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The Fifth Emergency Service - The Lean Times

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Jun 23, 2014 Debt , , , 0 Comments

Things have been a bit tough at Lean Times HQ recently, I have not had much actual paying work.I have been working, possibly more than when I have a regular job but it is laying the ground work type of work so I won’t see a return for a while.

In the meantime, the cupboards were getting barer and the bills pilling up.  I was not keen to ask the State for help because I knew there was money coming, I had just written an article for a national magazine, but the fee had not hit my account yet. I weighed up my options.

I will not give the payday loan mob a cent so I gathered up my courage and swallowed my pride and made a visit to the fifth emergency service in the UK, the pawn shop.

I am very lucky to have a vintage diamond ring that my grandfather gave me for my 18th birthday.  It is not something I can wear because it is too delicate but it did get me out of a jam. I was quite nervous about visiting the pawn broker. I choose TM Sutton which has been in the pawn broking business since 1770, so I knew they were not a fly by night business.

I was pleasantly surprised how painless the experience was, they have a separate door that says ‘Pledges’ above it and you go in and wait until one of the confessional like cubicles is available. When you enter you see the pawn broker behind a glass wall, show him your item and two forms of id. You then discuss how much you would like to borrow verses how much your item it worth. Once you come to an agreement, you sign a contract that gives them the right to sell your item if you don’t collect it within six months.

If I decided to collect my ring within two weeks they would charge £0.49 per day they held the ring, if I want to leave it longer it is at rate of 8% per month. This rate of interest is not extremely cheap but it is miles cheaper than horrible payday loans where the interest can be over 800%. The best thing was I felt like I was dealing with gentlemen.  They did not make me feel bad about my position, I was treated with respect and politeness.

I hope you my lovely readers do not need the fifth emergency service but if you do, choose one that has a good reputation and a long history. Please leave me a comment if you have been in a similar situation.

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