Keeping heirlooms and estate jewelries are the best way to remember someone that we love but it can also be useful especially in times when you need emergency cash and you have none available. Pawning heirlooms and jewelries are common and in fact, many who find themselves in tight situations would resort to selling their valuables for cash to pay their debts. In some instances, one would be able to pay their borrowed money, but what happens if one can no longer pay the loan amount and the deadline is near?
Paying your Pawnbroker
If you happen to find yourself in this situation, there are several ways that you can pay off your loan amount. The first thing that you can do is to talk and try to re-negotiate the terms and conditions of the contract especially if you do not want your items to be sold to others. In some cases, pawnbrokers might extend the deadline or create a new contract but they may also increase the interest rate so you have to talk with them and request if they can extend the time limit without having to increase the interest rate.
If the pawnbroker does not accept your terms, another thing that you can do is for the pawnbroker to sell the item in your behalf especially if the loan amount is less than the actual amount of the item. The shop would be selling the item in your behalf and would give back anything left after paying the loan amount and any other administrative fees.
In some instances, the auction or selling of the item might raise more money than what one intends to. In such case, you might lose the item but you can request for the excess amount to be given to you by the pawnbroker. You can negotiate with the buyer if you are interested in buying back the item.
Before selling your valuables, pawnbrokers must inform the borrower of the intended sale especially if the loan amount is more than £100. This way you would be able to raise some money to get it back before they sell it.
It is important to keep the receipt of the loan transaction as this would be your basis in claiming your items back. If you lose your receipt, you have to talk with your pawnbroker to provide you with a standard form or you can go to the court and swear that you are the rightful owner of the said items.
For professional and reputable pawnshops London has to offer, visit Hopkins and Jones at http://www.hopkinsandjones.co.uk.
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