Possible to get extra time to pay with PayPal Credit?

[fsjal]

A while ago I had a little issue with late payments on a PayPal Credit purchase (that came about through sheer negligence). That's completely squared away now, but I was wondering what could happen in the future if I have any late fees or anything similar that lead to excess of what I can pay in the allotted time. Would it be possible, for example, to put a freeze on my credit line so that I could have a little time to deal with that debt? How would that work exactly? I wouldn't want it to spiral out of control.

[DPCreations]

When you fail to make a timely payment first thing is that interest acruses very quickly.

The penalty are listed on your PDF statement.

And, what you will likely spiral out of control as penalties are added and interest rate rises.  Of course will will have a negative impact on your credit score.

If there is even a slight chance you can't manage debt, then stay out of debt.

[fsjal]

That's good advice in general and since then I've been very on top of things but that doesn't fully answer the question.

[DPCreations]

You pay by the rules and minium payment schedules; failure to do so means hefty interest and penalties.  You don't have the option to make your on payment date rules.

[fsjal]

There we go.

[fsjal]

Having said that, I called PayPal about this a while ago and the customer service representative on the other end said that such a hold as I described is actually possible.

FWIW

[helpfulhero]

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@fsjal wrote:

A while ago I had a little issue with late payments on a PayPal Credit purchase (that came about through sheer negligence). That's completely squared away now, but I was wondering what could happen in the future if I have any late fees or anything similar that lead to excess of what I can pay in the allotted time. Would it be possible, for example, to put a freeze on my credit line so that I could have a little time to deal with that debt? How would that work exactly? I wouldn't want it to spiral out of control.

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Good news, PayPal Credit does not currently report to the credit agencies* (*at this time) when your account is only about a month past due. I can tell you that your first late fee will be $25, and additional late fees may reach a maximum late fee of $35. When you receive a late fee, your minimum payment due will reflect the amount missed in the previous billing cycle. I can also tell you that PayPal Credit does not offer an option to 'freeze' your credit line in any way.

[fsjal]

Customer service agrees with the last part of that, but also said it's possible to bump up the payment deadline.

[DPCreations]

OK, so plan your payments accordingly.

Just remember, what mtters is the printed policy and your PayPal Credit agreement, not what a customer service rep states in contrary to the agreement.

You should also read and understand the terms on page 2 of your detailed PayPal Credit card statement.  You will find payment options and penalties there.

[helpfulhero]

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@fsjal wrote:

Customer service agrees with the last part of that, but also said it's possible to bump up the payment deadline.

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Despite what you may have been told or understood, PayPal Credit will never extend a 6 month no payments no interest promotion, even if you ask to speak with a supervisor. @DPCreations is exactly right, plan your payments accordingly.

The agent you spoke with could have possibly been explaining to you the option of changing your due date which is similar to what you are discussing, but that would not have any effect on when the promotion itself expires, since its expiration date is 'set in stone' when you see that reflected on your statement.