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Covid 19 – Pawnbroking Customers Information
During the Coronavirus crisis, and in accordance with Government and FCA advice, if you are unable to redeem your pawn there are temporary additional options we may be able to discuss with you.
If you are able to repay the interest, you will be able to renew the contract for a further 7 month term. Please contact us to discuss this.
If you are experiencing temporary difficulty in making payments due to a loss of, or a reduction in household income, it may be possible to defer payment for up to a maximum of 3 months depending on your circumstances. This is only relevant if your circumstances relate specifically to the coronavirus crisis.
Please note that if you qualify for a payment deferral and are considering whether to proceed you should consider carefully whether it is in your best interest to do so;
A) Delaying the redemption period would mean the pawn would not be sold until the last day of the agreed deferral, but interest will continue to accrue, this is not an interest freeze.
B) If you do not redeem at the end of the deferral period, when the pawn is sold any surplus you might have achieved had the pawn been sold sooner after the ‘Notice of intention to sell’ later, will be reduced by the amount of extra interest accrued.
If you think you may qualify and are interested in deferring your pawn contract for unto 3 months, please contact us as soon as possible
Please note that you can continue to redeem or renew your pawn at any time before the pawn is sold by paying the amount due. In the event of sale, if the proceeds of the pawn sale net of costs are less than the debt you have incurred you will not be chased for any outstanding debt, but if the sale proceeds are more than you owe, you will be due a surplus, but this will be reduced by the amount of extra interest accrued if you choose to defer your pawn contract.
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