Great Yarmouth pawnshop sees 10pc rise in custom since new year

File photo dated 26/01/18 of money. Most workers believe their pay will not keep up with the cost of

There has been a 10pc rise in people using the services of a Great Yarmouth pawnbroker since the beginning of 2022. - Credit: PA

A Great Yarmouth pawnshop has seen a rise of 10pc in people looking to borrow money by hocking their possessions as the cost of living rises.

John Smith, manager of Cash Inn in Market Gates, said that since the start of the year more people have been trying to make ends meet by selling and repurchasing their items.

Mr Smith said: "We've seen about a 10pc lift on people borrowing money or people having a sort out of their bits and pieces and getting money for that.

"It's spiked over the past month or so. People are finding things a little bit harder.

"The cost of living has gone up and there's a bit of apprehension out there with pending rising fuel bills."

The pawnbroker offers customers two schemes for borrowing money.

One is their sale and repurchase scheme - also known as buy back - where people can repurchase their goods before 28 days.

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The other is the seven month pledge, which is similar to the buy back but with lower rates and more flexibility in repaying.

Cash Inn also purchases people's items without a buy back option.

Great Yarmouth's other pawnbroker, Cash Generator, said they have not seen a rise in people using their service.

Harley Butt, assistant manager at the Great Yarmouth branch, said: "It's been business as usual.

"The service is used more usually around summertime - due to families wanting days out and things like that."

Citizens Advice Bureau sign

Citizens Advice Bureau said the national peak for people getting in touch with financial concerns occurred in November. Usually, the peak happened in February. - Credit: PA

Citizens Advice Bureau (CAB) said they have seen a peak in clients in the Great Yarmouth area seeking help and the situation is going to get worse.

A spokesperson from Norfolk CAB said: "Last years' changes to Universal Credit, the pandemic's impact on employment, the jump in gas prices, and the related relationship and mental health complications are all part of this increase. 

"But the growth in inflation is particularly concerning as it will affect more people in more ways and we expect to see a continuous increase in clients experiencing issues with debt, benefits, housing and utilities.

"Councils and responsible companies should be open to conversations about problems with bills and help in finding a reasonable way to structure repayments.

"If this is not successful, we can advise on mediation routes and ways of gaining time to plan finances and reduce anxiety."

How can CAB help?

A spokesperson from Norfolk CAB said: "Our advisors will welcome anyone in Norfolk who needs our help at any stage, so readers should not be worried about asking for help. Almost 30,000 people have come to us since the start of the pandemic to get free, confidential advice.

"If anyone has money concerns, contact Norfolk Citizens Advice, via www.ncab.org.uk or one of their offices across Norfolk. It's very important to understand your finances, know what you can afford, and understand what help you can call on. Do this when you first start worrying and it will be easier to find ways of avoiding bigger problems later on."

Citizens Advice Bureau can also be contacted on 0800 1448848.