Reply With QuoteInteresting.
Shame that they don’t do a “we’ll
buy your watch back for what you paid us for it” scheme
It seems that watches.co.uk after now offering a pawnbroker service for people that need to raise funds for a period of time.
BUYBACK SCHEME
If you require extra funds and do not want to sell your asset, Watches.co.uk offers you a buyback agreement that allows you to QUICKLY RAISE funds against your Luxury Watches by selling to us and receiving payment immediately with an option to repurchase at a mutually agreed date (typically 12 weeks).
We specialise in Buyback agreements only for Swiss watches.
The purchase price would normally depend on make and model of your item, the condition that it’s in and availability of papers, boxes and accessories. Payments are processed immediately by a pre-agreed method.
By appointment only in our secure and safe London office with ‘distancing glass counter’ in place.
Feel free to contact our team with any enquiries.
Interesting.
Shame that they don’t do a “we’ll
buy your watch back for what you paid us for it” scheme
Just to point out its not pawnbroking and isn't covered and regulated like pawnbroking, so not as safe.Originally Posted by boring_sandwich
What’s the difference between this and pawnbroking?
Paging Haywood Paging Haywood..
Is this an essential activity that people should be encouraged to travel for?By appointment only in our secure and safe London office with ‘distancing glass counter’ in place.
If it’s not pawnbroking, how will they make their money then?
Are you expected to buy it back at a higher price they originally bought it from you for?
Could be if you've lost your job and have bills to pay. I doubt anyone will take them up on it simply as something to do on the weekend.
Pawnbroker shops on the High Street are all shut. Maybe they are hoping that some people won't collect their watches after this is all over and then it becomes a cheaper purchase doesn't it ?
Maybe that's the point, get watches in and hope some don't go back out again.
https://www.watches.co.uk/buyback-scheme/
This one is also on offer it appeared some weeks ago on the Paul Thorpe You Tube Channel
https://www.youtube.com/watch?v=rkIxhaEdTwg
Last edited by SteveM112; 20th April 2020 at 15:44.
The difference is a mountain of regulation and customer protection.
Buy-back is also usually more expensive like-for-like, as there will be VAT applied to whatever the "buy-back" provider adds for their so-called "service charge."
If you pawn an item, it remains your property throughout the duration of the loan. This is not the case with buy-back.
FCA may consider it to be "gaming" (using a type of transaction to provide credit in all but name), and then good luck to the provider.....
They generally accept it for lower value or quickly diminishing goods such as "electricals," phones and technology.
I have written thousands of words about "buy-back" vs pawnbroking.
A pawnbroking loan for a couple of thousand pounds might typically be contracted for 5 or 7 months, but you can redeem at any time without penalty and for a month this might cost anything in the range of about 4% - 9%.
If considering a "buy-back" service, ask what they charge and consider that as a percentage with which to compare.
If a pawnbroker has to sell an item (and only around 15 - 20% are NOT reclaimed ) then the borrower may well be entitled to additional funds (any surplus, beyond the loan capital, interest and costs of sale).
If a "buy-back" provider sells an item......he keeps everything. He has an incentive to buy a thing in cheaply, where the pawnbroker (contrary to myth) is actually better off the more he can advance you against an item.
I cannot recommend the buy-back service generally.
Update : it seems that the watches.co.uk scheme offers a "12 week buy-back" --- for which they will charge you the same amount whether you go back in a week or the full term !
No charges or fees appear to be published.
Last edited by Haywood_Milton; 20th April 2020 at 16:05.
While most pawnbrokers are currently closed, it may surprise you to learn that it IS classed as an essential financial service.
The idea is that we should be open as soon as possible, lest those without access to cash start rioting. Remember that about 1 in 6 people doesn't have a bank account --- and many of those who are "banked" find them naff all use when they most need it !
Had to smile the other day when someone linked me to the Citizens' Advice website. They publish a list of legitimate reasons to go out and "to visit the pawnbroker" was among the very first items.
H
Thanks, I realise that pawnbroking is well regulated now and not worthy of its perhaps sometimes dodgy reputation.
Can see that there's plenty of scope for confusion between the two services though, which at first glance appear similar.
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