What do I do if pawn shop sold my property and I paid according to the terms of the loan?

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What do I do if pawn shop sold my property and I paid according to the terms of the loan?

I pawned a laptop 4 months ago and the pawn shop claims their computer software system failed to apply my payments, so the laptop was sold. This even though I paid as agreed to terms. They are replacing my laptop with a new one but still insist I owe the $100 loan. I feel I do not owe this because they reclaimed the money on the loan when they sold my laptop and there were my personal files on the computer that were lost that I cannot get back. Do I legally owe this?

Asked on January 12, 2012 under Bankruptcy Law, Arkansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you were current on the loan that you obtained for the laptop via the pawn shop and it improperly sold it, then you are entitled to get the fair market value of the item sold (not the value agreed to by you and the pawn shop) less any amount owed on the unpaid loan.

Unfortunately you do not get reimbursed for the files in the lost laptop. In hindsight, you should have downloaded them onto a disk for safe keeping.

You legally owe on the unpaid loan.


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