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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.
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?
If you are pawnbroking in effect then yes.
If you are not pawnbroking then no
Does that clarify?
I am not pawn broking
If that is the case and you are not charging interest then no, you wont need one
I am in effect allowing them to repurchase the item but at fixed higher price within a time limit.
So this would not require a licence
Yes in that case a consumer credit licence is not required
OK thankyou could you send me a copy of this transcript in an email.
Once you rate then the format changes which means you can copy and paste it.
Ok thank you for your help
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