Pawn Receipt

The Borrower must give written notice to the Pawnbroker of the loss of this document, which is the pawn-receipt. Without such notice, the Pawnbroker will not be liable for loss or damage if a third party uses this document to redeem the Property. See condition 1 below.

Terms

1. Retention of the contract document

a) 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 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 Pawnbroker.

c) Exclusion of liability for redemption by and release of the 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 it 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 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's liability

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.

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.

The Pawnbroker will not be llable 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 Pawnbrokers negligence or its fraud), including for: i) reduction in value in the Property (including total loss of its value) save as provided for in clause (b) above, li) loss of use of the Property, ili) 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) for loss caused by liability on the Borrowers 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 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).

4. Sale of the Property

When the Property becomes realizable by the Pawnbroker under the Consumer Credit Act 1974 ("the Act"), the Pawnbroker may sell the Property may sell the Property either by public auction or by private treaty.
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.
Where the Pawnbroker sells the Property by private treaty, such sale may be effected at the Pawnbrokers 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.
As between the Pawnbroker and Borrower, the Borrower agrees that the surplus on the sale of one pawn shall be applied by the Pawnbroker to any deficit on the sale of another.

e)Where the Property compromises more than one item in respect of the single loan pursuant to this agreement for all purposes, including the purposes of the Act, the net proceeds of sale shall mean and refer to the net proceeds of sale of all the items and pawn 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

When the property has become realizable and prior to its sale, the Pawnbroker may, at the Pawnbroker's discretion but at the sest of the Borrower, effect to the Property or any of it 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 this agreement.
The pawnbroker shall be entitled to include in the expenses deducted from the amount realized on the sale of the Property any costs reasonably incurred in connection with the sale, including the costs payable under (f) above.
As between the Pawnbroker and the Borrower, the Borrower shall not in any circumstances be entitled to interest on any surplus which arises on the sale of the Property
Subject to the Pawnbrokers rights under condition 4(d) above the Pawnbroker will not seek to recover any shortfall on an individual pledge.

5. Enquiries by Police and surrender of the Property to Police

If the Police in any circumstances require possession of the Property or any part of the Property, the Pawnbroker is authorized, upon obtaining a proper receipt, to surrender possession of the Property or any part thereof to the Police.
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 Pawnbrokers refusal to deliver entitled thereto.

6. Data Protection

The information we collect from you is used by us to fulfill our statutory obligations, to administer your agreements) and, should we wish, for marketing purposes. It is important that you provide us with accurate information. I you provide false or inaccurate information or we suspect fraud, this information may be recorded. You have the right to receive a copy of information we hold about you if you apply to use 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 Borrowers request other than redemption and a reasonable charge shall be made for the time and costs incurred searching for the Property at the Borrowers 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 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 bankers draft, unless the Pawnbroker consents.

9.In the event of the loss of the Property while in the Pawnbroker's personal physical control and possession at any time prior to the date for redemption identified in the 'Notice to the Borrower' overleaf (but not thereafter) the Pawnbroker shall release the Borrower from his/her obligation to repay the amount of credit and interest due and, in addition, will pay to the Borrower a sum to be determined by the Pawnbroker as its reasonable estimate of the value of the Property at the time of such loss not exceeding the amount of the credit (but without interest accrued thereon) save that this condition 9 shall not apply or be available in respect of any loss sustained as a consequence directly or indirectly of involvement in fraudulent or dishonest action or conduct by the Borrower.

This clause 9 in no way excludes or restricts any statutory or other rights which the Borrower may have in respect of the loss of the Property.

10. Law and governance

We are a pawn broking company and our place of business is the address given at the head of this agreement. The Financial Conduct Authority (FCA) of 25 North Colonnade, Canary Wharf, London, UK, is the supervisory authority under the Consumer Credit Act 1974.

11. Complaints and Ombudsman Scheme

If you are not satisfied with the pawn broking service, we have a written complaint handling procedure that you can 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 out 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: Exchange Tower, Harbour Exchange Square, London E14 9SR. Tel: 03304401614

Terms & Conditions