PAWNSHOP IS CLOSING DOWN

A1+
06:02 pm | April 01, 2009

Society

Yerevan’s pawnshop "Volta"has given its clients a month to redeem
pledges. The pawnshop is on the verge of closure.

"I pawned my things a month ago as I was unable to pay off communal
expenses. I intended to settle the debt by paying 5000 drams a
month. But when I went to the pawnshop to extend the terms of the
agreement, I was given a month to take out my belongings. Where can
I get the money? I am at a loss," says Mrs. Haykuhy.

She hopes to get money to get the jewelry out of pawn and pawn them
in another Lombard.

Volta’s assistant director Lusine Petrosyan confirmed the menacing
closure of the pawnshop.

"The dram is unstable today. We faced a dilemma-either to increase
the rate by 15-20 percent or to close down. Our proposals were very
favourable, therefore we decided to terminate our work," she said.

Note that some pawnshops don’t take pledges saying they feel shortage
of money.