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Pawnbrokers

This advice applies to Scotland

A pawnbroker is someone who lends money according to the value of goods left with them (pledged). When you leave your goods with the pawnbroker they must give you a receipt known as a ticket.

The pawnbroker must keep the goods for at least six months but you can get them back at any time by paying off the loan plus interest. The period can be extended by paying the interest only and re-pledging the goods.

What happens if you don’t repay the loan

If you don’t repay the loan or extend the credit, the pawnbroker can sell your goods and use the money to pay off your debt.

If you’re struggling to repay your loan because of coronavirus 

The pawnbroker might agree to reduce or pause your payments temporarily. You can check what to do if you can’t repay your loan.

What happens if you lose the ticket

If the amount you borrowed was £75 or less, the pawnbroker can give you a standard form to fill in to say that you have lost the ticket but that the goods are yours. The pawnbroker might not agree to do this if they don't believe the goods are yours.

In Scotland, you should ask a solicitor for advice, but there's likely to be a fee for this. You could ask a justice of the peace (JP) if you know one personally, and they might be prepared to vouch for you without charging a fee. You can read more about justices of the peace on the Scottish Courts and Tribunals Service website.

A solicitor or other legally qualified person, such as a legal executive, can act as a Commissioner for Oaths.

For more information about finding a solicitor, see Using a solicitor.

What happens if you don’t go back for the goods

If you don't go back for the goods within six months and the amount borrowed is £75 or less, the goods will become the pawnbroker’s property.

If the amount borrowed was more than £75, the pawnbroker can sell the goods at the end of the agreed period. But the pawnbroker has to give you notice of this if the loan was for more than £100, to give you a chance to collect the goods.

Further help and information

The Money Advice Service website has lots of useful information about borrowing and managing your money.

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