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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a jewellers shop and I offer a 28 day buy back service.

Resolved Question:

I have a jewellers shop and I offer a 28 day buy back service. Where I buy an item off a customer and give them 28 days to buy it back with interest. Do I need a consumer credit licence to do this.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : The answer is yes. Because you are in business and charging Intererest you will be required to have a consumer credit licence.
Alex Watts : You must have a category a licence.
Alex Watts : Can I clarify anything d
Alex Watts : f
Alex Watts : Can I clarify anything for you about this today please?
Customer:

I am buying the item from them and giving them an option to buy it back. The fact that I say at a specified interest does that still mean a consumer credit licence if I specified a buy back value would that exclude me from this.

Alex Watts : If you are not charging interest then you wouldn't need a licence. If you charge interest you do need a licence.
Alex Watts : Does that clarify?
Customer:

I am not making a loan I am buying the item then giving an option for the customer to buy it back at a higher amount, within 28 days if they do not come back then the item is mine. Would this require a licence?

Alex Watts :

If you are pawnbroking in effect then yes.

Alex Watts :

If you are not pawnbroking then no

Alex Watts :

Does that clarify?

Customer:

I am not pawn broking

Alex Watts :

If that is the case and you are not charging interest then no, you wont need one

Customer:

I am in effect allowing them to repurchase the item but at fixed higher price within a time limit.

Customer:

So this would not require a licence

Alex Watts :

Yes in that case a consumer credit licence is not required

Customer:

OK thankyou could you send me a copy of this transcript in an email.

Alex Watts :

Once you rate then the format changes which means you can copy and paste it.

Customer:

Ok thank you for your help

Alex Watts :

No problem

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.


Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.


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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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