In this article we will look at what happens if you lose your receipt for a Pawnshop transaction.
Why use a pawnshop in the first place?
Anyone who needs an emergency loan to settle outstanding bills, or the boost of a quick cash injection to help pay for a special event/occasion has a quick, easy and stress-free way of achieving their goal.
The solution is to take an item(s) of value to a respected pawnbroker and negotiate the loan.
Once an agreement on the amount of money the pawnbroker is willing to “pledge” for your item(s), a straightforward, written agreement is produced and signed by both parties.
Upon completion of this transaction the pawnbroker will issue you a “ticket”. This is a receipt giving such things as:
- Proof of your ID
- Contact details
- Agreed loan amount
- Applicable interest rate
- Term of the loan – This is usually 6 or 7 months.
The huge benefit of such a transaction is that as long as you are satisfied with the amount offered, the agreement can be completed there and then and you will leave the pawnbrokers with cash in your pocket.
Reclaiming your goods:
This is also a very straightforward process. When you are ready to redeem your item(s), you simply revisit the pawnbroker with your “ticket” and as long as the amount loaned to you plus interest is paid in full, you will receive your property back.
What happens if you lose your ticket?
It is obviously wise to look after your ticket and keep it in a safe, secure place (don’t tuck it away in a ‘special’, newly discovered hiding place because the chances are that you will forget this location over time!
However, if you do lose your ticket there are still ways to retrieve your goods.
If the amount borrowed is £75 or less:
You should visit the pawnbroker and explain that you cannot find your receipt. They will then produce a standard form reclaim form for you to complete. It basically states that you have lost your ticket but that the goods in question are yours.
Make sure you have ID on you and an official letter with your address on it. Both forms of identification should contain the same information as the pawnbroker’s original copy of the agreement.
It is important to understand that if the pawnbroker does not believe the goods are yours they can refuse to return them. They are only doing this to protect themselves and the rightful owner of the goods.
If the amount borrowed is over £75:
If the amount borrowed is over £75 or is less than £75 but the pawnbrokers does not believe the goods are yours, those in England and Wales will need to pay a visit to a magistrate or a commissioner for oaths. This is to make and sign a statement by swearing that the goods in question are yours. Going down this route will involve you paying a fee.
Once this proof is obtained you can then take it to the pawnbroker and either take possession of your goods or enter into a new contract term.
Keep that ticket safe:
Looking at what happens if you lose your receipt from a pawnbroking transaction should tell you that it is far better to keep your “ticket” in a safe, secure place until it is needed.
It is clear that your goods can be redeemed without your “ticket”, but the process involves paperwork, additional time, and the potential of incurring an additional cost due to the necessity of a visit to a magistrate or commissioner for oaths.