I was surprised and displeased when I recently found out that PayPal had sold my account to Credit Corp. When I contacted customer service, they told me that this is a new policy and that all accounts are now subject to being sold to collections agencies. Here’s what you need to know about this new policy and what it means for you.
What Happened?
PayPal recently changed its policy regarding accounts that are in arrears. Now, instead of working with the customer to bring the account balance current, PayPal will instead sell the account to a collections agency. The Collections agency will then attempt to collect the debt from the customer.
Why Did They Do This?
PayPal says that they made this change in policy because they believe it will be more effective in helping customers pay off their debts. They feel that by selling the debt to a collections agency, the agency will be more successful in collecting the debt than PayPal would be.
What Does This Mean for Me?
If you have a PayPal account that is in arrears, you need to be aware that your account may be sold to a collections agency. This will likely result in multiple phone calls and letters attempting to collect the debt. If you are unable to pay off the debt, the collections agency may take legal action against you.
Conclusion:
The bottom line is that if you have a PayPal account that is in arrears, you need to be aware that your account may be sold to a collections agency. This could result in multiple phone calls and letters attempting to collect the debt. If you are unable to pay off the debt, the collections agency may take legal action against you. If you find yourself in this situation, it’s important to seek professional help so that you can understand your legal options and make the best decision for your unique circumstances.
