Pawnbrokers Agreement!!!

[tellllll]

Here’s one for the legal eagles out there to think about, and possibly useful for others too.
A friend of mine pawned some jewellery just over a year ago. At the end of the period (7 months) they paid the interest (over 70%!!!) and extended the term for a further 7 months. Then they extended further after paying another chunk of rip off interest. I took a look at their ‘pawn receipt’ and it’s a fixed sum agreement under the CCA 1974. Now for the interesting bit. The debtors name is NOT my friends. It’s her brother’s name as he was registered to the address given but my friend signed the agreement. So the question is…is the agreement enforceable? Technically it does NOT contain the signature of the listed debtor and therefore proper procedures have not been met. If it’s unenforceable, what course of action is possible? Obviously the jewellery is paramount but if the agreement is unenforceable is there a potential claim for the return of the interest too? Over to the Rumpoles of the site and thanks in advance for any suggestions/advice

[Paule]

Re: Pawnbrokers Agreement!!!

Just a quick thought with no legal implications.

If you go down the route of it it was someone else who signed the agreement but not their jewelllery, then in theory they are handling stolen goods by pawning something they dont own.

As i said, I haven't thought it through properly, but the ball swings both ways remember that.

[tellllll]

Re: Pawnbrokers Agreement!!!

ok as I understand it, my friend owns the jewelry. The pawnbroker couldn't match her name up to the address given, with their records (electoral roll i assume) but they could with her brothers name so they used her brothers name instead and allowed her to sign it. No stolen property involved, just two keen parties to do business for different reasons I guess

[Tools]

Re: Pawnbrokers Agreement!!!

A copy of the original CCA agreement would be helpful if you could get it scanned and posted or PM / Email it to me .

[Sapphire]

Re: Pawnbrokers Agreement!!!

Just made a quick call to the pawnbrokers in the next town to us, and asked them their stance on this.
Basically they said that if a person goes in with 2 forms of id, thats it no questions asked. Now if the items are not owned by the person whose name is on the ticket then it is up to the legitimate owner to prosecute the person who did the pawning for theft.
The next question i asked was 'what is your rate of interest' ? - bugger me I didn't know that these rates of interest existed wait for it:-
72% per annum - APR 82.42%

The lady was extremely helpful so I thought I would chance my luck and have asked for a copy of the agreement to be faxed or sent to me, now if she does send it is another matter.

sapphire

[tellllll]

Re: Pawnbrokers Agreement!!!

Ok I will scan the agreement and try and work out how to post it on here. May take me a bit of time to work it out but I should get it done by close of play today.

The interest rates are listed as follows;

Interest rate: 78.00%

APR: 90.19%

Almost makes me want to be a pawnbroker lol

T

[Amethyst]

Re: Pawnbrokers Agreement!!!

flipping heck.

are we still allowed to argue extortianate credit bargain or did that go out with the 2006 amendments.

Definately get a copy of the agreement over to Tools ....

[Paule]

Re: Pawnbrokers Agreement!!!

Have a read of this it may help

http://www.consumerdirect.gov.uk/aft.../pawn-broking/

[Tools]

Re: Pawnbrokers Agreement!!!

Thanks I have the copy now and will have a look tonight

[Tools]

Re: Pawnbrokers Agreement!!!

Hi

Sorry for not getting back sooner I needed to double check something to be 100% sure .

Unfortunately despite the ridiculous APR the Credit Agreement looks bullet proof .

Worth a try , but sorry .

Hope your friend manages to sort things out.

I know its not always possible but if you are going to use a pawnbroker shop around for the best rate and try to bargain with them they are sometimes quite flexible.