Below we have listed a number of facts that you should know about pawnbrokers. So much has changed over the years regarding pawnbroking. The likes of professionals and new regulations have made this industry very acceptable.
The rules and regulations state that anyone in the UK that wishes to start a pawnbroking business must become a member of the NPA (National Pawnbrokers Association).
Although the National Pawnbrokers Association was originally founded back in 1892 and then incorporated in 1931, the constitution that was written when first founded did not actually get rewritten until 1989. The main reason for reviewing and then rewriting the constitution was because of the following:
1. Pawnbroking was expanding so the National Pawnbrokers Association had to take this into account.
2. It gave the National Pawnbrokers Association more time to efficiently regulate its current members to a better standard.
3. Better protection for the public was need, hence why the constitution was rewrote.
Below we take a look at some of the reasons why more and more people are turning to pawnbrokers.
1. People are turning to pawnbrokers simply because they find it much easier to obtain a small sum of cash for a short period of time, rather than going to a bank or building society. In many cases the person looking for the cash is able to do so within a few minutes or hours of seeking out the services of a pawnbroker close to where they live.
2. Pawnbrokers are not how they used to be. The days where it was all hush hush have now vanished, and now most lenders are very open about their service, just like any other business.
3. Along with the traditional pawnbroking services, those who are members are able to take advantage of the National Pawnbrokers Associations cash service company. This provides their members with a third party cheque clearing facility.
4. Before any money or items can be exchanged, the customer has to sign a Pre Contact Information document, this protects the customer as well as the pawnbroker.
5. The customer has up to six months to collect their goods, when the loan is fully paid the goods will be returned.
6. However, one needs to be aware that if the sum borrowed is over 75 and the loan plus interest is not repaid in the time agreed, then they will receive notice from the pawnbroker informing that in 14 days time the goods will be sold. But at this time the pawnbroker may also provide the customer with an option to further renew the loan through them, paying off the interest that they currently owe. If they choose to do this then a new agreement will be written up which they will be then required to sign.
7. Before anyone can set up a pawnbroking service, they must have a relevant credit licence and a certain type of security and insurance. Premises are again very important. All potential pawnbrokers must abide by the Consumer Credit Act 1974.
As you have read above, pawnbroking is not like it used to be. There are now a lot more rules and regulation brokers have to abide by. Using pawnbrokers does not attract the stigma that it use to, as you now know more and more people use them. - 29904
The rules and regulations state that anyone in the UK that wishes to start a pawnbroking business must become a member of the NPA (National Pawnbrokers Association).
Although the National Pawnbrokers Association was originally founded back in 1892 and then incorporated in 1931, the constitution that was written when first founded did not actually get rewritten until 1989. The main reason for reviewing and then rewriting the constitution was because of the following:
1. Pawnbroking was expanding so the National Pawnbrokers Association had to take this into account.
2. It gave the National Pawnbrokers Association more time to efficiently regulate its current members to a better standard.
3. Better protection for the public was need, hence why the constitution was rewrote.
Below we take a look at some of the reasons why more and more people are turning to pawnbrokers.
1. People are turning to pawnbrokers simply because they find it much easier to obtain a small sum of cash for a short period of time, rather than going to a bank or building society. In many cases the person looking for the cash is able to do so within a few minutes or hours of seeking out the services of a pawnbroker close to where they live.
2. Pawnbrokers are not how they used to be. The days where it was all hush hush have now vanished, and now most lenders are very open about their service, just like any other business.
3. Along with the traditional pawnbroking services, those who are members are able to take advantage of the National Pawnbrokers Associations cash service company. This provides their members with a third party cheque clearing facility.
4. Before any money or items can be exchanged, the customer has to sign a Pre Contact Information document, this protects the customer as well as the pawnbroker.
5. The customer has up to six months to collect their goods, when the loan is fully paid the goods will be returned.
6. However, one needs to be aware that if the sum borrowed is over 75 and the loan plus interest is not repaid in the time agreed, then they will receive notice from the pawnbroker informing that in 14 days time the goods will be sold. But at this time the pawnbroker may also provide the customer with an option to further renew the loan through them, paying off the interest that they currently owe. If they choose to do this then a new agreement will be written up which they will be then required to sign.
7. Before anyone can set up a pawnbroking service, they must have a relevant credit licence and a certain type of security and insurance. Premises are again very important. All potential pawnbrokers must abide by the Consumer Credit Act 1974.
As you have read above, pawnbroking is not like it used to be. There are now a lot more rules and regulation brokers have to abide by. Using pawnbrokers does not attract the stigma that it use to, as you now know more and more people use them. - 29904
About the Author:
Uncles pawnbrokers are a West Midlands based pawnbroking business that loan against platinum, gold and other valuable.
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