Wedding/Engagement Rings in Pawnbroker Help Needed

Sandtree

helpingtheoutlaws said:

Rings valued, ironically a few years ago when they moved for insurance at least 6 times the advance.

Appreciate points made, I don't doubt it's a sensitive area of the market and won't be the first/last. I suspect I will end up paying to get them back anyway. Just wondered if there is anything else I could do.

Insurance value is how much it would cost you to buy the item brand new from the high street and not its secondhand value which will be a modest proportion of that.

Pawnbrokers wont lend you the full secondhand value of an item because if you end up not repaying that means they lose money as they have to cover the cost of sale, the fact it could take months to sell, the risk they are taking that an item may turn out not to be what it was claimed, the VAT they have to pay on the sale and hopefully a profit margin. 

mcpitman

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