mum took out a loan with Royds - Can we get the ring back???

[MorganaNK]

Years ago, when my mum took out a loan with Royds... they took her engagement ring as security and put it in the branch safe.

 

Years have passed and they still have it. One debt to them is being paid via Wescot, the other is yet to be CCA-ed...

 

If we ask for the ring back, are we asking for trouble? Should we just leave it there?

 

Any help appreciated...

 

Thanks

[PGH7447]

who are royds?

[Hardupnotfedup]

Strange but if the ring was used for security and the loan hasn't been repaid then surely they have the right to keep it.

What is the value of the ring because this should be deducted from the balance owing surely, yes and who are Royds?

[PGH7447]

If they are a pawnbroker, then the ring is theirs until redeemed, if they sold the debt on then the ring value should have been used against the outstanding balance. but then again a pawnbroker would only loan the valsue of the ring so there should be no debt to sell on

 

so who are Royds

[MorganaNK]

Lloyds TSB = Hemorrhoids = Royds - sorry!

[PGH7447]

Dont believe Lloyds are allowed to so that - I would demand the ring back, they aint pawnbrokers

[babybear39]

Do you have a receipt for the ring?

[MorganaNK]

No, no receipt for the ring... if there is one it was lost long ago in the sands of time - my dad was alive when this was done and he passed fifteen years ago...

[PGH7447]

go into the bank and demand it back - chances are it is no longer there

[Guest HeftyHippo]

This wasn't security surely, as they can't do that. You left it with them for safekeeping didn't you, and they waived their fee or else never bother invoicing you?

[MorganaNK]

According to my Mum, it was left there as security... that is how she remembers it, and that is what I recall being told at the time...

[Guest HeftyHippo]

According to my Mum, it was left there as security... that is how she remembers it, and that is what I recall being told at the time...

 

Left for security, or left AS security?

The bank is not a pawnbroker and should not take physical items as security. Perhaps your memory is dulled and it was left for safe keeping.

 

There are specific parts of the CCA that apply to pawnbrokers and issuing of receipts etc. I believe they are also regulated separately.

 

If it was left AS security in some strange way, that is a shame because the ring's value would be offset against the loan, and on default, the ring would be their's, whilst if it was left for safekeeping, ie FOR security of the ring, it would remain the owner's (your mother, father, their descendant's etc) and if it could not be found, the owner would have a claim for its value because of the bank's negligence.

[MorganaNK]

I think I am just going to take mum to the bank and try our luck... thanks

[cerberusalert]

As daft as it sounds you may have to SAR them, there may be a written record in the a/c files of the ring being left with the bank.

[MorganaNK]

So should I subject access request the Lloyds branch that is/was holding the ring?

 

Thanks

[babybear39]

Yes.

[MorganaNK]

Thanks... will do that x