MLhuillier Pawnshop Terms and Conditions (Pawner and Pawnshop)
MLhuillier Pawnshop designated these Terms and Conditions between them and the pawner. Frequently asked questions will be answered such as:
How much is the service charge of MLhuillier Pawnshop?
When will the pawned item (jewelry) mature?
How will you know if the Pawnshop transfer its location or business address?
What if the pawned item (jewelry) has been damage or lost due to natural calamities (e.g. typhoons, floods, earthquakes, etc.)? Who is liable? And in what cases?
How many days or months is the grace period?
How much is the liquidated damages if the loan exceeds its maturity date?
Answers are revealed on the underline statements.
Photo Snapshot of the Terms and Conditions printed at the back of MLhuillier Pawnshop Contract of Pledge (Pawn Ticket)
The pawner hereby accepts the pawnshop's appraisal as proper.
The pawner agrees on the interest rates imposed in this contract of pledge. In case of dispute, the regular courts of law have the vested power to determine the reasonableness and legality of interest rates. The pawnshop hereby agrees not to collect advance interest for a period of more than the original term agreed upon herein.
The service charge is equivalent to one percent (1%) of the principal loan, but not exceeding five pesos (P5.00). No other charges shall be collected.
This loan is renewable for such amount and period as may be agreed upon between the pawnshop and the pawner subject to the same requirements for a new loan.
Upon maturity of this loan, as indicated on the face of this ticket, the pawner has ninety (90) days from maturity date within which to redeem the pawn by paying the principal loan plus the interest that shall have accrued thereon.
The amount of interest due and payable after the maturity date of the loan during the redemption period shall be computed upon redemption at the rate of interest provided in No. 2 above based on the sum of the principal loan and the interest earned as of the date of maturity. Any additional penalty and/or interest shall also be computed in the same manner. For purposes of computing the amount of interest for pledge loans paid after maturity date, a fraction of the original term of the loan agreed upon shall be considered as one full term.
The pawnshop shall notify the pawner of any change of its business address/location through: (1) publication in English and in Filipino or in the local dialect in two (2) daily newspapers of general circulation in the city or municipality where the pawnshop is closing business; and (2) posting in English and in Filipino or in the local dialect for one (1) month after date of publication in a conspicuous place in the premises to be vacated and to be transferred to.
The pawner shall advise the pawnshop of any change of address/contact number/e-mail address/fax number.
The pawner and the pawnshop, agree that the notice of auction sale shall be delivered via [ ] email, [ ] SMS, [ ] fax or, [ ] registered mail or courier at _________________________ (check box of agreed mode and indicate the email address; mobile phone no.; fax no.; or complete residential address, as maybe appropriate in the space provided). In case no mode of notification is agreed upon, the default shall be via ordinary mail. The pawnshop shall have the right to sell or dispose of the pawn in public auction if the pawner fails to redeem it within the ninety (90) day grace period. The pawnshop shall send the reminder to the pawner on or before the expiration of the ninety (90) day grace period.
This ticket shall be surrendered at maturity date upon payment of the loan. In case of loss or destruction of this ticket, the pawner hereby undertakes to personally present an affidavit of loss to the pawnshop before the redemption period expires. The pawnshop has two(2) days to decide whether to accept: (1) the affidavit in place of the original pawn ticket; or (2) to issue a substitute pawn ticket, thereby canceling the original.
In case of pre-payment of this loan by pawner, the interest collected in advance shall accrue in full to the pawnshop.
The pawner shall not be entitled to the excess of the public auction sale price over the amount of principal interest and service fee; neither shall the pawnshop be entitled to recover the deficiency from the pawner.
The pawnshop shall exercise reasonable care and caution that an ordinary prudent person would as to his own property over the thing pawned in accordance with Republic Act No. 386 (Civil Code of the Philippines), as amended. Accordingly, the pawnshop shall insure all pawned items, except those which are kept inside a fireproof vault, in accordance with the pertinent regulations of the Bangko Sentral ng Pilipinas. Claims for restitution by pawners in case of loss, destruction or defect of the pawn due to robbery, fire, and other fortuitous event, with or without the fault or negligence of the pawnshop, its owner, managing partner, directors and officers are cognizable by regular courts.
The pawnshop/pawnee shall not be liable for loss or damage of the pawn due to fortuitous events or force majeure. When the loss is due to the fault and/or negligence of the pawnee, the amount of its liability, if any, shall be limited to the appraised value appearing on the face hereof.
In case this loan is not paid on maturity date, the pawner hereby agrees to pay in addition to accrued interest. 2% per month of the principal, as liquidated damages. For purposes of computing the amount of liquidated damages, a fraction of a month shall be considered as one (1) full month. The pawnshop may at its sole option allow redemption of pawn after expiration of the 90-day grace period upon payment by the pawner of the loan principal plus interest due and liquidated damages at the rates and manner of computation herein prescribed.
The authorized representative shall present a valid identification papers.
Venue of all judicial and administrative cases or proceedings and other legal incidents arising out of or in connection with this contract shall solely and exclusively be brought before appropriate courts, departments, offices or agencies of the government situated in Cebu City or Makati City.
FINALLY, THE PAWNER DECLARES UNDER THE PENALTY OF THE ANTI-FENCING LAW THAT HE/SHE IS THE OWNER OF THE PROPERTY SUBJECT OF THIS AGREEMENT AND THAT THE SAME IS/ARE FREE FROM ANY LIENS & ENCUMBRANCES.
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HI GOOD MORNING PO GUSTO KO PO SANA MALAMAN ANG APPRAISAL RATE NINYO PARA PO SA 22K GOLD KASI NAPAKA BABA PO NG IBINIGAY SA AKIN GUSTO KO PO SANA ITO IPA RE-APPRAISE KASI PO MALAPIT NA ITO MAG MATURE PO MA EXTEND PA ANG MATURITY BALI PO SA 15.10GRAMS NA 22K KO 24,000 PESOS LANG PO ANG PRINSIPAL KAYA PO MAARI NIYO PO BA ITONG BIGYAN NG COMPUTATION PO RE APPRAISAL KASI PO MAG MATURE NA ITO SA 08/29/2016. INAASAHAN KO PO ANG INYONG TUGON SALAMAT PO.
Hi, hello just want to ask when is the last given date where I can redeem the pawned item? how is the calculation of interest if I didn't redeemed the item during the maturity date? Is there any chance that my necklace will be forfeited if I didn't redeemed during such period of time? thanks!
Thanks for this! This is very informative. I'd also want to share my most recent pawning experience. I badly needed fast cash back then but I didn't have the luxury of time to visit a pawnshop so I pawned my designer watch online via http://pawnhero.ph/ It's very efficient. I only had to upload a photo to their website using my smartphone. When I agreed on the appraisal, they had a courier to pick up my item and give me a card where I withdrew my money.