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how do I get out of the payday trap?!!!!!!!!!

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bucksoldhen Welcome to the fourm. Many of us here have been in your situation. If you could tell us what state you are in, which companies you borrowed from , how much you borrowed from each and the total of how much you have paid back to each...we can begin to help you. Also, when you open your new account, many members recommend opening a new account at a different bank. Even though you closed your account, please read this thread...there is some really good information in it and there are things that you are going to want to check with your bank about regarding your account that is closed.

i live in tennessee, the ones I owe are one click cash,grc funding, aip, ashland interprise, CAN, paragon, GEC, my cash now, payday ok, zip cash, ameriloan, payday 2 go, and huskhawk group. I didn't even realize i had so many until I was no longer getting a pay check because they ere taking the whole thing and then some! every week i am at least 200.00 to the neg, forceing me to borrow more to pay the fees! please help I am extremly desperate at this point

Sub: #1 posted on Sun, 03/02/2008 - 04:14


You will find the Payday loan laws for Tennessee here (just select your state), dls-laws.html

Sub: #2 posted on Sun, 03/02/2008 - 07:53

cannr cannr

(Posts: 9317 | Credits: 1298.44)

buck, you're dealing with some illegal companies here. Can you please list each one of your pdls out, the amount borrowed, and the amount paid (total to date). We can help you here. :D

Sub: #3 posted on Sun, 03/02/2008 - 07:55

cannr cannr

(Posts: 9317 | Credits: 1298.44)

bucksoldhen, you're dealing with some illegal companies here. As you can see just from PayDayOK, you have been ripped off big time. I know it's tough getting all the amounts borrowed/paid/etc, but we need to know. Take your time and figure them out. You've listed 5 so far. I believe you have approximately 15, correct? So, we need about 10 more. We can help you with this. Can you please tell us what state you reside in? We can check out the state pdl law for you. Then we can go through and determine who is legal and who is illegal. :wink:

Sub: #4 posted on Sun, 03/02/2008 - 09:34

cannr cannr

(Posts: 9317 | Credits: 1298.44)

Cannr, I am thinking bucksoldhen is the same person based on how I am reading the thread. bucksoldhen, let me know if I am wrong. If you are the same person then....... Cannr has posted the TN Laws above to refer to. I will check the ones I am not sure of as I have time today.

Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in. I can tell by looking that some of yours are not licensed anywhere so that is good.

Sub: #5 posted on Sun, 03/02/2008 - 19:14

RoxyNY RoxyNY
(Posts: 4178 | Credits: 133.13)

grc funding- original amount 300.00 i have been payig 90.00 fee since nov. by weekly and still owe 300.00. as for paragon processing, ashland interprise, and huskhawk group it was 200.00 each back in november and been paying 75.00 by weekly and still owe the same.

zip cash the original i think was 500. have paid 120 by weekly since dec. and still owe the same.
aip- 200.00 on dec 28th been paying 89.00 by weekly still owe the same
gec-original amount 500.00 still owe 610.00 that is a recent one i had to get because my account was the neg from all the fees.
payday2go-300.0 dec.24th paying 75.00 by weekly stil owe original amount

please help if you can i am getting more depressed the more i try to figure this out. i want to take care of my debts but i have to feed my kids too. again I live in tennessee so any advice would be great! i need to try to get something started tomorrow if possible to get out of this hell trust me I will NEVER fall for this again!!!

Sub: #6 posted on Sun, 03/02/2008 - 19:38


bucksoldhen, Hang in there. We have all been where you are and know exactly how you feel. I had 9 pdls when I came here and now I have control of my paycheck and am finally able to pay my bills on time. I know rightnow you are scared, angry and depressed, I have been there..You can fix this. Is your account still in the negative? You need to close your bank account. Please read this on closing your account and post if you have any questions.... ount.html

I am still working on your pdl licenses.

Sub: #7 posted on Sun, 03/02/2008 - 20:46

RoxyNY RoxyNY
(Posts: 4178 | Credits: 133.13)

OK...bucksoldhen, Using the information you gave me I calculated some of these out....they are VERY rough estimates...

1 click - brrowed 300 - pd ?

pay day ok - borrowed 500 - paid 1216.75

my cash now - borrowed 659 - paid ?

CAN - borrowed 300 - paid 260

GRC - borrowed 300 - paid (estimate 720)

Ashland - borrowed 200 - pd (estimate 600)

Paragon - borrowed 200 - pd (estimate 600)

Huskhawk - borrowed 200 - pd(estimate 600)

Zip - borrowed 500 - paid (estimate 720)

AIP - borrowed 200 - paid (estimate 534)

GEC - borrowed 500 - paid ?

pay day 2 go - borrowed 300 - paid (estimate 225 - 300)

Now for ameriloan, 1 click, My Cash Now and GEC, we need to find out how much you have paid them...You may need to go back through your bank statements and add it up. You do need to go back and figure out how much you have paid all these companies becuase my calculations are only estimations. I know this is depressing but I have good news...Most of your loans appear to be overpaid by my ESTIMATION...which is in your favor if they are not licensed.

Sub: #8 posted on Sun, 03/02/2008 - 21:05

RoxyNY RoxyNY
(Posts: 4178 | Credits: 133.13)

I closed my account on thursday before they drained it on friday morning that is wy i am concerned. What happens when the payments are returned because the account was closed? I am so far behind though is seems i will never get out! where do I start? my kids are 12 and 14 and dont want them to know what a looser their mom is!

Sub: #9 posted on Sun, 03/02/2008 - 21:06


Great advice here, but may I add this:
You also need to stop direct deposit immediately if you currently have it, and make sure that your payroll issues you a hard check for the meantime. This will help to start give you control over your money again.
The other thing you need to do on your next working day, whenever that is, is make sure that Payroll gets a letter from you revoking any wage assignments that you may have signed to get your loans. I would do this even if you think that you didn't sign anything.
A wage assignment is a document that some companies use that authorizes them to have your company give them part of your wages should you default on your loan.
Mostly internet PDL companies use this in my experience and if you revoke this immediately with your payroll, they won't be able to.

Sub: #10 posted on Sun, 03/02/2008 - 21:11

kscornell kscornell
(Posts: 4409 | Credits: 473.19)

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