This is the first time that information in the Welsh language has been provided.
National Pawnbrokers Association (NPA) Chief Executive, Ray Perry, said:
“Pawnbrokers who are linked to the NPA already provide debt advice leaflets in English to customers who require good debt advice”.
“Our pawnbrokers want to ensure that all customers can afford their loans. In the few cases where there are affordability issues rather than have to turn people away we want to help them by working closely with debt advice agencies and providing a customer in difficulty with suitable advice about debt agencies and charities who may be able to help them”.
“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 after costs 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 debt advice leaflets will now be available in Welsh, as well as in English, so that charitable advice services can be signposted to customers who may require this information”.
“This is the first time in the history of pawnbroking that we have produced leaflets in Welsh. It is a sign of our commitment to do all that we can to support the interests of consumers across Wales”.
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Notes to Editors:
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.