FAQ’s Buy Backs

FAQ’s Buy Back

How does a Buy Back work?

Buy Back’s are not a loan. It’s a quick and easy way to raise money on items you already own.

You bring your item into us and we will buy it from you for an agreed price. We will then give you the option to buy it back from us within 28 days for the amount we gave you plus an agreed fee. Your item will be kept in a safe and secure place whilst it is with us.

You can buy the item back at any time within the 28 days. If you decide that you don’t want the item back we will sell the item in our shop once the 28 day buy back option has expired. It’s as simple as that.

The items that we accept on a Buy Back may vary slightly from shop to shop, but in general we accept anything that has a re-sale value. Examples of some of the common items we take are mobile phones, laptops & tablets, TV’s, audio equipment, musical instruments, game consoles & games, power tools and jewellery. These items are only examples of the everyday items we take. We take a lot more and will consider almost anything.Simply bring us an item of value, along with a valid photo ID and proof of address and we’ll get you money in minutes after your loan is approved._

What is a renewal?

If you are unable to Buy Back your item within the 28 days, you may get a renewal. With a renewal, you pay the “option fee” that we agreed and a new Buy Back agreement is written for another 28 days. The principal amount we gave you remains the same, as does the option fee, but the due date is reset for another 28 days. You may only renew an item once.

Will I lose my item?

The majority of our customers Buy Back their item within the 28 Buy Back period. If a customer chooses not to Buy Back the item within the 28 days, we will then sell the item in our shop.

How do you value an item?

The amount we give on a Buy Back depends on the value of your item – its current appraised value, its current condition and our ability to sell the item if you don’t come back for it. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The appraisal process varies depending on the type of item—for example, jewellery is evaluated differently than a DVD player. Our staff are trained to ensure that our Buy Back values are in line with the general marketplace for pre-owned merchandise. We look at the item’s retail value when it was new, its pre-owned market value, it salability and its condition to determine its value.

How do you determine the condition of an item?

The condition of an item is always taken into account during the appraisal process for a Buy Back. If one 32-inch television comes in that is in perfect condition and one 32-inch television comes in with a crack in the case, we will give more money on the TV that’s in better condition. When it’s general merchandise you want to use on a Buy Back, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included. The better the condition of your item, the more money we can give you.

How do you determine the value of jewellary?

With jewellery, we test the precious metals and diamonds to determine its worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/colour/clarity of each—you may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the carat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can give you on a Buy Back or on a Pawn loan.

How do you determine the price of gold?

The price of gold we use is based on market values, the price for which are linked the London Gold Fix which are set twice daily. Prices can vary greatly as the loan amount for 22ct gold is significantly higher than that of 9ct gold.

London Gold Fix background:

Gold prices are set by what’s known as “The London Gold Fix.” Twice each business day at 10am & 3pm, five members of The London Gold Market Fixing Ltd. meet to determine gold trading prices, which are known as “benchmarks.” The five bankers each represent one of the five biggest bullion banks in London. The prices established by these bankers help determine gold prices internationally.

Can you give a quote on an item over the phone?

Unfortunately, we cannot give Buy Back quotes over the phone. Prices vary greatly depending on the condition of an item, so we need to see the item first.

Is my item safe while it’s with you?

It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item on Buy Back, we keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safely stored here until you come back to buy your item back.

Are Pawnbrokers regulated?

Yes. All pawnbrokers are authorised and regulated by the Financial Conduct Authority for consumer credit activities only.

COVID 19 – LOCKDOWN 3

Following the government announcement yesterday (5th April 2021), we’re excited to be reopening on Monday 12th April 2021.

We look forward to see you all again soon.

Stay safe and keep well.

CASH EXCHANGE

Updated 6th  April  2021