Disclosure of controlled credit contract terms & conditions

Finance rate is calculated at 420% per annum.

Assumptions. The borrower will repay the amount of the pledge on any monthly anniversary of the advance, in one lump sum.

Interest charged includes all costs (ie) Insurance, Wage- and running costs and is not truly a reflection of the interest charged as to the Credits Contact Act but is of the Pawn brokers Act 2004.

Cancelation of this contract within four (4) days will cost the first month's interest plus the amount borrowed.

 

Summary of rights and Obligations relating to Pawned Goods

You ("the pledger") must produce a pledge ticket provided to you by the pawn broker to redeem the pawned goods.

The pawnbroker must hold the goods for 3 months (unless you and the pawnbroker agreed on a later date). This is called the "redemption date".

The pawnbroker must not dispose of pawned good on or before the redemption date, except by way of redemption of the goods by the pledger or as otherwise provided by the Pawnbrokers Act 2004

The goods may be redeemed at any time on payment of the redemption price.

The pawnbroker is entitled, in the absence of proof to the contrary, to assume the holder of the pledge ticket is in fact the pledger of the goods identified on the ticket.

You can get a replacement ticket from the pawnbroker if you satisfy the pawnbroker that you are the pledger, or an agent of the pledger; (unless you know the pawnbroker personally, this is likely to require you taking some form of identification along to the pawnbroker).

A label must be affixed to the pledged goods until they are redeemed, or otherwise disposed of.

You may, at any reasonable time, inspect any of your goods held by the pawnbroker - if doing this, you may view but not handle the goods; or the pawnbroker can demonstrate that they are operational.

If you do not redeem your goods on or before the redemption date, the pawnbroker may sell them to recover the redemption price. This must be at a public, or an internet auction in the first instance.

If a sale price is more than the redemption price: if the excess is S10.00 or more the pawnbroker must inform you in writing (at your last known address) of the amount you are entitled to and the date by which you must claim it. (You are entitled to 90% of any excess, provided you claim it within 5 months of a sale).

If you decide you want to sell the goods to the pawnbroker, the pawnbroker may buy them if the purchase price is more than the redemption price, in which case you will receive the difference in cash at the time of sale.

In the event of more than one contract being pawned in my name,I agree to uplift the oldest dated contract first,unless otherwise stated and agreed with the pawnbroker.

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