I really need to get out of this Barclaycard debt

Nexgenn

Brie said:

Wondering about Wagestream.... how different is this to a payday loan company?  I can't see if they are charging interest except on one section of their site that talks about loans at up to about 17% - not as high as the old fashioned payday companies but still rather high.

And I suspect too that the use of this shows on your credit report - in which case Barclaycard would know about it as well.   

I should clarify, the charity I work for is partnered with Wagestream, it just means I can get my wages early, then they deduct it from my pay on payday. They do offer things like loans and credit cards but I just use it to stream my wages earlier if I'm struggling before payday. Because it's just my own wages, I don't think it affects my credit score. Equifax isn't showing this at all. There's a £1 convenience fee to take out wages early but that's all. I'd rather not use it though, of course.

I actually told Barclaycard about it, to show them how dire my situation is. They've agreed a payment plan with me today and is freezing my interest for 12 months, phew!! 

Nexgenn

Jami74 said:

Brie said:

Wondering about Wagestream.... how different is this to a payday loan company?  I can't see if they are charging interest except on one section of their site that talks about loans at up to about 17% - not as high as the old fashioned payday companies but still rather high.

And I suspect too that the use of this shows on your credit report - in which case Barclaycard would know about it as well.   

I don't know if it's different for different companies, but for me if I wanted to borrow against my wages there is a one off charge of £1.95. You're basically borrowing against your own salary and can only take a percentage of what you have already earned. Don't think they report to CRAs.

Obviously never ideal to use, but I suppose taking some two weeks into the month for a fee would be like getting paid fortnightly rather than having to wait the whole month. And no interest so preferable to a payday loan and probably cheaper than overdraft.

Yeah this is correct, same with mine. Absolutely, sometimes you have to wait a little longer too, and if you need that little bit extra it's helpful. If I do any overtime I usually take that amount from my wagestream.