Pawnbroker loan

xxtonigldxx

I put a bracelet into the pawnbrokers back in feb 2020 as I had a large bill to pay quickly. It was for £280 although the item was worth at least double that amount. Then the pandemic hit and both myself and hubby took a significant loss as he is self employed etc. When it came to the redemption period in October I advised them that I was unable to pay the full amount and they said they could redo the loan for another 6 months if I paid £100. Which I did. However should I have been made to pay this? I don’t quite understand the covid financial rules at the moment and would like some advice as the redemption period is April and due to current circumstances again I’m worried about repaying the full amount or possibly losing my item

Browntoa

Most pawn arrangements work like that I'm afraid. It's called rolling over the loan. The agreements for a set period , interest paid each month , with a redemption date . If the loan cannot be paid you can enter into a new agreement , which you did , again for 6 months.

You can ask but they are under no obligation to make allowances

Aylesbury_Duck

xxtonigldxx said:

I put a bracelet into the pawnbrokers back in feb 2020 as I had a large bill to pay quickly. It was for £280 although the item was worth at least double that amount. Then the pandemic hit and both myself and hubby took a significant loss as he is self employed etc. When it came to the redemption period in October I advised them that I was unable to pay the full amount and they said they could redo the loan for another 6 months if I paid £100. Which I did. However should I have been made to pay this? I don’t quite understand the covid financial rules at the moment and would like some advice as the redemption period is April and due to current circumstances again I’m worried about repaying the full amount or possibly losing my item

Without knowing the terms you signed up to, it's impossible to say, but if they're lending you £280 for another six months, I would have thought they can charge for doing so?