The Chair of the NPA’s Scottish Pawnbrokers Association, Glasgow based John Paterson, said:
“Pawnbroking stores who are linked to the NPA already provide debt advice leaflets to customers who require good debt advice”.
“The pawnbroking sector wants to ensure that all customers can afford their loans. We now know that pawnbroking loans can be more affordable in some circumstances than loans found from some high street banks”.
“In the worst case scenario, if a customer does not repay a loan then the asset such as a gold ring, which the loan was based on, is sold and any surplus gained by selling the item, if it is worth more than £75, is returned to the customer”.
“No other consumer credit product provides such a service”.
“Good advice is essential for consumers to reach a considered decision. That is why, further to discussions with the Scottish Government, debt advice leaflets will now feature Scotland’s Financial Health Service – providing the support that people may need if they are facing unmanageable debt problems”.
“This is a sign of our commitment to do all that we can to support the interests of consumers across Scotland”.
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Notes to Editors:
Scotland’s Financial Health Service: www.scotlandsfinancialhealthservice.gov.uk
Many people do not know who to turn to when seeking help with their financial problems. Scotland’s Financial Health Service provides a Government funded public service in two strands; a website and a helpline, to help signpost people to the most appropriate organisation to help them with their individual issues.
Scotland’s Financial Health Service helpline is available on 0800 707 6696 from 8.00am to 8.00pm on Monday to Friday and between 8.00am and 2.00pm on Saturday.
The National Pawnbrokers Association (NPA) was founded in 1892 and is the trade association representing pawnbrokers, from the large chains through to independents, in a £930m loan market growing year on year. It is the authoritative voice of the pawnbroking industry in the UK.
The NPA stands for expertise, fairness and transparency, professionalism and excellence. All our members are bound by our rules and a customer code of conduct. Pawnbroking is part of the credit industry and is regulated alongside banks and other lenders by the Consumer Credit Act 1974.