H&H

PAWNBROKERS

Pawnbroking

Beat the Credit Crunch with H&H, your local independent pawnbrokers.

Pawnbroking is an way of raising money using your jewellery, watches or other items of value as security. Bring in your jewellery or watch, we'll appraise the items and tell you how much we would be prepared to lend against them. You then decide how much you would like to borrow, complete the paperwork and receive your cash. Your valuables will be securely stored in our safes or strong room until you redeem them.

The contract is for seven months and interest is added to the amount loaned to you over the seven months, the earlier you redeem your valuables the less interest is added. We can provide a breakdown of repayment amounts over the course of the loan, so you’ll know exactly the amount of interest that's being added to the amount we loaned you.

H&H Pawnbrokers offer competitive rates, complete confidentiality and a warm and friendly welcome.

For more information on alternatives to pawnbroking visit www.moneyadviceservice.org.uk

H&H is a member of the National Pawnbrokers Association.

Click the logo for more information on pawnbroking.

Jewellery can either be in beautiful condition or broken and bent, we don't mind which, even odd ear rings & cuff links can be used as security towards a loan.

33 Mayflower Street Plymouth | Tel 01752 225300 | Copyright © 2013 Wallabrook Ltd | FAQ’s

H&H is authorised & regulated by the Financial Conduct Authority.

Items you can use as security for a loan

• Gold & Silver Jewellery, even if it’s damaged or broken

• Gold Coins like full & half sovereigns mounted in pendants or loose

• Quality Watches

We do not use electrical items as security because there value can greatly depreciate over the course of a 7 month loan but we can offer a much shorter 28 days Buy Back option on electrical items like mobiles, laptops & tablets, check out our buy back page.

We will need to see some identification

To help protect our selves and you against theft and fraud we need some proof of your identity and address. These could be  a utility bill, bank statement, Government issued letter, bank card or current photographic ID such as Passport, Driving Licence. Where possible please provide both proof of address and photographic ID.

We offer competitive monthly interest rates but don’t take our word for it, look at the other local pawnbrokers to compare rates.

The interest rate we offer is dependant on the value of the loan amount, use the table above to see the different rates.

 Representative Example of £100 loan

Total amount of credit - £100 for seven months.

 Total amount Payable in one instalment : £159.50 (at contract end)

Total charge for credit : £59.50 (Interest only). Interest Rate 102.0% pa (fixed).

APR 123% (fixed)

The term of our loans is seven months for any amount from £5 to £50,000.

You can redeem your loan at any time within the seven months term, we will use the rules set out in the The Consumer Credit (Early Settlement) Regulations 2004 to calculate the redemption amount, so you will only be charged interest for the number of days you used the loan.

The examples below give details of early settlement amounts at 5, 10 & 15 weeks

If your looking for a larger loan please come in branch and we can provide details showing the repayment amounts for any day of the loan so you can make a more informed choice.

Will my credit score be checked or be affected

No, we do not check your credit file or update any information to your credit file about your pawn loan agreement if you decide to use our pawnbroking service. This is because we are using your valuables as security for the loan and have no need to check credit scores.

You can redeem(get back) your valuables at any time from the first day to the last day of the loan agreement. We charge interest on a daily basis so the quicker you redeem your item(s) the less interest you will pay because will only charge interest for the days you used the loan.

The Representative Examples show the different repayment amounts at the different periods within the loan, so if your circumstances change our best advise is to redeem early.

If you do use our pawnbroking service you will be given details of repayment amounts for each day of the loan, so you will always know the exact repayment amount on any given day.

Paying back the loan is simple, just come in branch, pay the amount shown on the repayment schedule that was given to you when you took out the loan and pay the amount shown for that day of the loan agreement.

To further help we can take part payments towards your loan agreement and we would recommend this to help manage your loan.This will reduce the amount you owe when you come to redeem your valuables and may reduce the total cost to you if the part payments made are greater than the interest that has already accrued on the loan. Please note whoever that if multiple items were used as security on a single loan agreement you will not be able to redeem any item(s) separately, any part payment made is towards the whole agreement.

Another way to help manage the redemption of your valuables if you are using multiple items as security for a loan is to put them in on separate agreements, this allows you to redeem some items at an earlier point, reducing the over all interest you will have to pay.  

If you have any questions at all about the pawnbroking process, please ask us at the time.

You have the right to make part payments or redeem your agreement earlier then the end date of the agreement, as detailed in the The Consumer Credit (Early Settlement) Regulations 2004  amended by the Consumer Credit EU Directive  February 2011. We use these regulations to calculate an early loan redemption and when part payments are taken towards your loan. You also have the right to withdraw from the agreement within 14 days, the early redemption calculation will not be used and you will only be charged the daily interest amount which is shown on the pawn agreement in the withdraw section.

Paying back the loan

What happens at the end of the 7 months, your options

Option 1:  You redeem your item(s), the best option

Come in and pay the redemption amount shown on the agreement. The pawn agreement is then finished and your property used as security for the loan is returned to you.

Option 2: You can renew your pawn agreement

With this option you come in and pay off all the accrued interest, this will finish the original pawn agreement and you will be given a new pawn agreement for the original loan amount with same interest rate and duration of the original agreement. No fees are charged to do this.

Option 3: You can renew your pawn agreement and pay off some of the loan amount

This is the same as option 2 but you can pay more than the renewal amount to reduce the loan amount on the new agreement which means you’ll pay less interest on the new agreement when you decide to redeem your item(s)

Option 4: You can ask us to hold your item(s)

If any of the above options don’t work for you right now you can ask us to hold your item(s) beyond the expire date. You must remember that interest will continue to be added to the pawn agreement on a daily basis

Option 5: You can do nothing

You are under no obligation to actually redeem or renew your item(s) if your circumstances have changed or you simply feel you no longer want your item(s) back, we will follow the due process and sell your item(s) either by sale from our shop displays or at auction if it/they failed to sell within three months to recover the amount you borrowed at the start of the pawn agreement plus the interest that has accrued up to the sale date of your item(s). At no point in this process will you ever end up owing us money. Depending on the amount your item(s) sell for there may be a surplus amount for you to collect. The process of settling your pawn agreement this way will have no affect your credit rating and you are more than welcome to use our service again. Please remember that if we sell your item(s) we will charge a cost of sale fee and that interest is added to agreement on a daily basis up to the sale date so it might be in your best interest for you to redeem your item(s) and then sell them privately yourself.

What happens to my item(s) used as security

Your item(s) will be securely packaged and stored in drawer to protect against damage within our safe once we have completed the agreement and then not touched until you return to redeem them.