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What is BuyBack and how does it work?

Published: 27 Jul 2017

H&T Pawnbrokers has been offering cash solutions to our customers for the last 120 years, so we have plenty of experience when it comes to adapting to change. Recently, we’ve added Electronic BuyBack to our range of services, as we recognise that people’s assets are changing. Nowadays, carrying around hundreds of pounds worth of electronics in your back pocket is pretty common, not to mention the other electronics you have at home. Electronic BuyBack gives you the chance to unlock the value held by these items, with an option to have them returned to you after a short time. Here’s how it works:

Who is BuyBack for?

BuyBack is a service which is open to every UK resident over 18 years old who owns electronic items. There are many reasons why people choose to use BuyBack – they may require some cash at short notice and want to avoid risky payday loans, or they may be unsure about selling a particular item for a replacement or upgrade, so the option to buy the same item back is reassuring. There are no limits on the amount of items you can put up for BuyBack; whether you’re selling one phone or a selection of different electronics, you’re eligible for the same deal.

What items are eligible for BuyBack?

Technology is developing at such a fast rate, that what’s considered a ‘current model’ of any type of electronic can change relatively frequently. The popularity and longevity of some consumer electronics can mean that they stay current for longer, so we always recommend checking with us for the most up-to-date details. Our in-store staff and online support are always happy to answer your questions – you can find your local store here or contact us.

In general, we’re happy to valuate and accept the following items:

  • Smartphones
  • Laptops
  • Tablets
  • Desktop Computers
  • Cameras
  • Games Consoles

You may have recently received an upgrade or gift which means your current electronic item is no longer used, or perhaps you have simply lost interest in a tablet or games console. If you have any electronic items which are collecting dust then why not unlock their value before they depreciate?

How are items valued?

When you request BuyBack on any electronic item, it will need to be evaluated to ensure that it’s a genuine model, that it works and that it has not sustained any damage which could affect the value. Any items which still have the original boxes, chargers, cables, accessories and instructions will be valued higher than those without, so keep this in mind when you buy any new electronics. Keeping these items will ensure that you get the best price possible when it comes to selling it, whether that’s via BuyBack or other avenues.

When you bring your electronic item(s) into one of our stores, our expert team members can perform a test and valuation then and there, and will offer a quotation on the spot. If you’re happy with the quote, then we can give you the cash and we’ll sign a contract to say that we will store the item safely for 31 days, and that you can buy it back for the original price + 25% admin and storage fee at any time within this limit.

How long does BuyBack last?

Once we have ‘bought’ your electronic item(s) from you, we will hold them in secure storage for a maximum of 31 days. During this time, if you wish to purchase your item back, you may do so for the original amount we paid you for it, plus a 25% admin and storage fee. You can do this on any day up to and including the 31st day. Your item will be the exact same one you brought/posted in to us. Should you decide not to buy your item back from us, that’s fine too. You get to keep the money and your item will go up for sale in one of our stores – it may be the same one you brought it into, or it may be another one of our 247 stores situated across the UK.

The reason why BuyBack lasts just 31 days is down to the frequent updates and upgrades coming onto the market, which causes electronic items to lose value relatively quickly. Restricting the holding time to 31 days ensures that our customers do not have to pay above and beyond value if they want their item back. If you decide that you do not want to buy it back and an upgrade has come out in the meantime, we will of course continue to honour the price that we gave you.

Will this affect my credit rating?

Electronic BuyBack can be used in place of a short-term loan if desired, but it comes with much more flexibility. As the contract is not a credit agreement, we do not require access to your credit file, and whether you decide to buy your item back or not your credit file will not be affected in any way. Of course, if you are looking to build up your credit rating, you’ll need to demonstrate that you can pay back credit properly, and this can be done via proper usage of credit cards, personal loans and mortgages.

All items brought into us for BuyBack are checked against a national stolen goods report as is our policy. This ensures your peace of mind, protects all of our customers and it makes it harder for thieves to make money from their crime.

How do I get started?

Taking advantage of Electronic BuyBack is easy. Search your belongings for any forgotten electronics, and consider whether you have any current electronics which you rarely use or no longer want. If possible, put them in their boxes and include any matching accessories and cables. Take these items to your nearest H&T Pawnbrokers store – you can check locations and opening times here – where we’ll be happy to perform a valuation. Please note that some items may not fulfil the criteria for BuyBack and would not be fair to offer back for the BuyBack fee.

Rest assured that all of our stores are equipped with highly secure systems and protocols, and your item will be kept in a safe and suitable environment on-site for the duration of the BuyBack term. Whether you decide to buy your item back or not, you’re always welcome back to H&T – we have a wide range of products and services available and are always happy to answer any questions you may have. Contact us on 0800 838 973.