• You hand over the pawned or pledged item to the pawnbroker, who will appraise it for you.

• Pawned or pledged items are handed over to them and does the appraisal

• You can pay what you owe and get the item back at any moment by redeeming the pawn. If you don't pay back the loan within the redemption term, the pawnbroker may sell it to recoup the money.

• The pawnbroker may sell it to recoup the money if you are unable to pay back the loan within

• In most cases, you'll be expected to pay off the loan in one lump sum rather than in installments.

• If you require additional time to repay the loan, the pawnbroker may agree to extend the period and create a new credit arrangement, but they may also refuse.

• They'll usually want you to pay back the interest you owe at the very least.



What should you do if you are unable to repay them?

If you can't pay back your loan by the deadline and don't want your item auctioned, you can ask the pawnbroker to extend the deadline, but they aren't obligated to do so.

If you borrow up to £75 and are unable to repay the loan, the pawnbroker will instantly take ownership of the item.

Things to look out for that may be grounds to complain:

• You'll be asked to sign a credit agreement; read it carefully and ask questions if you have any questions.

• You have a 14-day cooling-off period during which you can withdraw from the arrangement and only pay interest from the date you took out the agreement to the date you chose not to go further with it.

• You should expect to pay a pawnbroker a greater interest rate than you would for a high-street loan, but it will usually be less expensive than a payday lender.

• Before you pawn an item, make sure you know its value, so you have proof if you believe the pawnbroker sold it for less than it was worth.

How can you file a complaint?

A CMC such as Ingram Toft can assist you in writing a formal complaint letter. They will see to it that you get what you deserve in terms of compensation refund. Ingram Toft is known to have professionals with years of experience in successful financial claims.

Know how to file for a claim when your asset was sold for less than what it’s worth.