How Pawnbroking Works
It’s really simple and straightforward
- Bring in your jewellery, watch or handbag plus proof of identity (this needs to be an official letter or document with your name and home address on, dated within the last three months; for example: a gas bill, driving licence, tenancy agreement or catalogue statement)
- Together we will agree the amount you can borrow from us, based on the value of your item(s).
- We will give you a credit agreement, which is also your pledge receipt. This clearly outlines the amount you have borrowed and what the repayments are. You will be asked to sign this agreement. In this agreement, we call your item(s)“the pledge”.
- You will receive your cash immediately.
- Your item(s) will be put in our vaults for safe storage.
Getting your jewellery back
You can get your item(s) back at any time by returning your pledge receipt and paying what you owe under the agreement. This is called “redeeming”. You have up to six months to redeem your loan. It is really important for you to keep your pledge receipt safe, as without it you may not be able to redeem your jewellery.
What happens if you can’t redeem after six months?
We follow the guidelines laid down by The Consumer Credit Act:
- If you have borrowed £75 or less Fish Brothers keep your pledge.
- If you have borrowed more than £75, Fish Brothers is entitled to sell your pledge in order that we can recover the debt. We will do this through a public auction. The pledge remains your property until it is sold, but the loan remains outstanding and interest will continue to be charged until then.
- If you have borrowed over £100, we will write to give you 14 days notice of our intent to sell your pledge at auction.
Giving you extra time to pay
We want to help you wherever we can. If you cannot redeem the full amount owed by the end of six months, you can repay the interest only, and we will renew the loan for you.
We will give you a new contract, allowing you a further six months to pay back your loan, with the full amount owed clearly shown. At this point, if it helps, you can choose to pay back a proportion of your original loan.