This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-49720446
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Albemarle and Bond: 'My tears over pawned jewellery' | Albemarle and Bond: 'My tears over pawned jewellery' |
| (about 1 hour later) | |
| When part-time cleaner Jackie Alderson saw the household bills mounting up she decided to pawn some of her jewellery. | When part-time cleaner Jackie Alderson saw the household bills mounting up she decided to pawn some of her jewellery. |
| Among the valuable items that secured the loan with Albemarle and Bond was a locket, inside which were pictures of her late parents. | Among the valuable items that secured the loan with Albemarle and Bond was a locket, inside which were pictures of her late parents. |
| Now, having saved up the £1,000 needed to return the 10 rings and two necklaces, the 57-year-old is wondering how she will ever see her treasured belongings again. | Now, having saved up the £1,000 needed to return the 10 rings and two necklaces, the 57-year-old is wondering how she will ever see her treasured belongings again. |
| The pawnbroker's branch in Southend-on-Sea is one of more than 100 that have shut their doors owing to the company's significant financial losses. Its latest set of accounts show that it lost £3.3m last year, and £1.6m the year before. | The pawnbroker's branch in Southend-on-Sea is one of more than 100 that have shut their doors owing to the company's significant financial losses. Its latest set of accounts show that it lost £3.3m last year, and £1.6m the year before. |
| 'You think they are secure' | 'You think they are secure' |
| "It made me cry," said Mrs Alderson, a mother-of-five and grandmother. "My parents have died and a couple of the items were from my mum., including the locket with my parents' photos in. "You think they are secure and I've been saving up to get them out." | "It made me cry," said Mrs Alderson, a mother-of-five and grandmother. "My parents have died and a couple of the items were from my mum., including the locket with my parents' photos in. "You think they are secure and I've been saving up to get them out." |
| Pawnbrokers allow customers to offer something valuable as security for a loan, or buy items such as jewellery and antiques. They lend money quickly, but usually at a worse rate than banks. | Pawnbrokers allow customers to offer something valuable as security for a loan, or buy items such as jewellery and antiques. They lend money quickly, but usually at a worse rate than banks. |
| Speedloan Finance, the owner of Albemarle and Bond, has tried to reassure customers such as Mrs Alderson that her belongings are safe and held in a pawnbroking centre. | Speedloan Finance, the owner of Albemarle and Bond, has tried to reassure customers such as Mrs Alderson that her belongings are safe and held in a pawnbroking centre. |
| Customers have been sent letters telling them about the status of their items and how they can redeem them. | Customers have been sent letters telling them about the status of their items and how they can redeem them. |
| But a number of customers, like Mrs Alderson, are in the habit of redeeming belongings at their local branch with cash. They are uneasy about doing so through the post or with a bank transfer. | But a number of customers, like Mrs Alderson, are in the habit of redeeming belongings at their local branch with cash. They are uneasy about doing so through the post or with a bank transfer. |
| That unease is made worse because they are unable to get through to the company's helpline to discuss the situation or make a payment. | That unease is made worse because they are unable to get through to the company's helpline to discuss the situation or make a payment. |
| Mrs Alderson said she had tried calling at all hours, well over 60 times in total, but the line was constantly engaged. Callers often get a busy signal or a recorded message telling them the company is receiving a large number of calls, but their items are safe. Emails receive an automated response. | Mrs Alderson said she had tried calling at all hours, well over 60 times in total, but the line was constantly engaged. Callers often get a busy signal or a recorded message telling them the company is receiving a large number of calls, but their items are safe. Emails receive an automated response. |
| BBC News has not received any reply from the company to explain the lack of responses. Late on Friday, in a statement, it said it was "exploring options available to it". | BBC News has not received any reply from the company to explain the lack of responses. Late on Friday, in a statement, it said it was "exploring options available to it". |
| These included finding a buyer for some or all of the stores. Staff were entering a period of consultation or being offered voluntary redundancy. | These included finding a buyer for some or all of the stores. Staff were entering a period of consultation or being offered voluntary redundancy. |
| Criticism | Criticism |
| The company's own trade body, the National Pawnbrokers Association (NPA), has criticised the company's failure to answer calls to the helpline, and told management to rectify the situation urgently. | The company's own trade body, the National Pawnbrokers Association (NPA), has criticised the company's failure to answer calls to the helpline, and told management to rectify the situation urgently. |
| The financial regulator, the Financial Conduct Authority, has told the company to deal with the situation in an orderly way with as little disruption as possible to customers. | The financial regulator, the Financial Conduct Authority, has told the company to deal with the situation in an orderly way with as little disruption as possible to customers. |
| The Albemarle and Bond website said: "If your items are expired or due to expire, please note we will not take any action with your items until we speak to you." | The Albemarle and Bond website said: "If your items are expired or due to expire, please note we will not take any action with your items until we speak to you." |
| The company's helpline is on 01865 798114, or customers can send an email to info@albemarlebond.com. | The company's helpline is on 01865 798114, or customers can send an email to info@albemarlebond.com. |
| If customers are not happy with the response from the company, they can contact the Financial Ombudsman Service to complain on 0800 023 4567. | |
| How does pawnbroking work? | How does pawnbroking work? |
| More information is available from the National Pawnbrokers Association. Consumer advice on pawnbroking is available from Citizens Advice and the Money and Pensions Service. | More information is available from the National Pawnbrokers Association. Consumer advice on pawnbroking is available from Citizens Advice and the Money and Pensions Service. |