Consumers should beware of gold scams, Which? warns

www.moneynews.co.uk > General finance > Consumers should beware of gold scams, Which? warns

Consumers should beware of gold scams, Which? warns

Thu 21st Jan 2010

Consumers who are thinking of selling their gold via a postal service should be wary of the money they are offering, according to Which?.

Many of the services give very bad offers on the value of the gold they receive, the customer watchdog has found.

After sending three new items of gold to four TV-advertised gold services, three pawnbrokers and three independent jewellers, it was found that the postal services offered the worst valuations.

On average, the TV gold buyers were paying just six per cent of the retail price of the items, while high street shops were offering around 25 per cent of the purchase cost.

Which? chief executive Peter Vicary-Smith said: "The cash for gold market is unregulated and this investigation has raised some serious concerns about the fair treatment of consumers."

Individuals looking for additional cash may be interested in advice that Which? has to offer, such as changing credit cards to one with zero per cent interest and looking for a new fuel tariff.

Click here for more general finance news

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued