Platinum Pawn & Loan

09-Jun-12
Dynelle M

Platinum Pawn & Loan in Saco is
I've heard VERY BAD n shady things about this place! My cousin recently dealt with this place, and was essentially ripped off! The Owner, Mike, made a verbal agreement with her to extend her loan by 3 days and then she went in to get the property back on the agreed extension day, he told her that he had already sold it! He told her he didn't remember the verbal agreement to extend the loan for the 3 days even though she had just spoken to him a few days prior. He promised her that he would try to recover the ring and get it back for her. She has called him many times, but hasn't heard back from him as of yet. -She was able to get one of her items out of pawn, (the less expensive one)on the day the extension was due. The item that was part of the verbal agreement to extend, was a very expensive diamond. (He also tried to charge her the full amount, even though she could only get one of the items back!) Mike should not have agreed (verbally or otherwise) to extend her loan, if he was not going to honor it! If he had just told her NO, that he would not extend the loan, she would have made other arrangements to have it picked up out of pawn. (She wasn't about to just let a $5,000+ ring go for $80!!)
Very shady indeed! I believe it was intentional on the pawnshops part. I think that he intentionally made a verbal agreement to extend the loan but KNEW that he was not going to honor it, and just sell the item anyway, (as it was very expensive!) He made excuses to as why he didn't remember their verbal agreement. The excuses ranged from, he didn't remember to he had many calls to extend the day she called him to he thought she was someone else! My cousin plans on filing a complaint with the Better Business Bureau, the Saco PD, and will call her attorney, if this issue isn't resolved fully, in a timely manner!!!
Mike did write (and sign) on her pawn slip that he would try to recover the ring, but has not made any attempts to contact her in regards to that either!
Please don't frequent this business or you will risk being subject to shady deals, FRAUD, or worse. (There is more to this story, like how Mike was very rude to her and tried to kick her out, because she got upset and emotional when she found out he didn't honor their agreement! As ANYONE would if they were ripped off.) DO NOT TAKE HIS WORD, OR YOU WILL BE RIPPED OFF!(He will tell you that it's OK to extend your loan for a few days, then will turn around and sell your items on you because he thinks verbal agreements don't need to be honored! Get EVERYTHING IN WRITING FROM HIM!)
& Mike, you need to deal with this issue ASAP, because she is NOT going to let you get away with this! FYI!
PS We will WARN EVERYONE about this place! (It will be known to ALL, about how you operate! Looks VERY BAD on your part to say one thing, then do the opposite! Just cuz you think she won't have any recourse. I wonder how many ppl you've done this to??! -Tell them not to worry that you'll give them a few extra days to pay, then decide to sell their items on them because they failed to get the extension in writing! They TRUSTED YOU & YOUR WORD, yet you did NOT HONOR IT!!!