Contemplating Bankruptcy - Withdrawal Methods for PayPal Accounts

[UKGiftWarranty]

I have been a sole trader now for 12 years, and due to a number of factors, I believe it may be in my best interests to write off my debts through bankruptcy after failing to suitably get on top of them in recent years.

My major concern however, is that Stealth as I currently know it, relies heavily on my ability to open bank/savings accounts for each PayPal. If I were to file for bankruptcy, I would likely have difficulty (though not impossible) in obtaining basic bank accounts. And, if I did manage too, I certainly wouldn't be able to open any more than 1 or 2. To my knowledge only the below offer undischarged bankrupts facilities, meaning if I lose 4 accounts in the 12 months whilst I'm undischarged, I would have to seek alternate methods.

HSBC - speak to your local branch (basic account).
Cooperative Bank Cashminder account with Visa Electron card and no monthly fee.
Nationwide FlexAccount.
Barclays CashCard Account (no credit checks).

My current operations rely on approx. 7 accounts and the volume of sales simply makes using 1/2 stealth accounts both careless and unsustainable.

So my question would be, if you didn't have an abundance of bank accounts, how would you move your funds off PayPal? I am looking for suggestions such as bitcoin and other alternatives etc.

I am aware that any strategy which involves moving all funds received via an alternate method and never withdrawing will make my accounts more prone to limitations and closures. This aspect does not concern me as I can create accounts faster than they can close.

Any ideas welcomed. I am just brainstorming at the moment and this is one possibility.

[degsey69]

Have you thought of going the IVA (individual voluntary arrangement) route you are then under the protection of the courts and not bankrupt and you can open accounts or maintain them.

I recommend a trip to the Citizens Advice Bureau as they do debt counselling and may steer you to a better course of action for your situation.

[JamesNorth101]

We do have PayPal to bitcoin withdrawal services here in the forum already

[sax4]

If you're struggling to make ends meet then cashing out to Crypto doesn't sound like a good long term solution considering the fees involved.

You could open Paypal accounts in other EU countries and apply for banks there, they may not care about Bankruptcy.

I believe after being bankrupt for one year you can go ahead and apply for banks etc again. But if Ebay is your sole source of income then that's probably out of the question.

Don't forget you can re-use banks a certain amount of times.

[spindoctor]

Don’t go bankruptcy or Iva. Best way to get rid of debts is google, beat the bank and bailiffs 3 letter process.