Section 120 — Consequence of failure to redeem.
Extent: E+W+S+N.I.
This version in force from 2011-02-01
Snapshot: 2026-08-24
Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .
(1) If at the end of the redemption period the pawn has not been redeemed—
(a) notwithstanding anything in section 113, the property in the pawn passes to the pawnee where
(i) [F1 the redemption period is six months,]
(ii) [F1 the pawn is security for fixed-sum credit not exceeding £75 or running-account credit on which the credit limit does not exceed £75, and]
(iii) [F1 the pawn was not immediately before the making of the regulated consumer credit agreement a pawn under another regulated consumer credit agreement in respect of which the debtor has discharged his indebtedness in part under section 94(3); or]
(b) in any other case the pawn becomes realisable by the pawnee.
(2) Where the debtor or hirer is entitled to apply to the court for a time order under section 129, subsection (1) shall apply with the substitution, for “at the end of the redemption period ” of “after the expiry of five days following the end of the redemption period ”.
Amendment notes
- F1 Words in s. 120(1)(a) substituted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 35, 99(1) (with regs. 100, 101)