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Notice of Amendment to PayPal Legal Agreements


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Hi Guys. 

 

Paypal amended their legal. agreement due to Brexit. 

 

One of the paragraph states:

 

Regulatory Authorisation

PayPal is regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg with authorisation number 23/07. The CSSF is the authority responsible for the prudential supervision of companies in the financial sector in Luxembourg.

 

In addition to CSSF regulation, from January 1, 2021 PayPal will be deemed to be authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.

 

I have a negative balance with them but I was ignoring it since Sep 2020 because it wasn't my fault and I took advise from this forum to ignore their demands. 

 

Is this change of the agreement means that they have more rights now to chase the money back? 

 

Please advise

Thanks

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no. as a negative seller/buyer A/C is still not regulated by the consumer credit act 1974 either.

unlike paypal uk or newday uk credit which is offered by them and already CCA regulated.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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paypal credit is where you separately click on the UK site and takeout/enter into an online consumer credit agreement for them to either loan you money or operate a paypal branded credit card.

 

both of which are regulated by the UK consumer credit Act 1974, and offered by Paypal Uk or Newday Cards respectively .

 

a seller/buyer Paypal A/C is neither of those.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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