the moneyshop,wife signed credit agreement for selling her gold!

[yorkie-dave]

not sure which section this should go in,however.

were a bit strapped for money so wife decided to sell some of her old gold necklaces and bracelets that she has had bought by me over the years so she decided to go into town today and sell them as she doesnt wear them.

after trying a few Jeweller's she had the best offer at the money shop and was asked whether she wanted to sell or pawn the gold and she sell,she didnt want the gold back just the money.

she had to sign an agreement which she thought was basically to say she was the owner of the gold etc..she didnt have her glasses with her and didnt read what she signed.

she came home and i saw the letter she had signed and to an old fool like me its a loan she has signed for!

she came home with £560 and this agreement which says we have to pay back £871 in 6 months and they have her gold too,if we wanted a loan we could have asked our bank!

the wife is now in tears and wishes she had never gone to town today.

ok so this is not what she asked for in the shop so what do we do now,is there a cooling off period etc,i know if i go down there tomorrow the person who sorted all this is going to feel 2 inches tall by the time ive done.

so any advice what to do next as im going down there tomorrow.

[labman]

Re: the moneyshop,wife signed credit agreement for selling her gold!

The way I read this agreement, it states under Right of Withdrawal you have 14days to change your mind - you can see the options available to you yourself in order to do this, BUT once you have told them you want to cancel, you are charged £1400 per day interest (I would be amazed if this were legal, but it's what the agreement states), so your best bet is to go into the store immediately, with the full £560 your wife was given for the gold, ensure you get a receipt and get the gold back.

You MUST make sure you do not get into the cycle of being charged £1400 per day interest, so it is imperative you complete everything in store and get written confirmation that the agreement is cancelled and annulled.

[yorkie-dave]

Re: the moneyshop,wife signed credit agreement for selling her gold!

it states 1.400 per day not 1400 thankfully.

i am going to report them to whoever i can over this as this is not what my wife asked for.

[yorkie-dave]

Re: the moneyshop,wife signed credit agreement for selling her gold!

and i thought that a cooling off period cannot have any penalties?

otherwise they could say that yes you can cancel but you owe us the full amount of the loan,they are not doing a favour by allowing you to cancel,its the law isnt it?

[Sapphire]

Re: the moneyshop,wife signed credit agreement for selling her gold!

Thats a pawn ticket, I believe you'll find it totally legal and above board, my advice to you is go there in the morning and redeem you're gold, ok you'll have to pay a days interest, but better that than 6 months down the line eh.
As far as glasses are concerned I'm the same, the times I've bought something I think is a good deal and when I get home realise thats its not, now I walk around the shops with my glasses on my head ready to use asap.

[labman]

Re: the moneyshop,wife signed credit agreement for selling her gold!

Get the agreement cancelled first, but dealing with people like this, make sure it really is cancelled and put in writing to you.

I was having problems matching up the £1400 per day with the interest rate next to it, but the interest is extortionate anyway.

Once you have the gold back and confirmation in writing that it has been cancelled, complain to the OFT and Trading Standards. They may say that it is quite clear at the top of the agreement what is being entered into, and the fact your wife forgot her glasses is not their problem. However, if your wife was absolutely clear she wanted to sell the gold, you need to really concentrate on the mis-selling aspect of this.

I would strongly recommend staying clam in the shop tomorrow - if you have a way of recording the conversation, do so and ask them in the shop (preferably take your wife with you and let her do the talking initially - the agreement is with her) why they pawned the gold rather than bought it from you.

As for the interest it is not totally clear whether you may need to pay 1 days interest, or whether this daily interest kicks in the day you give notice. Either way, get it cancelled, get your gold back and complain about the mis-selling aspect. The agreement itself will be legal.

[Graham1963]

Re: No Obligation

not sure which section this should go in,however.

were a bit strapped for money so wife decided to sell some of her old gold necklaces and bracelets that she has had bought by me over the years so she decided to go into town today and sell them as she doesnt wear them.

after trying a few Jeweller's she had the best offer at the money shop and was asked whether she wanted to sell or pawn the gold and she sell,she didnt want the gold back just the money.

she had to sign an agreement which she thought was basically to say she was the owner of the gold etc..she didnt have her glasses with her and didnt read what she signed.

she came home and i saw the letter she had signed and to an old fool like me its a loan she has signed for!

she came home with £560 and this agreement which says we have to pay back £871 in 6 months and they have her gold too,if we wanted a loan we could have asked our bank!

the wife is now in tears and wishes she had never gone to town today.

ok so this is not what she asked for in the shop so what do we do now,is there a cooling off period etc,i know if i go down there tomorrow the person who sorted all this is going to feel 2 inches tall by the time ive done.

so any advice what to do next as im going down there tomorrow.

__________________________________________________ ________

If your wife was happy with the money she accepted (obviously) or she wouldn't have signed for the sale.
There is no obligation to purchase the items back from the shop, you could just leave them and they will expire, ignore all written requests to re-new and they will be sold on.
There you go.
However, that price was good and in 6 months you may come in to some cash and redeem them, your gold is likely to make more cash later on......But no worries if you don't want them back

[Graham1963]

Re: the moneyshop,wife signed credit agreement for selling her gold!

My problem with the Money Shop was the agreements they gave me, they didn't have my name and address on them (both shops) I pawned jewellery with 2 branches and only when coming to buy back did they rtell me I am missing the agreement with my name and address on, and I have to pay £7 for a new one and have a solicitor sign it to say I am who I am......Crooked shops run by Polish and had an interest in buying my items to which I refused.

[labman]

Re: the moneyshop,wife signed credit agreement for selling her gold!

This thread is nearly one year old!

[enaid]

Re: the moneyshop,wife signed credit agreement for selling her gold!

This thread is nearly one year old!

pmsl well spotted

[teaboy2]

Re: the moneyshop,wife signed credit agreement for selling her gold!

For gods sake! And theres me reading the whole dam thread thinking it had only just been posted. Why can't people check the dates of post before posting to threads, that way we don't waste our time reading threads thinking its new and people are wanting our help!