Cash for gold scams

With cash for gold adverts dominating advertisements on TV, what most people know as common sense may not be for everyone else. After extensive research, there seem to be a lot of unhappy cash for gold customers. Here is a list of the most common cash for gold scams.

  • When you fill up the bag that is sent to you to send your gold jewellery in, the insurance of the contents is usually not very high; in most cases if the bag is lost you won’t get more than £10
  • The bag that is sent for the gold is first class but the company say it takes up to 10 working days for them to receive it
  • Testing the value of gold sent in is not done by highly trained professionals or by using state of the art equipment. The gold is simply weighed and checked under a magnifying glass, carats of the gold is determined by dipping in fluid
  • Checks are usually issued within 24 hours of inspection of the jewellery but in some cases these aren’t sent out until 3-4 days, customers are advised to check the date of the check against the postal date in the envelope
  • All the companies say that they offer 100% satisfaction guaranteed but what they don’t say is that if you do not accept the offer of the gold value, you have to decline within 10 days of when the check is dated
  • All cash for gold companies say you can get the money within 24 hours but what they don’t tell you is if you opt for this (fast cash) then you waive your rights to have your jewellery returned even if you do not agree on the evaluation for the cash
  • The lowest cheque ever received by a customer was 0.01p
  • Cash for gold customers are always given the worst deal for their jewellery; the ones that dispute this can get their valuation tripled – if they accept, some of the money goes to the customer service rep as a bonus
  • If you accept the offer the customer service rep will say that you are now legally binded and that the conversation has been recorded when in fact they have run out of tape
  • If you decline the offer then you may have to wait up to a month before the jewellery is sent back
  • If the jewellery that was sent in for valuation turns out to have no value, you will have to pay up to £15 to have the items returned back to you

All of the above can be avoided if you read the terms and conditions. By doing so you will save yourself money and future hassle.