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TOP 5 Most Popular FAQs
1.
What happens if I do not redeem my jewellery or I forget to redeem my jewellery before my pawn ticket expires?
If the pawn value (i.e the amount of loan) of your jewellery exceeds $50 and you did not redeem it on or before the pawn ticket expires, your jewellery will be sent for auction on the following month as required under the Pawnbrokers Act. For jewellery with a pawn value of $50 or less, it will be forfeited by the pawnbrokers.
2.
Where is the auction venue for unredeemed pawned items and how frequently are the auctions being held?
The Pawnbroker's auctions are being held monthly. Please click
here
for the auction dates and venue. The viewing time of the unredeemed pledges starts from 10.00am while the auction time starts from 1:45pm.
3.
The watch which I have pawned has been sold off at an auction. How do I know if there is a surplus and how do I get the surplus back?
If you are entitled to any surplus, the pawnbroker will write to you within 10 days from the date of auction. You can claim your surplus directly from the pawnshop within 4 months from the date of auction. As such, please inform the pawnshop of any changes in your address so that they can inform you to collect the surplus.
4.
What should I do if I lose my pawn ticket?
If you lose your pawn ticket, you may go to the pawnshop concerned to obtain a declaration form to declare that you have lost your pawn ticket. You will need to complete the declaration form, declare it before a Commissioner for Oaths or Notary Public and submit to the pawnshop for their necessary action.
5.
What is the validity period of a pawn ticket?
A pawn ticket is valid for 6 months. Pawners are advised to take note of the expiry date of the pawn ticket.
Last updated on 16 August, 2010
