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

UPDATED: Jan 12, 2012

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption