FCA leader calls for action on pawnbrokers

46
1
FCA leader calls for action on pawnbrokers

I'm not alone. He says there are a lot of people out there who are really struggling and facilities like this pawnbrokers are the only facilities that can help you get finance.

The pawnbrokers were the only source of finance I could find for my assets. That was the only resource I had, and if these guys weren't here I would have gone for weeks without being able to pay for food. The pawnbroker has the right to sell the item to recoup the original loan and interest, if it isn't redeemed for up to six months.

If she wasn't able to use pawnbrokers, she says the only alternative would be doorstep lending or loan sharks - illegal moneylenders who charge very high interest rates. Vicki has been forced to use it before, but never wants to do it again.

He believes that once the FCA realizes that the loss of access to pawnbroking services will have a devastating impact on these people, the FCA will work with the banking and pawnbrokers to agree an approach that will stop the closure of pawnbrokers' bank accounts by banks.

Tags
Vicki FCA