CREDIT AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974

These are the terms and conditions that govern your PayPal Credit revolving credit account. They will make clear how your PayPal Credit product works and other important information. This document will be available in the legal documents section of your PayPal account, but you may wish to print a copy and retain it for your records.

Between us, PayPal (Europe) S.à r.l. et Cie, S.C.A. Société en Commandite par Actions whose registered office is 22-24 Boulevard Royal, L-2449, Luxembourg (R.C.S. Luxembourg B 118 349) and you, [your name and address as set out on your original credit agreement].

Your credit limit is [your credit limit] and the standard variable rate for your Agreement is 19.9% p.a. (variable). Please see Conditions 1 and 4 below for more details.

[If you made a Promotional Purchase Offer Transaction when you entered into your Credit Agreement: As part of the Credit Limit, the Promotional Purchase Offer you selected for your purchase today has a rate of interest of [as advised in your original agreement]% per annum (fixed) for the term of the Promotional Purchase Offer ([as advised in your original agreement] months), so you will make [as advised in your original agreement] monthly repayments for your purchase today. Please see Condition 2 below for more details.]

1. CREDIT LIMIT

1.1.Your Credit Limit is [your credit limit]. This is the total amount that you can borrow under this agreement and is based on our assessment of your financial position, the information you provided us with in your application and information about your usage and history with PayPal.

1.2You may use this Credit Limit to enter into Transactions using PayPal Credit, including accessing Promotional Offers. When a Merchant asks us to authorise a Transaction, we take other Transactions we have authorised into account when working out whether you have gone over your Credit Limit.

1.3.It is important that you stay within this Credit Limit and, if you do exceed it, that you immediately make a payment to reduce your outstanding balance to below the Credit Limit.

Changes to your credit limit

1.4.We may change your Credit Limit from time to time and we will tell you about any changes to it in writing (which may be by email or other electronic communication).

1.5.Increases to your Credit Limit are at our discretion and will be based on our assessment of your ability to repay and your history and use of your PayPal account (including the Credit Account). We will give you at least 30 days' notice of an increase, unless you have requested it or you otherwise agree for it to be implemented sooner.

1.6.You can ask us to reduce your Credit Limit or opt out of one or any future Credit Limit increases by contacting Customer Services using the details set out at Condition 12.3. We may also reduce your Credit Limit if we believe there is a risk you cannot repay, your credit usage is not sustainable or if there is another risk to us. We will usually give you notice of this beforehand but may do so without notice if appropriate to do so. Your Credit Limit will not be reduced below the outstanding balance, including any pending transactions.


2. PAYMENTS

Minimum payments:

2.1.The monthly minimum payment amount and due date is shown on your monthly statement, detailed in Condition 11 below, and is the amount represented by:

  1. the Promotional Purchase Offer Transaction Payment Amount, being the monthly instalment amounts due for the relevant month as payment for the balance of each of your Promotional Purchase Offer Transactions;

    plus:

  2. the Standard Monthly Balance Payment Amount, being the greater of:
    1. 2% of the outstanding balance (excluding the balance of your Promotional Purchase Offer Transactions) on the Credit Account plus interest and default charges on the statement; or
    2. £5; or
    3. the whole amount of the outstanding balance (excluding the balance of your Promotional Purchase Offer Transactions) on the Credit Account if such amount is less than £5;

      plus:

    4. amounts due for payment in arrears.

2.2.If your outstanding balance on the Credit Account (including the balance of your Promotional Purchase Offer Transactions) is less than £5, the minimum payment will be the whole amount owed.

2.3.The minimum payment must reach us by the Payment Due Date. You can make payments by Direct Debit, with your debit card or from your PayPal account balance. To make a payment, phone customer services or log in online at paypal.co.uk. You can pay all or part of your outstanding balance at any time, in addition to making monthly payments.

2.4.If you authorise a payment by one of the methods set out in Condition 2.3 above and it fails, we may charge a failed payment fee in accordance with Condition 6 below. We may also represent that amount for payment within 15 days or alternatively take that payment from a backup funding source that you have specified.

Missed payments

2.5.Missing your minimum payments could have severe consequences, including our taking legal action against you, and may make obtaining credit more difficult. If you miss payments, in addition to paying us interest (see Condition 4) and charges (see Condition 6):

  1. we may temporarily limit or restrict your use of your Credit Limit;
  2. we may demand early repayment of the total amount of outstanding credit;
  3. your credit records may be affected in a way that makes it more difficult or expensive to obtain further credit; and
  4. you may face legal action to recover what you owe.

If we take legal action to recover what you owe, we may seek a charging order from the court. You may also have to pay our legal costs.

2.6.Missing payments could also result in us withdrawing the benefits of any offer, as outlined in Condition 4.3.

Allocation of Payments

2.7.If you do not pay the Credit Account balance in full in any month, we will apply your payment to outstanding amounts on your statement in the following order:

  1. first, to any Promotional Purchase Offer Transaction Payment Amounts due; then to
  2. the Standard Balance; then to
  3. any Promotional Balance; then to
  4. any other balance shown on this statement.

In each category, payments will be allocated in order from the balance subject to the highest interest rate to the balance subject to the lowest interest rate. In the case of the Standard Balance, interest and charges will be paid in advance of Transactions. Where two Promotional Balance Transactions have the same interest rate, the soonest expiring will be repaid first.

2.8.We will apply any remaining payment to Transactions, interest and charges not yet shown on your statement in the same order as above.


3.TRANSACTIONS

3.1.Once you enter into the Agreement, you will be able to use PayPal Credit to make Transactions up to your Credit Limit. Transactions can include different types of purchases, including:

  1. Standard Balance

    Standard Balance is made up of the standard purchases of goods and services you make using PayPal Credit. Standard Balance will also include interest (not including interest that is part of any Promotional Balance or any interest charged in accordance with Condition 4.7 below) and any charges subject to interest in accordance with Condition 4.7 below.

  2. Promotional Balance

    Promotional Balance is made up of purchases you make using PayPal Credit to which a promotional rate of interest applies, including:

    1. Promotional Purchase Offer Transactions
      1. Depending on our assessment of your financial status and at our discretion, you may be eligible for a Promotional Purchase Offer which offers a lower, fixed interest rate and monthly instalment payments for eligible individual purchases. If you are eligible and have been approved, we will tell you the preferential terms that apply before you make that purchase.
      2. Promotional Purchase Offers currently include offerings of the following interest rates available over the following Offer Periods:
        Promotional Offer Purchase interest rates0%, 1.9%, 2.9%, 3.9%, 4.9%, 5.9%, 6.9%, 7.9%, 8.9%, 9.9%, 10.9%, 11.9%, 12.9%, 13.9%, 14.9%, 15.9% and 16.9%.
        Offer Periods6 months (6 monthly payments),
        12 months (12 monthly payments),
        18 months (18 monthly payments),
        24 months (24 monthly payments),
        36 months (36 monthly payments) or
        48 months (48 monthly payments).
      3. All Promotional Purchase Offers are available at our discretion and may be withdrawn or changed at any time, but this will not affect a Promotional Purchase Offer that you have already taken. The details of any Promotional Purchase Offers that are available will be provided to you at the time of purchase.
      4. The Promotional Purchase Offer Transaction Payment Amount (as described in Condition 2.1.A) shall be due for repayment according to the terms of the Promotional Purchase Offer. The Promotional Purchase Offer Transaction Payment Amount shall be due in addition to the Standard Monthly Balance Payment Amount due as described in Condition 2.1.B.
    2. Conditional Purchase Offer Transactions
      1. Depending on our assessment of your financial status and at our discretion, you will have access to a Conditional Purchase Offer. This is currently a promotional fixed interest rate of O% per annum for an Offer Period of 4 months on Transactions of £99.00 or more, reverting to the standard variable rate at the expiry of the Offer Period.
      2. All Conditional Purchase Offers are available at our discretion and may be withdrawn or changed at any time with prior notice. This will not affect a Conditional Purchase Offer that you have already taken.

4. INTEREST RATES

4.1.We will charge interest on Transactions at a rate of 19.9% per annum (variable) (your 'standard variable rate').

4.2.If a Promotional Purchase Offer Transaction or a Conditional Purchase Offer Transaction is made, the applicable Promotional Purchase Offer or Conditional Purchase Offer rate will apply to that Transaction, instead of the standard variable rate, for the Offer Period, subject to Condition 4.3.

4.3.Your standard variable rate will, however, apply to any Promotional Purchase Offer Transaction or Conditional Purchase Offer Transaction (and the relevant Promotional Purchase Offer Transaction or Conditional Purchase Offer Transaction will no longer be treated as such for the purpose of Condition 2) in the following situations:

  1. when the relevant Offer Period ends;
  2. if you regularly or seriously break this Agreement during the relevant Offer Period (including by exceeding your Credit Limit or by failing to make a minimum payment within two days of the monthly Payment Due Date); or
  3. if you fail to pay off a Transaction in full by the end of the relevant Offer Period, in which case we will apply your standard variable rate from the end of the relevant Offer Period.

4.4.We will not charge interest on Transactions added to your Credit Account since your last statement, provided that:

  1. you paid the entire amount shown on your last statement by the Payment Due Date on that statement; and
  2. you pay the entire amount shown on your current statement by the Payment Due Date on it.

4.5.We otherwise work out interest on Transactions on a daily basis from the date they are added to the Credit Account until when the balance is paid off in full, except for Transactions charged at a fixed rate of 0% per annum during the relevant Offer Period.

4.6.We calculate interest on a daily basis using a simple interest rate. It is added to your Credit Account on your statement date, and can be seen in each month’s statement. We charge interest on interest (known as compound interest) if you do not pay the outstanding balance in full each month.

4.7.We charge interest on the default charges applicable to your Credit Account, detailed in Condition 6 below. This is not charged until at least 28 days after you have received notice of the charges, and we do not charge compound interest on default charges.

Varying interest rates

4.8.Apart from interest rates that are described as fixed, we can vary interest rates under Condition 13.1. The APR does not take these variations into account.


5. APR AND TOTAL AMOUNT PAYABLE

5.1.The APR for your Agreement is currently 19.9% APR (variable) and the total amount payable is [your total amount payable]. Please note that the total amount payable does not take into account any fees or charges that may be accrued.

5.2.The APR and total amount payable are calculated assuming that:

  1. your Credit Limit of [your credit limit] is immediately used in full to finance Pound Sterling Transactions;
  2. the credit will be repaid in 12 equal monthly payments over the period of one year;
  3. the interest rate that applies is your standard variable rate set out at Condition 4.1, and that this rate does not change during this period; and
  4. you will not break the terms of this Agreement.

6. CHARGES

Default charges and costs

6.1.We may charge the following:

  1. £12 if the minimum monthly payment does not reach us by the payment due date; and
  2. £12 each time a direct debit or other payment request is not paid when first presented, or is recalled. Please note that if a direct debit or other payment request fails then it may be re-presented for payment within 15 calendar days.

6.2.We will ask you to pay any reasonable losses and costs that we incur as a result of you breaching this Agreement. These may include but are not limited to costs associated with finding, notifying or contacting you about the breach, and enforcing payment of any amounts due under the Agreement.

Other charges

6.3.We will charge £5 for each paper copy statement you request from us.

6.4.We only authorise Transactions in UK Pound Sterling. We may, in our discretion, provide functionality to convert a Transaction to UK Pounds Sterling prior to applying it to the Credit Account. If so, any currency conversion charges will apply as set out in your PayPal User Agreement.


7. USING THE ACCOUNT

7.1.The Credit Account is for your personal use only (which means you may not use it for any business purpose). You must not use (and we may prevent your use of) the Credit Account for any illegal purpose or for any type of transaction involving any Excluded Items. You will be responsible for any prohibited use of the Credit Account even if we did not prevent or stop the prohibited use.

7.2.You give your consent to a Transaction when you log into PayPal and choose to use your Credit Account to purchase goods or services from a Merchant or to make a payment to a different recipient.

7.3.You can give a Merchant a "continuous payment authority", which means that you authorise the Merchant to take a series of payments from your Credit Account (for example, for a monthly magazine subscription). If you wish to cancel a continuous payment authority, you can do so by logging in online at paypal.co.uk by the end of the business day before the next payment date in the series. If you do so, we will refund you any subsequent transaction we then process, including any associated costs (including default charges and interest incurred as a result of the transaction). Any continuous payment authority or series of payments will not exceed the Credit Limit.

7.4.The amount you owe us will be reduced by all cleared payments made into the Credit Account and any refund due to you from us or from a Merchant who has sent us a properly completed refund request for a Transaction.

7.5.You should not hold a credit balance on your Credit Account. If you pay us more than you owe us, or your Credit Account is otherwise in credit, we will not pay interest on the credit we hold for you. We will use any credit balance to reduce the amount you owe us the following month or, alternatively, upon request only, you can ask us to transfer it to your PayPal account. Please note that there are no automatic credit balance refunds allowed in relation to your Credit Account.

7.6.In the event you receive a refund from a Merchant, it is your responsibility to return the item purchased to the Merchant and other than as set out in this Agreement and your statutory rights, we are not liable for a dispute between you and the Merchant in relation to an item purchased.

7.7.You may be provided with a Credit Token in order to make transactions using your Credit Limit. If you receive a Credit Token, we may ask you to activate it in advance of being able to use it.


8. LIMITING YOUR USE OF THE CREDIT ACCOUNT

8.1.We may at any time prevent, limit or suspend your right to use the Credit Account where we reasonably consider that this is necessary because of reasons relating to:

  1. the security of your Credit Account;
  2. suspected unauthorised or fraudulent use of your Credit Account;
  3. an increased risk that you will not be able to repay us;
  4. our inability to make contact with you, including if we reasonably believe you no longer live at the address we have on record for you or no longer reside in the United Kingdom; and
  5. the potential breach of a law, regulation or other obligation that applies to us, or could expose us to material criticism from a government, law enforcement or regulatory organisation.

8.2.We may refuse to process a Transaction if:

  1. we reasonably consider that there is a threat to the security of the Credit Account;
  2. you have reported suspicious activity on your Credit Account;
  3. we reasonably consider that the Transaction is unusual compared to your normal spending pattern;
  4. we reasonably consider that we are required to do so for any related legal, regulatory or fraud prevention purposes;
  5. we reasonably consider that it would harm our reputation to permit the Transaction;
  6. the Transaction is in a currency which PayPal Credit does not support; or
  7. the Transaction is an Excluded Item, is otherwise contrary to the PayPal Acceptable Use Policy or is another restricted transaction type.

8.3.We may refuse to process a Transaction if you go over your Credit Limit. If we process a Transaction that would take you over your Credit Limit, this is not an increase to your Credit Limit.

8.4.You can call or email us using the contact details in Condition 12.3 to find out why we have refused a Transaction.


9. SECURITY AND YOUR LIABILITY

9.1.You:

  1. must not tell anyone your password;
  2. must always take reasonable steps to keep your password secret, even when entering it on a keyboard to authorise a Transaction;
  3. must not write down your password or choose a password that may be easy to guess (for example, your date of birth);
  4. should regularly check your statements and transaction records for Transactions that you have not authorised; and
  5. must comply with any reasonable security instructions or guidance that we give you from time to time.

9.2.If you believe your Credit Account is liable to misuse or has been used fraudulently, you must immediately call us using the telephone number in Condition 12.3.

9.3.You will not have to pay for any unauthorised use of a Credit Account after you have told us that your security details have been lost or stolen or that you think the security details, or the Credit Account, may be or have been misused. You may, however, have to pay us:

  1. up to £50 for unauthorised use that takes place before you tell us; and
  2. for all use if you have acted fraudulently or were responsible for the misuse, for example by allowing someone else to use your password.

10. OUR LIABILITY AND CLAIMS AGAINST US

10.1.We shall not be responsible if any person refuses to accept the use of your Credit Account or should we be unable to carry out any of our obligations under this Agreement due to:

  1. us complying with applicable laws or regulation; or
  2. abnormal and unforeseeable circumstances beyond our reasonable control, the effects of which would have been unavoidable despite all of our efforts to the contrary.

10.2.You cannot use a claim against a Merchant as a reason for not making payments to us unless you have a legal right to do so.

10.3.Section 75 of the Consumer Credit Act 1974 means that if you use your Credit Account to purchase an item that costs between £100 and £30,000, you may have the ability to bring a claim against us as well as the Merchant if the Merchant breaches their contract with you or the goods or services do not match the Merchant’s description.

10.4.If you dispute any Transaction, you must tell us about this as soon as possible. If the dispute relates to a Transaction with a Merchant in the European Economic Area (the European Union, Norway, Iceland and Liechtenstein) that you have authorised in advance (for example, a payment under a continuous payment authority) you can ask us to refund the Transaction if:

  1. your authorisation did not specify the exact amount of the Transaction;
  2. the amount of the Transaction exceeds the amount that you reasonably expected (other than as a result of exchange rate fluctuations); and
  3. you tell us within eight weeks from the date on which the Transaction was added to your Credit Account.

10.5.The right to a refund does not apply where you have given consent to us for the Transaction to be made and information about the Transaction was provided to you for at least four weeks before the date on which the Transaction was due to be made. If you ask for a refund, we will ask you to provide us with information that is reasonably necessary for us to tell whether you are entitled to it.


11. STATEMENTS AND COPIES OF CREDIT AGREEMENT

11.1.We will make monthly Credit Account statements available online at paypal.co.uk and will send you an email reminder when a statement becomes available. Each statement shows all amounts added to the Credit Account or paid to us in the period covered by the statement, the minimum monthly payment and the due date for payment.

11.2.If you cannot view your statement online, please contact our Customer Services team using the address or telephone number in Condition 12.3. If you are unable to access your statement, it is important that you contact us as you will still have to pay interest. Please also contact us if you think any amount shown on your statement is incorrect.

11.3.You can request to receive paper statements by contacting our Customer Service team using the address or telephone number in Condition 12.3 or in your statements, or, in the future, online at paypal.co.uk (we will tell you on the website when this is possible). If you have chosen to receive paper statements, we will send them to the most recent postal address we have for you.

11.4.You can contact us to request a copy statement. We will charge a fee for each copy statement as set out in Condition 6.3. Please note that we may send you paper statements if you miss a payment or make a payment after the Payment Due Date.

11.5.You have a right to ask us for a copy of the draft Credit Agreement free of charge, unless we have decided not to lend to you. A copy of the draft credit agreement is provided under the heading 'Your Credit Agreement'.


12. COMMUNICATING WITH US

12.1.We will send notices to the latest email or postal address we hold for you. You must tell us as soon as possible if you change your email or postal address or your name, and confirm any such change in writing if we ask you to do so. We may request additional information once you contact us.

12.2.If we have reasonable grounds for believing that you have changed your email and postal addresses, for example because our correspondence is returned to us, we may instruct agents to trace you.

12.3.You can contact us:

  1. online at www.paypal.com/uk;
  2. by calling us on 0800 368 7155 (Calls from mobiles may incur a charge);
  3. by writing to us at PayPal (Europe) S.à r.l. et Cie, S.C.A. Société en Commandite par Actions, c/o PayPal Credit Customer Services, PO Box 10359, 51 Saffron Road, Wigston, LE18 9FE, UK. Our registered office address is 22-24 Boulevard Royal, L-2449, Luxembourg; or
  4. by using the contact details provided in the statements we send you.

13. CHANGING THE AGREEMENT

Interest rates

13.1.We may change your standard variable rate and charge different rates for different types of Transactions as follows:

  1. by changing the interest rate we charge you individually, because we think that there is an increased (or decreased) risk that you will not be able to repay, based on factors such as your credit rating, the way you use your Credit Account (and any other account you have with us), and your general financial situation. For example, we may increase the standard interest rate if there is an increased risk that you may not be able to make payment or miss payments;
  2. by changing the interest rates we charge customers generally, based on a change in our costs incurred in providing the Credit Account or a change in applicable laws, regulation or voluntary codes of practice; or
  3. for any other valid reason, as long as you can end the Agreement without any charge.

13.2.We will ensure that changes to interest rates are proportionate to the underlying change in our costs. For example, where we increase your interest rate because of a change in applicable laws, the increase will be a fair share of the costs that we reasonably incur in order to comply with the new requirements.

Fees and charges

13.3.We may change any fee or charge set out in this Agreement, or introduce new fees and charges:

  1. based on a change in our costs incurred in providing the Credit Account or a change in applicable laws, regulation or voluntary codes of practice; or
  2. for any valid reason, as long as you can end the Agreement without any charge.

13.4.We will ensure that changes to fees and charges are proportionate to the underlying change in our costs.

Other terms

13.5.We may also change any other term of this Agreement where the change:

  1. is necessary to make the Agreement fairer to you or easier to understand;
  2. is to correct a genuine mistake;
  3. is necessary for the introduction of new services which may be of benefit to you or for the development of existing services;
  4. reflects a change in good banking practice or relevant laws or regulation; or
  5. is made to implement a voluntary industry code of practice, which we have decided to adopt.

Notice of changes

13.6.We will give you at least 30 days' notice before we make a change unless it is to your advantage, in which case we may make the alteration immediately and tell you about it within 30 days. If a change is to your disadvantage you can close your Credit Account by writing to us within 60 days of us telling you about the change. If you do so, we will not apply the change before the Agreement ends.

13.7.We will let you know about any changes by post or email, in your statement or by putting notices in newspapers.


14. YOUR RIGHT OF WITHDRAWAL

14.1.You may withdraw from or cancel this Agreement without giving a reason by emailing or calling us using the details provided in Condition 12.3. You have 14 days to do so, starting from the day after you enter into this Agreement.

14.2.If you choose to withdraw from or cancel the Agreement and close your Credit Account, you will have to repay to us the full amount that you owe us under the Agreement, including any accrued interest, without delay and no later than 30 calendar days after the day on which you tell us that you want to withdraw. Where the Credit Account is used during this withdrawal period, we will let you know how much interest you have to pay and how to make repayments.


15. TERM AND ENDING THE AGREEMENT

15.1.The Agreement has no fixed or minimum duration. It will continue until it is ended by you or by us.

15.2.You may end or cancel this Agreement at any time by contacting our Customer Services team using the details provided in Condition 12.3 and paying the full amount you owe us.

15.3.Unless there are exceptional circumstances, such as those set out at Condition 15.4, we will give you at least 60 days' notice if we decide to end this Agreement. You must continue to pay interest on amounts you owe us even after the Credit Account is terminated or closed or the Agreement is ended.

15.4.We may close the Credit Account and demand repayment of the full amount you owe us if:

  1. we find out that our decision to lend to you was based on inaccurate, misleading or incomplete information;
  2. you breach this Agreement regularly or seriously, otherwise break the law or you appear on any sanctions list that we monitor;
  3. you die or become of unsound mind;
  4. you become or are likely to become bankrupt, or make a voluntary arrangement with another creditor;
  5. you have broken the terms of another agreement with us, we have given you notice to end that agreement and we have reasonable grounds for believing that you may not be able to meet your obligations under this Agreement;
  6. your Credit Account has been suspended in accordance with Condition 8.1 due to an increased risk that you will not be able to repay any amount owed and this risk has continued for a period of 30 days after we give you notice; or
  7. we reasonably believe you no longer reside in the United Kingdom.

15.5.Before making any demand or closing the Credit Account, we will take all steps required by law for your protection.


16. GENERAL

16.1.If we do not strictly apply our rights under this Agreement at any time, that will not prevent us from doing so later.

16.2.Unless Condition 16.3 applies, this Agreement is governed by English law and any related disputes are subject to the jurisdiction of the English courts.

16.3.If, when you enter into this Agreement, your address is in Scotland or Northern Ireland, the law and courts of Scotland or Northern Ireland respectively will govern the Agreement and have jurisdiction over any disputes.

16.4.We will only communicate with you in English.

16.5.There may be other taxes or costs, which are not paid through us or charged by us, that you have to pay in connection with this Agreement.

16.6.We may transfer any of our rights and duties under this Agreement (including our duty to lend to you) to any other person without giving you prior notice. No such transfer will affect any rights you have under this Agreement, or any of your statutory rights.

16.7.We may record and monitor calls for quality and security purposes.


17. COMPLAINTS

17.1.If you have a complaint against us, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the issue quickly. Complaints may be reported to Customer Service online through the PayPal Help Centre at any time, or by calling the Customer Service telephone number located on paypal.co.uk and by logging into your PayPal account.

Financial Ombudsman Service

17.2.If we do not resolve your complaint internally to your satisfaction, you may be able to refer it to the Financial Ombudsman Service (FOS). The FOS is a free, independent service which might be able to settle your complaint. The FOS’s contact details are:

Post: South Quay Plaza, 183 Marsh Wall, London E14 9SR Telephone: 0845 080 1800 E-mail: complaint.info@financial-ombudsman.org.uk You can find out more information from the FOS website: www.financial-ombudsman.org.uk.

17.3.If you choose not to contact the FOS, you may also file a complaint by contacting one of the following:

  1. European Consumer Centre (ECC-Net). You may obtain further information regarding the ECC-Net and how to contact them at http://ec.europa.eu/consumers/redress_cons/.
  2. Commission de Surveillance du Secteur Financier (CSSF). The CSSF is the authority responsible for the prudential supervision of companies in the financial sector in Luxembourg. You can contact the CSSF at 110 Route d’Arlon L-2991 Luxembourg. You may obtain further information regarding the CSSF and how to contact them at: http://www.cssf.lu.

18. HOW WE ARE REGULATED

We are supervised 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. You can contact the CSSF at 110 Route d’Arlon L-2991 Luxembourg.

We provide credit products to consumers and are permitted to provide these products by the Financial Conduct Authority located at 25 The North Colonnade, Canary Wharf, London, E14 5HS.


19. DEFINITIONS

In this Agreement some capitalised words have particular meanings. These are as follows:

“Agreement" means this Agreement entered into by you as varied from time to time.

“Conditional Purchase Offer” means a specific promotional offer on preferential terms for a temporary promotional period which may be available within our discretion on purchases over a certain amount of money. For more details, see Condition 3.1.B.ii.

"Credit Account" means the account opened by us in your name that records the amount you owe us under this Agreement.

"Credit Limit" means the maximum amount you may borrow on the Credit Account at any time.

“Credit Token” means a card, app, electronic device, chip or similar item or software provided by us to you to enable you to make transactions with the Credit Account;

“Excluded Items” means items or services relating to gambling, betting, gaming, online gaming currency and direct marketing telephone calls, and any other item or service which PayPal has (in its sole discretion) reason to believe: (i) requires pre-approval; or (ii) is prohibited; under PayPal’s Acceptable Use Policy (accessible via the Legal or Legal Agreements footer on most pages on www.paypal.co.uk).

"Merchant" means any provider of goods or services that accepts payment from the Credit Account.

“Offer Period” means, in respect of any Promotional Purchase Offer or Conditional Purchase Offer, the relevant temporary promotional period as further set out according to Condition 3.1.B.

“Payment Due Date” means the payment due date shown on your statement. This date will be at least 25 days after the statement date.

“Promotional Balance” has the meaning given to it in Condition 3.1.B.

“Promotional Purchase Offer(s)" means promotional offers on preferential terms for a temporary promotional period, except for Conditional Purchase Offers. For more details, see Condition 3.1.B.i.

“Promotional Purchase Offer Transaction Payment Amount” has the meaning given to it in Condition 2.1.A.

“Standard Balance” has the meaning given to it in Condition 3.1.A.

“Standard Monthly Balance Payment Amount” has the meaning given to it in Condition 2.1.B.

"Transaction" means a purchase of goods or services from a Merchant’s checkout experience. It explicitly does not mean using the Credit Account to make a cash withdrawal, person-to-person payment, invoice payment or other PayPal functionality unless we, at our discretion, allow this functionality.


20. USE OF PERSONAL INFORMATION

PayPal (Europe) S.a.r.l. et Cie, S.C.A. is the bank that provides the Credit Account. PayPal (Europe) S.à.r.l. et Cie, S.C.A. is duly licensed as a Luxembourg credit institution and is under the prudential supervision of the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier. Please refer to the PayPal Privacy Statement at https://www.paypal.com/uk/webapps/mpp/ua/privacy-full for general information about how PayPal uses your personal information. For detailed information about our use of credit reference agencies please refer to SECTION 1: GENERAL INFORMATION ON OUR USE OF CREDIT REFERENCE AGENCIES in the PayPal Privacy Statement.

Our privacy office is responsible for ensuring that our day-to-day procedures comply with the PayPal Privacy Statement. If you want to exercise your right to access your information or have any questions about this privacy statement, PayPal's information practices, or your dealings with PayPal, you can contact us by calling the customer service number located on our website at paypal.co.uk, or by writing to us at PayPal (Europe) S.à.r.l. et Cie, S.C.A Société en Commandite par Actions, c/o PayPal Credit Customer Services, PO Box 10359, 51 Saffron Road, Wigston, LE18 9FE, UK. Our registered office address is at 22-24 Boulevard Royal L-2449, Luxembourg.

The details you provide on your credit application form help us make responsible lending decisions. We have policies that help ensure the security of all your personal data.

For credit decisions and the prevention of fraud and money laundering, we may use credit reference and fraud prevention agencies to help us make decisions. A condensed guide to the use of your personal information by us and by Credit Reference and Fraud Prevention Agencies is set out below:

  1. When you apply to us to open a Credit Account, we will check the following records about you and others (see B below):
    1. Our own.
    2. Those at credit reference agencies (CRAs).

      When CRAs receive a search request from us, they will place a search footprint on your credit file that may be seen by other lenders and this may affect your ability to obtain credit for a short while. They supply to us both public (including the electoral register) and shared credit and fraud prevention information.

    3. Those at fraud prevention agencies (FPAs).

    We will make checks such as assessing this application for credit and verifying identities to prevent and detect crime and money laundering. We may also make periodic searches at CRAs and FPAs to manage your Credit Account with us.

  2. If you tell us that you have a spouse or financial associate, we will link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together, and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.
  3. Information on applications will be sent to CRAs and will be recorded by them. Where you borrow from us, we will give details of your Credit Account(s) and how you manage it/them to CRAs. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your hereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted.
  4. If you give us false or inaccurate information and we suspect or identify fraud, we will record this and will also pass this information to FPAs and other organisations involved in fraud and money laundering prevention.
  5. If you have borrowed from us and do not make payments that you owe us, we will trace your whereabouts and recover debts.
  6. Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under applicable data protection law.

This is a condensed version and if you would like to read the full details of how your data may be used, please phone 0800 368 7155 (Calls from mobiles may incur a charge). Calls may be recorded and monitored for quality and security purposes.

You can contact the CRAs currently operating in the UK; the information they hold may not be the same, so it is worth contacting them all. They will charge you a small statutory fee.

  • Call Credit, Consumer Services Team, P.O. Box 491, Leeds, LS3 1WZ, or call 0330 024 7574 or log on to http://www.callcredit.co.uk.
  • Equifax Ltd, Customer Service Centre, P.O. Box 10036, Leicester LE3 4FS, or call 0844 335 0550 or log on to www.equifax.co.uk.
  • Experian, Consumer Help Service, P.O. Box 8000, Nottingham NG80 7WF, or call 0344 481 8000 or log on to www.experian.co.uk.

Other ways we use Personal Information:

You may change your preferences at any time by writing to us at PayPal (Europe) S.à r.l. et Cie, S.C.A. Société en Commandite par Actions, c/o PayPal Credit Customer Services, PO Box 10359, 51 Saffron Road, Wigston, LE18 9FE, UK. Our registered office address is 22-24 Boulevard Royal, L-2449, Luxembourg.

Customer Signature: X (Executed electronically)
Name of Customer: [your name]
Date: [date of execution]
PayPal Signature: X (Executed electronically)
Date: [date of execution]