Pawnbroking Terms & Conditions
1 a) Retention of the contract document
This document is the pawn receipt and the Borrower must retain it. The
Pawnbroker is under a statutory obligation to deliver the Property to the
holder of this document unless there is reasonable cause not to do so.
b) Immediate written notice required if document not retained
(i) If the borrower fails to retain this document, for example it is lost, stolen or
otherwise mislaid; the Borrower shall give notice to the Pawnbroker of this
immediately upon discovery of the same.
(ii) The notice must be in writing and contain the contract number or other
particulars sufficient to enable the Pawnbroker to identify this agreement and
the Property and it must either be delivered to an individual acting on behalf
of the Pawnbroker at the Pawnbroker's address given above, in which case
a receipt must be obtained, or sent by Registered Post or Recorded Delivery
Post to that address. If required by the Pawnbroker, the Borrower must
produce the receipt or proof of posting.
(iii) Notice will have been given only when it is received by or on behalf of the
c) Exclusion of liability for redemption by and release of Property to third party
The Pawnbroker shall not be liable for any loss or damage which may be
suffered in respect of the redemption by and release of the Property to any
third party prior to the receipt by the Pawnbroker of such notice as the
Borrower has to give under b) above where such third party is in possession
of the relevant pawn receipt or tenders a sufficient statutory declaration or
statement in writing such as to render the pawn receipt inoperative by virtue
of the Consumer Credit Act 1974.
d) Statutory declaration
If the Borrower fails to retain this document and wishes to redeem, then,
unless the Pawnbroker expressly consents at the time to accept a statement
in writing, the Pawnbroker requires the Borrower to make a Statutory
Declaration in the prescribed form, irrespective of the amount of credit. Where
a Statutory Declaration is made by the Borrower, the Borrower shall ensure
that it bears the official stamp or seal of the person administering and the
Pawnbroker shall not be obliged to allow redemption of the Property without
such official stamp or seal.
e) Charges on loss of this document
If the Borrower fails to retain this document, the Pawnbroker may charge
the Borrower for the issue of a statutory declaration or statement and for the
administrative cost to the Pawnbroker at the rates set out overleaf.
2. Extent of duty of care to be exercised by the Pawnbroker and of
a) The Property is held by the Pawnbroker as bailee for value and the
Pawnbroker will take reasonable care of the Property. The Pawnbroker is not
under an obligation to take any special care of the Property and will not insure
the Property. You may wish to take steps to insure the Property yourself.
b) The Pawnbroker's liability will be limited to any reduction in value in the
property (including total loss of its value) caused by physical damage to or
the permanent loss of the Property, such value to be the market value of the
Property at the time of this agreement.
c) The Pawnbroker will not be liable in contract, tort (including negligence) or
breach of statutory duty, or in any other way, and whatever the cause, for any
other loss or damage, whether direct, indirect, consequential or otherwise
(other than for personal injury or death resulting from the Pawnbroker's
negligence or its fraud), including for:
i)reduction in the value of the Property (including total loss of its value) save as
provided for in clause (b) above, ii) loss of use of the Property, iii) loss of profit
or opportunity, iv) loss caused by changes in market value, v) for loss to any
business of the Borrower's or vi) loss caused by liability on the Borrower's
part to anyone else.
3. Failure to redeem at end of loan period
Where the redemption period is six months and the Amount of Loan does
not exceed £75, the property in the pawn will pass to the Pawnbroker. If the
Borrower fails to redeem by the end of the period of the loan, interest at the
specified monthly rate will continue to be charged until the amount due under
this agreement is discharged in full, either by the passing of property in the
pawn, its sale, redemption or other payment. Costs in connection with a sale
of the Property may be incurred and these must be paid if the Property is to
be redeemed before it is sold (see clause 4(f) below).
For the purpose of calculating post-contractual interest under this clause 3, part of
contract month will count as the full contract month such that you shall be liable
to pay interest up to the end of the month in which you settle the agreement after
the redemption date.
4. Sale of the Property
a) When the Property becomes realisable by the Pawnbroker under the
Consumer Credit Act 1974 (“the Act”), the Pawnbroker may sell the Property
either by public auction of by private treaty.
b) It is agreed between the Pawnbroker and the Borrower that the true market
value of the Property shall have been obtained if the Property is sold by the
Pawnbroker at public auction.
c) Where the Pawnbroker sells the Property by private treaty, such sale may be
effected at the Pawnbroker's premises or at any other trade premises which
the Pawnbroker may at his absolute discretion determine and the Pawnbroker
shall be entitled to accept any reasonable offer for the Property according to
the market conditions prevailing at the time of any such offer.
e) Where the Property comprises more than one item in respect of the single
loan pursuant to this agreement, for all the purposes, including the purposes
of the Act, the net proceeds of sale shall mean and refer to all the items
comprising the Property, but, notwithstanding this, the Pawnbroker shall not
be obliged to sell the Property as one lot or on one date and the date of sale shall be the date of sale of the last item.
f) When the Property has become realisable and prior to its sale, the Pawnbroker may,
at the Pawnbroker's discretion but at the cost of the Borrower, effect to the
Property or any of it such such reasonable repairs or improvements and/or deliver
it to a third party as shall in the discretion of the Pawnbroker seem appropriate to
the Pawnbroker to facilitate the sale of the Property or any of it or to try to achieve
an improved sale price and the cost of that shall be a sum payable by the Borrower
under the agreement.
g) The Pawnbroker shall be entitled to include in the expenses deducted from the
amount realised on the sale of the Property any costs reasonably incurred in
connection with the sale, including the costs payable under (f) above.
h) As between the Pawnbroker and the Borrower shall not in any circumstances be
entitled to interest on any surplus which arises on the sale of the Property.
5. Enquiries by Police and surrender of the Property to Police
a) The Pawnbroker is authorised to disclose to the Police all information the
Pawnbroker may have relating to the Borrower and/or the Property.
b) If the Police in any circumstances require possession of the Property or any part of
the Property, the Pawnbroker is authorised, upon obtaining a proper receipt, to
surrender possession of the Property or any part thereof to the Police.
c) Where the Pawnbroker has surrendered any or all of the Property to the Police, the
fact that the Police are in possession of it shall for all purposes be deemed
reasonable cause for the Pawnbroker's refusal to deliver it to anyone entitled thereto.
6. Data Protection
The information we collect from you is used by us to fulfil our statutory obligations,
to administer your agreement(s) and, should we wish, for marketing purposes. It
is important that you provide false or inaccurate information or we suspect fraud,
this information may be recorded. You have the right to receive a copy of the
information we hold about you if you apply to us in writing. A small statutory fee
will be payable. Your data remains on file for at least 6 years after our files with
your information are closed, whether settled by you or in default.
7. Searches for the Property
The Pawnbroker is not obliged to search for the Property at the Borrower's
request for purposes other than redemption and a reasonable charge shall be made
for the time and costs incurred searching for the Property at the Borrower's
request at any time other than for the purposes of redemption. The total charge for
credit is calculated on the assumption that no such charge will arise.
8. Payments to be in cash
Payments by the Borrower to the Pawnbroker must be in cash and not by any other
method, such as cheque, debit or credit card or banker's draft, unless the
9. Law and governance
We are a pawnbroking firm and our main place of business is the address given at
the head of this agreement. The Office of Fair Trading (OFT) of Fleetbank House
2-6 Salisbury Square, London EC4Y 8JX is the supervisory authority under the
Consumer Credit Act 1974. We are licensed by the OFT under the Consumer
Credit Act 1974 and our licence number is 458367. We are also registered with
the Information Commissioner as a data controller under the Data Protection Act
1998, registration number Z5759048. We are also a member of the National
Pawnbrokers Association, membership number 000348.
This contract is governed by the law of England and Wales, unless you reside
elsewhere in the United Kingdom in which case your local law will prevail.
The contract is in English and we shall communicate with you in English.
We have the right to assign our rights and responsibilities under this agreement to
a third party; however, if we do so you will be notified by us or the party to which
we assign the agreement.
10. Complaints and Ombudsman Scheme
If you are not satisfied with the pawnbroking service, we have a written complaint handling procedure that you can use to resolve such matters, which is available on request. You have the right to complain to the Financial Ombudsman Service. If
you are still not satisfied after following our complaint handling procedures, you
can ask the Ombudsman to review the complaint. You can find out more about
the Financial Ombudsman Service in a leaflet available by contacting us.
Alternatively you can write to: Financial Ombudsman Service, Exchange Tower, London E14 9SR or Telephone 0800 0234567.
11. Entering this agreement
This agreement does not become executed, or binding on us, until we have signed it. We will send you a copy of the signed agreement.
Authorised and Regulated by the Financial Conduct Authority for Consumer Credit