Los Angeles, CA asked in Consumer Law for California

Q: California Pawn Shop..a ring..a loan..paying on the loan went to pay off balance and now the ring is missing.

We took out a loan against a ring that was my great grandmothers its value 35k.or more it is 3.5 carats set in platinum. Our little one needed spinal surgery and we had to come up with some money. The loan was being paid we've done business with the owner prior. He extended the loan terms My husband went in and said that the loan would be paid in full withn 2 weeks. He went in as promised to pay in full and the ring was gone. The floor manager said"oh you missed a payment so its gone" We never received any notice that the loan was terminated nor did we receive anything stating if we did not pay the balance within 10 days then we would lose the ring nothing The floor manager said he didnt know why nothing was sent via certified return receipt as stated by California law he said he just does what he is told and "wasnt going to lose his job over it" I called and asked where the ring is now he doesnt know. What is my recourse and how do they not know where the ring is?

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1 Lawyer Answer
Scott Richard Kaufman
Scott Richard Kaufman
Answered
  • Consumer Law Lawyer
  • Los Altos, CA
  • Licensed in California

A: While I am NOT aware of any pawn shop specific laws, if you have a contract, most attorneys would be able to help you or at least let you know where you stand, based on the terms in the contract.

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