Pawnbroking changes question.

dkw1972

Hi,

I pawned an item with a well known high street pawnbroker almost 3 years ago and had intended paying off the pledge many times but have never been able to.

I have extended the pledge each month paying around £30 pm but on my last visit i was told the rules are changing (i think due to the FCA) and that you can now not have a pledge for more than 3 years.

So rather than my average monthly payment of £30 next month i will have to pay over £200 and from then on the average monthly payments will increase to £40 or so but there will be no interest to pay and i will be paying the original loan (£375) off.

I can find nothing online about these changes , this was all given to me verbally over the counter.

Has anyone heard of these changes? Can anyone point me in the direction of more info?

Thanks in advance.

Candyapple

No-one can give you any proper advice without knowing the actual name of the pawnbrokers.

CKhalvashi

You borrowed £200, have paid £1000, and you still owe £200.

I don't want to sound blunt, but they may have done you a massive favour here.