Pawnbroking making a comeback

[One percent]

Looks like people are struggling and turning to pawnbrokers 

https://www.bbc.co.uk/news/business-66993004
 

These are my precious possessions that I've had to pawn because there's no help, there's no support."

Clare Adams is one of a rising number of people taking out loans against things they own to pay the bills.

Over the last year there has been a 25% increase in the number of new loans from pawnbrokers, according to figures from the Financial Conduct Authority.

Debt Charity StepChange said the data "speaks to the scale of the cost-of-living crisis as people get desperate".

Pawnbroking will "likely only worsen, rather than alleviate, peoples' financial position in the long run", warned the charity's director of external affairs, Richard Lane.

But since a government clampdown on payday lenders, pawnbrokers are the only route for some people to get the money they need fast.

 

More wibble at the link

[Axeman123]

From the article: 7-8% MONTHLY interest, 50-60% LTV.

How could that NOT make finances worse long-term?

[Stuey]

@King Penda predicted this on the streets of Hanley.

[spunko]

It's telling that she still expects the government to help her. This is going to be the wake up call that many people like her need. If I lost it all I would not expect any 'help' from the government, besides bennies needed just to survive.

[leonardratso]

2 hours ago, Axeman123 said:

From the article: 7-8% MONTHLY interest, 50-60% LTV.

How could that NOT make finances worse long-term?

 I suppose it does if you dont plan on getting the 'precious' stuff back.

Cash converters beckons for the other tat.

I remember one place used to cash cheques, as in you write them a cheque and they give you cash. That was pre GFC as far as i can remember, trouble was theyd give you was it 10-15% less than the cheque was worth, oh and had to have a cheque guarantee card, can you remember those? All sounds so archaic now.

[Wight Flight]

54 minutes ago, leonardratso said:

 I suppose it does if you dont plan on getting the 'precious' stuff back.

Cash converters beckons for the other tat.

I remember one place used to cash cheques, as in you write them a cheque and they give you cash. That was pre GFC as far as i can remember, trouble was theyd give you was it 10-15% less than the cheque was worth, oh and had to have a cheque guarantee card, can you remember those? All sounds so archaic now.

My pub used to do this.

Didn't charge though.

[leonardratso]

38 minutes ago, Wight Flight said:

My pub used to do this.

Didn't charge though.

Pub cash back, ace, for the asset rich cash poor alcoholic locals, specialty outside banking hours.

[One percent]

1 hour ago, leonardratso said:

 I suppose it does if you dont plan on getting the 'precious' stuff back.

Cash converters beckons for the other tat.

I remember one place used to cash cheques, as in you write them a cheque and they give you cash. That was pre GFC as far as i can remember, trouble was theyd give you was it 10-15% less than the cheque was worth, oh and had to have a cheque guarantee card, can you remember those? All sounds so archaic now.

I guess another plus is that they are open. All the banks have shut. Permanently. 

[leonardratso]

12 minutes ago, One percent said:

I guess another plus is that they are open. All the banks have shut. Permanently. 

was years ao, doubt anywhere takes cheques for cash anymore. Can still do cashback thought i believe.

[One percent]

3 minutes ago, leonardratso said:

was years ao, doubt anywhere takes cheques for cash anymore. Can still do cashback thought i believe.

I actually raised it on here a few days ago, what to do with a cheque these days. I’m still not sure 

[leonardratso]

3 minutes ago, One percent said:

I actually raised it on here a few days ago, what to do with a cheque these days. I’m still not sure 

i got one from VW last year for diesel gate. A car i owned for 6 months was apparently a 'cheater' so i joined the class action lawsuit. I even had to get the dealer i bought it off to go and get the receipt for it out of an offsite archive cos i had nothing to actually prove i ever had it.
Anyway, after about 2 or 3 years VW sent me a cheque for £300, id totally forgot about it, i was half expecting them to make do an impact or victim statement about how i couldnt sleep at night or had anxiety and couldnt work anymore and had bad mental health and couldnt leave the house cos id put on 40 stone due to stress cos VW sold me a car that literally killed kids in somalia or some such shit.

I digress, anyway, no branches around here, so i ended up just taking a photo of the cheque and uploaded it to the banks app, it went in and cleared and i got my £300 which i immediately spent on buying a tesla cos obviously that doesnt kill any kids in africa or anywhere else. I say tesla, i mean of course whisky and lager.

[One percent]

3 minutes ago, leonardratso said:

i got one from VW last year for diesel gate. A car i owned for 6 months was apparently a 'cheater' so i joined the class action lawsuit. I even had to get the dealer i bought it off to go and get the receipt for it out of an offsite archive cos i had nothing to actually prove i ever had it.
Anyway, after about 2 or 3 years VW sent me a cheque for £300, id totally forgot about it, i was half expecting them to make do an impact or victim statement about how i couldnt sleep at night or had anxiety and couldnt work anymore and had bad mental health and couldnt leave the house cos id put on 40 stone due to stress cos VW sold me a car that literally killed kids in somalia or some such shit.

I digress, anyway, no branches around here, so i ended up just taking a photo of the cheque and uploaded it to the banks app, it went in and cleared and i got my £300 which i immediately spent on buying a tesla cos obviously that doesnt kill any kids in africa or anywhere else. I say tesla, i mean of course whisky and lager.

Brilliant story. 

i bank with nationwide. I had a root around the app. I need to go to their website, download and print off a form. Complete it and post it with the cheque.  

[leonardratso]

Just now, One percent said:

Brilliant story. 

i bank with nationwide. I had a root around the app. I need to go to their website, download and print off a form. Complete it and post it with the cheque.  

yeah this was lloyds, i used to have a nationwide account and we even had a local branch, but they really were a bunch of pompous arrogant cunts who didnt like me turning up looking like a tramp in their offices by the look of it, used to really look down their noses at me and usually looked shocked when they saw how much i had in my accounts.

Yes thats right, a whole great british 68 new pence.

[Red Debt Redemption]

On 10/10/2023 at 21:45, leonardratso said:

yeah this was lloyds, i used to have a nationwide account and we even had a local branch, but they really were a bunch of pompous arrogant cunts who didnt like me turning up looking like a tramp in their offices by the look of it, used to really look down their noses at me and usually looked shocked when they saw how much i had in my accounts.

Yes thats right, a whole great british 68 new pence.

I had this in Halifax when I wanted to see what my options were for a mortgage. Turned up in a worn fake North face jacket and some jeans and they weren't having it.  

They gave me the number of some other person at a different branch that could help so went to them for aip for viewings etc. That's when they realised I was serious and original branch phoned my mobile weeks later all polite we can still help if you need us.

FUCK OFF! 

[Errol]

On 10/10/2023 at 21:27, One percent said:

I actually raised it on here a few days ago, what to do with a cheque these days. I’m still not sure 

Premium bonds still paid by cheque (technically a warrant).

[One percent]

6 hours ago, Errol said:

Premium bonds still paid by cheque (technically a warrant).

I have it paid directly into my bank account 

[Stuey]

2 hours ago, One percent said:

I have it paid directly into my bank account 

I'm up to the max now in P Bonds so should be expecting a win each month, right...

[apples]

1 hour ago, Stuey said:

I'm up to the max now in P Bonds so should be expecting a win each month, right...

https://www.nsandi.com/products/premium-bonds

Quote

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw (variable)

More like a couple of wins each month. Also some of the wins will be for £100

Note that (20999/21000)⁵⁰⁰⁰⁰ =~ 0.924, so approximately one month in ten you'll get nothing.

[leonardratso]

2 hours ago, Stuey said:

I'm up to the max now in P Bonds so should be expecting a win each month, right...

i think youll be surprised how bad it is, might be a bit better now. I had myself at 50K and my daughter at 50K, still didnt win much over a year.