Question about the Paypal Prepay Credit Card

[Endsmeet]

Like others here, I've just got an email about the new Paypal prepaid credit card.

It does look very good as prepaid credit cards go but I've noticed at the bottom of the FAQs that its owned by RBS.

RBS were one of my creditors (via mint) and I was wondering if I started loading money onto a Paypal card for a rainy day, would the RBS have the right to grab it towards what I owe them?

Am I being too cautious about all this, I just don't fancy loading my contingency fund onto the card and then having it taken away.

[pbeck]

No, you'll be perfectly OK loading money onto that card.

[Cybus]

I disagree with the above statement that it is perfectly ok 'loading' money onto the card for a rainy day. Not if it is at the expense of your creditors. Sorry if it seems harsh, but the contingency is there to allow for unforseen expense and not a holiday fund.
How much is the 'Contingency Fund'?

[Lisa2009]

To be fair, there is no mention of a "holiday fund"
It wont be at the expense of creditors as it will be contingency money being put on the card and most people in an IVA hav contingency money.
To me, this just sounds like a sensible way of saving it.

[rayb]

I agree with Mrs Skint. And anyway if you can put money away for a holiday I do not see the problem. yes we are here to pay as much back to our creditors but at the same time we are entitled to have a holiday/break. I am certainly looking forward to my trip to majorca in a weeks time

[Skippy]

That's a bit harsh Cybus - are you saying people shouldn't be able to have a contingency fund or make savings? I had no contingency fund in my IVA, but if I had I would have wanted to save it somewhere.

Also, if people can make savings here and there why shouldn't they be able to keep the money? I'm not talking loads of money, but 5 years is a long time, so if someone can save £20 here and there by making cutbacks I say good on them!

[Skippy]

I'm going to sign up for this as well when I get home - if it's any good I'll cancel the Tuxedo card!

[chris.g]

I can't seem to find it on paypal's site....does that mean they already know I'm br and they not even gonna giz a chance!!??? lol
Ladyh, how did you get it on?

[Viki.W]

This is the link that Ladyh posted Chris
https://www.paypal.com/uk/cgi-bin/websc ... me-outside

[chris.g]

Thanks Viki, [:)] xx

[Endsmeet]

First of all, thanks Pbeck for the confirmation of the question about RBS taking away any money loaded onto the card.
It was something that I was thinking about with this 'right to offset' clause.

Hey, what happened here then[?][:0]
It seems that Cybus has thrown a cat amongst the pigeons doesn't it?

Well not to worry folks, we all know that it is perfectly acceptable to have a rainy day fund, an emergency fund, a contingency fund or whatever else it may be called.

You know how I know Cybus?
Because its on my final IVA I&E form that was accepted by all my creditors,in black and white and I've just had my 1st yearly review and guess what?
Its still on my I&E form.
But again, we are all entitled to an opinion.

I think that I will be getting one of these cards, I currently have a Virgin one which is very good to be honest, I load my Virgin via a monthly standing order but to load the Paypal one thru your paypal account free of charge is a very good idea so I will be applying for one on my next payday me thinks[8D]

[Viki.W]

I am definately going to get one of these so when I sell my old clothes on ebay, the money can go on the card to buy essentials, it gives me more of an incentive to get selling![:)] X

[Endsmeet]

Ive just been accepted and paid just the fiver initially for the card so mine will have 5p in credit.[;)]

But I do like the option of loading it using your paypal account, I usually load my Virgin card by standing order and it takes anything from 3 to 5 days to show and this one takes 24hrs.

Like I've said on the other post, I think I will pre load it with my petrol expense at 1st until I get confidence in it.
I hate handing in my debit card....

[Wizzard]

Don't your banks supply you with a debit card??? Mine does. Or am I missing something here?

[Soulgrowth]

I was put off Paypal never again to be trusted by me when they once took £400 out of my 'verified' bank account and kept it for 6 weeks before returning to me. And it was oh so difficult to speak to someone other than by email.

Since my IVA experience I am a believer in not putting all one's eggs in one basket ... and certianly not a basket to someone whom I might owe money to (which left very few institutions [:(]).

I shall be interested to hear how you all get on with the new Paypal card.

Debbie