over £1000 and its alot to risk if the payment can be frozen.

I think i will contact the buyer and see if i can refund the deposit and take a smaller deposit. I would be happier risking £200, than over £1000.