Advice On Lifitng Limit in the UK

[NotAHappyBunny]

Hi

If anyone can please advise, I'd be very grateful

Ive received the message screen from pp about lifting the 1650 limit.
The account can still trade - I have a reasonable number of days to verify my intentions to pp.
The 1st question they asked was a multiple choice screen, I am not sure which to click to be honest.
1 Sole Trader
2 Individual
3 Company (Does not apply).

So, could anyone give me a short run down of what to expect once I click one of these options - What is the next question?
Or does that depend on my first answer in the above multiple choice options?

What is the difference (if any) in terms of the Sole Trader/ Individual option?

If I choose individual, can I still trade?

I hope someone can kindly advice - this is a well-performing account, with excellent feedback & dsr's and ive worked my a** off to get it to this point.

Many Many Thanks in advance

[GreenBean]

This pertains to the £1900 anti-money laundering regulations which apply for the UK.

When accounts reach £1650, a request gets made for info as you outlined. I'm explaining it and including info off paypal uk to prevent confusion and panic setting in for other users as well .

To comply with EU anti-money laundering and ‘Know Your Customer’ regulations, we’re required to collect and verify information from our customers. We must do this before our customers receive £1,900 into their PayPal account (in total) within a year of receiving their first payment.

To ensure there is no disruption to you or your business, we’ll notify you of this requirement when you receive £1,650 (in total) into your PayPal account.

If you expect to receive funds in excess of £1,650, you can deal with this requirement as soon as you open your account. We recommend taking this proactive approach to save any possible disruption in the future.

To do so, just follow these steps:
1.Log into your PayPal account at www.paypal.co.uk
2.Click 'Lift your account limits' in the To Do list on your Account Overview page or click the 'View Limits' link if the first is not displayed.
3.Check the box for Receiving Limit per year and click 'Lift Limits'.
4.Follow the online instructions.

If you receive £1,650 into your PayPal account before completing these steps, an open issue will be displayed in your account’s Resolution Centre. From the date of notification you'll have 135 days to complete a number of requested steps to satisfy these regulations.

If you receive £1,900 into your PayPal account before completing the above steps, your timeframe for resolution will be reduced to 45 days in keeping with the increased urgency of the request. If you don't complete the requested steps within the 45 days, your PayPal account's functionality will become limited and you'll no longer be able to receive payments.

If your account becomes limited, the steps to remove the limitation will be shown in your Resolution Centre. To resolve the limitation, visit your account’s Resolution Centre and complete the required steps.

Once all steps have been completed we'll review your account and contact you as soon as possible.

[GREEN LION]

yes you can still trade if you choose individual .

just follow the steps and send your document.

[SUVE]

GreenBean,I like the way you've responded with detail to this:D

[they_screwed_me_too]

GB


so im at 1650 now and once i hit 1900 the 45 day rule comes into play (without sending docs

i will probaby take another 2500/3000 within the next 45 days

does that change things or does it not matter how much you take after the 1900 ?

[Stigger]

Its another two sided coin, both possible outcomes can happen.

i had it on one account and they stoped me trading when i reached 1900 even though i had about 40 days left

i have had other accounts where you can still go till the days run out.

[GreenBean]

TizWoz is correct.

Sometimes boundaries can be pushed.

Question I ask myself is how much of a problem is a paypal hold?

Pretty major in my book. I know I' trading, I know the limit. Having the limit removed is one less pain.

That's me though

A new monitor will cost me about £90 when I put my fist thro' it because I get a red letter from paypal.
I am sure you get the picture

[they_screwed_me_too]

there are "issues" with sending the docs in

i have a spare monitor should you ever require one

[Stigger]

Than you need to find a workaround for that issue, otherwise the other issue is an issuie you will always have, which in turn is a bigger issue than the issue you need to find a workaround for.

[they_screwed_me_too]

its not the be all and end all that this account survives but id like it to

i have many other accounts

i can send the docs but dont have the DOB of the account as its 6 years old

ive tried the usual methods too get the DOB but dont seem to work now

[Stigger]

then i would hit and hit hard see what happens, when its time to ditch or submit, i would submit with duff d.o.b, nothing to lose everything to gain.

[GreenBean]

Originally Posted by they_screwed_me_too

there are "issues" with sending the docs in

i have a spare monitor should you ever require one

issues are in your mind, Grasshopper.

xxx for the offer

[GreenBean]

Originally Posted by they_screwed_me_too

its not the be all and end all that this account survives but id like it to

i have many other accounts

i can send the docs but dont have the DOB of the account as its 6 years old

ive tried the usual methods too get the DOB but dont seem to work now

Is that all?

Eat fudge