PayPal Consumer Loan Complaint

PayPal Consumer loan department,

Installment loan Taking out the loan or lease Florida

We, my wife - and I, entered into an agreement with - ( - ) for points on a timeshare in Tennessee on -/-/-. As part of the agreement we made application for a loan through PayPal Credit ( PPC ) for approximately $5000.00. On -/-/- We signed a form provided by - that indicated we were approved ( attachment # - ) After reviewing the documents at home we decided that we had been victimized by - an pursued legal action to cancel the agreement ( attachment # - Summary Statement ). On -/-/- we received a letter from PPC dated -/-/- informing us that our credit request had been denied due to their standards for approval ( attachment # - ). We assumed the agreement with - was nullified and we would be contacted by them to renegotiate or terminated the agreement. In -/-/- we instead received a statement from PPC indicating we had an account and we were subject to pay the amount authorized ( attachment # - PPC Statement ). We communicated with PPC to tell them we had initiated legal action to terminate the agreement with - and felt the amount charged to us was


My contention, as it pertains to PPC, is that we were denied credit based on their established terms. Denial of the credit worked to our advantage because the terms established by - were not consumer friendly ( please refer to attachment # - Summary Statement ). However, PPC entered into a complicit agreement with - to override their own standards and extended the credit after it was denied. I consider that and act of collusion. Furthermore, - gave me the false impression that credit had been approved by PPC on -/-/- when in fact it was denied on -/-/- following the submission of the application to PPC by - on our behalf. I consider that predatory loan practices. Following legal advise we will honor our signed commitment to PPC for the amount charged against our credit. However, we consider this debt to be the product of acts of collusion between - and PPC and predatory loan practices by these same named merchants. At this stage in the matter before you we not contemplating the pursuit of additional punitive damages nor reimbursement for legal fees incurred. We are only requesting non-punitive relief from this obligation against our credit.