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  • FIRST POST
    • Doodler123
    • By Doodler123 22nd Aug 19, 8:01 PM
    • 13Posts
    • 1Thanks
    Doodler123
    Pawn broker problem
    • #1
    • 22nd Aug 19, 8:01 PM
    Pawn broker problem 22nd Aug 19 at 8:01 PM
    Hello,
    I pawned my jewellery in 2013 for a very small amount of money as at that time I needed to pay something. Since then Iíve been unable to go and get my gold out so Iíve just continually gone in every 7 months
    And renewed my pledge, I last renewed in March 2019, and it was up for renewal again in October 2019.
    Last week I received a letter from the pawn brokers asking me to contact them, I did so and they informed me that my gold was accidentally mixed up with someone elseís and has since been scrapped, my gold held huge sentimental value to me as some of the pieces are 22 years old😓.
    The staff offered to try and match my gold from other places and replace like for like, they rang me and said to come down and see what they have managed to source so far, nothing at all like my gold apart from one sovereign - but thatís because sovereigns are pretty much all the same,
    They produced a locket that was tiny whereas my original locket was double the size of a sovereign coin, luckily in 2012 I took some pics of a few of my pieces and uploaded them on FB to show my
    Friends so I have actual pics of some of it,
    I am at a loss as to what I can do, I had an appointment at citizens advice yesterday but he couldnít help, he said thereís no guidance on the system and neither
    Him or any of his colleagues had ever dealt with this before, he suggested searching for a solicitor- any help or advice is appreciated
    Thanks in advance 🤞🏻
Page 1
    • Mr_Singleton
    • By Mr_Singleton 22nd Aug 19, 8:12 PM
    • 1,534 Posts
    • 2,455 Thanks
    Mr_Singleton
    • #2
    • 22nd Aug 19, 8:12 PM
    • #2
    • 22nd Aug 19, 8:12 PM
    How much interest have you paid over 6 years? Is it more than the items value?
    • pramsay13
    • By pramsay13 22nd Aug 19, 8:21 PM
    • 843 Posts
    • 1,220 Thanks
    pramsay13
    • #3
    • 22nd Aug 19, 8:21 PM
    • #3
    • 22nd Aug 19, 8:21 PM
    What do you want to happen?
    Obviously you can't get the items back.
    If you want money rather than similar pieces just give them a figure and see what they say.
    • Doodler123
    • By Doodler123 22nd Aug 19, 8:39 PM
    • 13 Posts
    • 1 Thanks
    Doodler123
    • #4
    • 22nd Aug 19, 8:39 PM
    • #4
    • 22nd Aug 19, 8:39 PM
    £96 every 7 months since February 2013
    • Doodler123
    • By Doodler123 22nd Aug 19, 8:41 PM
    • 13 Posts
    • 1 Thanks
    Doodler123
    • #5
    • 22nd Aug 19, 8:41 PM
    • #5
    • 22nd Aug 19, 8:41 PM
    Pam
    They are offering to replace my items but stilll charge me interest in the mean time while
    They source the items.
    I still owe them the original loan from 2013
    But I feel that they have broken the contract
    • Les79
    • By Les79 22nd Aug 19, 10:14 PM
    • 1,435 Posts
    • 1,575 Thanks
    Les79
    • #6
    • 22nd Aug 19, 10:14 PM
    • #6
    • 22nd Aug 19, 10:14 PM
    £96 every 7 months since February 2013
    Originally posted by Doodler123
    So roughly £1,050 paid up to now then?

    How much is the original 2013 loan? And do you still owe this?

    And how much are the items worth, disregarding the "sentimental value"?



    Two elements here I think:

    1. You may have scope to be critical about the agreement which you entered into. The Financial Ombudsman Service (FOS) may cover pawnbrokers, and you may have scope to make a complaint if that is the case. The argument being that them allowing you to pay £96 per 7 months was more about making money from you rather than giving you a fair opportunity to get the items back (similar to payday loan companies rolling on loans). There is the fact that you only have 6 years to complain about such things, but this is extended if you can argue that you were only reasonably made aware of such a possibility at a later date (which is what happened with the PPI stuff and even Payday Loans).

    2. There might well be a breach of contract in that you paid your £96 for them to keep the jewellery without selling it on but they sold it/scrapped it anyway. I just don't know where that would fit in with your previous payments (which could exceed the value), and the worth of said breach of contract in respect to that. Given you've had this pawned since 2013, I'm sceptical as a neutral third party that this had sentimental value (I am shocked that anything of sentimental value wasn't reclaimed for 6 years!) in which case the offer of a suitable replacement (more so if it waives any outstanding debt) sounds like a fair offer from them.
    • Doodler123
    • By Doodler123 23rd Aug 19, 12:06 AM
    • 13 Posts
    • 1 Thanks
    Doodler123
    • #7
    • 23rd Aug 19, 12:06 AM
    • #7
    • 23rd Aug 19, 12:06 AM
    Les 79 unfortunately/ financially I hadnít yet been in a position to get my gold out, they were gifts ra
    The oldest being 22 years old, so yes it is sentimental but I just havnt had the money
    So far 😓
    But to make sure I didnt ever lose it I always
    Renewed my contract.
    The original loan was £200 and to some people that may not seem a lot but to me it is a lot.
    Some of the items I never wore as I was afraid of losing so being in the pawn shop was similar to being hidden in my home in terms of their level of sentimentality to me,
    • Manxman in exile
    • By Manxman in exile 23rd Aug 19, 12:35 AM
    • 2,916 Posts
    • 2,616 Thanks
    Manxman in exile
    • #8
    • 23rd Aug 19, 12:35 AM
    • #8
    • 23rd Aug 19, 12:35 AM
    The original loan was £200 and you've been paying £192 interest every 14 months since 2013?
    • boo_star
    • By boo_star 23rd Aug 19, 2:07 AM
    • 2,682 Posts
    • 2,016 Thanks
    boo_star
    • #9
    • 23rd Aug 19, 2:07 AM
    • #9
    • 23rd Aug 19, 2:07 AM
    Pam
    They are offering to replace my items but stilll charge me interest in the mean time while
    They source the items.
    I still owe them the original loan from 2013
    But I feel that they have broken the contract
    Originally posted by Doodler123
    They're entitled to charge interest until you pay them the money you owe.

    You're not in a worse position because the security has been lost than if it wasn't.
    • Doodler123
    • By Doodler123 23rd Aug 19, 3:32 AM
    • 13 Posts
    • 1 Thanks
    Doodler123
    Manxman
    Yes thatís right
    • Doodler123
    • By Doodler123 23rd Aug 19, 3:33 AM
    • 13 Posts
    • 1 Thanks
    Doodler123
    Boo star
    Their offers of trying to find like for like have
    So far not been anywhere near mine

    I am not expecting identical but at least the
    Same size as what is lost
    • Keep pedalling
    • By Keep pedalling 23rd Aug 19, 7:49 AM
    • 7,025 Posts
    • 8,250 Thanks
    Keep pedalling
    Forget the sentimental value, this is a chance to stop paying silly interest rates on a £200 loan. Get the PB to give you the cash value of the items and clear the debt.
    • ToxicWomble
    • By ToxicWomble 23rd Aug 19, 11:50 AM
    • 141 Posts
    • 220 Thanks
    ToxicWomble
    Surely as the items were taken as collateral for a loan then the items (even if they no longer exist) remain the property of the pawn shop until the loan is paid in full.
    As above just call it quits, they write off the loan, they keep the items, you have no more payments to make.
    • pinkshoes
    • By pinkshoes 23rd Aug 19, 12:27 PM
    • 16,697 Posts
    • 23,152 Thanks
    pinkshoes
    So you have paid over £1000 interest for a £200 loan???

    How much was the actual value of the gold?

    The items are gone, so negotiate a good value for them, pay off the £200 debt then put the rest of the money in the bank and save it!
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
    • zoob
    • By zoob 23rd Aug 19, 12:30 PM
    • 316 Posts
    • 186 Thanks
    zoob
    My thinking is, they give you £200 loan with Jewellery worth £400-£600 retail value as security
    I’d be asking for the retail value back less what’s owed on the loan
    • Doodler123
    • By Doodler123 23rd Aug 19, 3:02 PM
    • 13 Posts
    • 1 Thanks
    Doodler123
    Pink shoes yes Iíve paid over £1000 over the years

    All I want is a bit of fairness

    I have always honoured my end of the contract and until now so have they

    I
    Just feel itís
    All a little unfair
    • Doodler123
    • By Doodler123 23rd Aug 19, 3:03 PM
    • 13 Posts
    • 1 Thanks
    Doodler123
    Zoob

    Itís hard to put an exact retail value on it

    There was just under 30
    Grams of gold there all together
    • DoaM
    • By DoaM 23rd Aug 19, 3:15 PM
    • 7,943 Posts
    • 7,768 Thanks
    DoaM
    Current gold price is around £39.70 per gram. 30 grams would be worth around £1,191.

    https://www.bullionbypost.co.uk/gold-price/gold-price-per-gram/
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • lincroft1710
    • By lincroft1710 23rd Aug 19, 4:51 PM
    • 12,235 Posts
    • 10,799 Thanks
    lincroft1710
    This is ridiculous!!!!!

    You had a loan of £200, you said you can't pay it off, yet every 14 months you have paid almost that in interest!
    • kazwookie
    • By kazwookie 23rd Aug 19, 5:21 PM
    • 11,001 Posts
    • 130,774 Thanks
    kazwookie
    Surely this has to be some sort of wind up

    £200 loan and you have paid HOW much each month....................madness
    Sun, Sea

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