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28 day sale and buyback agreements
28daybuybacks
Posts: 1 Newbie
in Loans
Hi Guys are 28 day sale and buyback agreements classed as loans, i.e if I sell an item in a cash converter store and have 28 days to buy it back at a rate of 25% on top of the original price they gave me, which was £100 for my mobile phone, so the fee I have to pay to buy it back is £25 plus the £100 making it £125 in total. They have told me I can extend the agreement by a further 28 days by paying the fee of £25, but I can do this only once. Is this classed as a loan.
regards David.
regards David.
0
Comments
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28daybuybacks wrote: »Hi Guys are 28 day sale and buyback agreements classed as loans, i.e if I sell an item in a cash converter store and have 28 days to buy it back at a rate of 25% on top of the original price they gave me, which was £100 for my mobile phone, so the fee I have to pay to buy it back is £25 plus the £100 making it £125 in total. They have told me I can extend the agreement by a further 28 days by paying the fee of £25, but I can do this only once. Is this classed as a loan.
regards David.
classified as a loan by whom?0 -
Secured loan against the goodsEx forum ambassador
Long term forum member0 -
Are you asking if they are reported on to CRA's or listed on your credit file?Thank you all for helping me make my day by saving money!0
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Well, it sounds a really bad deal, tbh, loan or not.I used to think that good grammar is important, but now I know that good wine is importanter.0
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iolanthe07 wrote: »Well, it sounds a really bad deal, tbh, loan or not.
To be fair the shops have a lot of overheads. Staff, rent, rates, power, storage, insurance etc0 -
...Can I add bad debtors to that list.dealer_wins wrote: »To be fair the shops have a lot of overheads. Staff, rent, rates, power, storage, insurance etc0 -
jonesMUFCforever wrote: »...Can I add bad debtors to that list.
I'm pretty sure they'll lend less than the value of the principal plus interest - the bad debts shouldn't come out of overhead but be built into the pawnbroking service secured debt.
Pretty moot though, they do have overheads and sell a lot of crap.0
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