Graduate Help Please!!

jackyboydnb

Hi guys hopefully somebody can give me some advice!!

Basically I graduated from uni last year and have had a job since September, however meant moving to London!!

I thought I would have more disposable income that I do and my rent takes half of what I earn a month! This does not leave me with much.

Part of my job is entertaining clients and so to do this I grabbed a Lloyds duo credit card.....I kept on top of things for the first 3 months paying off the balance in full. Now however it stands around £1200 and so I can't.

I also received an AmEX in which I don't know how but that is up around £1500. On top of this I have my interest free overdraft with NatWest which is full £2000.

In September I believe this will decrease to £1000 and so means I need to raise that from somewhere.

I have clearly been very naive and seem to be in a little bother!

My question is what do you think my best options are?

A new credit card with 0% balance transfer for 6 months? (Bit of breathing space)

A graduate loan to pay of the cards?

Speak to NatWest about allowing me to keep the £2000 overdraft for a little longer.

I should be getting a better wage with in 6 months and i am moving flat to a cheaper place next month! So money should be coming in!

Sorry if this is in the wrong place but wasn't sure where to put it.
Any help would be great!

Thanks

Karl.H_2

Hello. You could speak to Natwest and ask to keep it longer, but I would suspect they will start charging, as most gradulate accounts have the 0% for 1 year. It would be a good idea to apply for a credit card (0% BT for x months) and pay the usual 2.5% BT fee (check before applying). How much do you owe on each product (CC and OD) because you say 'stands around ...'. However, ultimately you need to look at your spending and try to pay off as much as you can.

jackyboydnb

Thanks....

I know I need to start getting more in control its just that dredded phone call where you really don't want to know how bad it is!!

But this is the first step to sorting it all out, to get back on top and stay that way!

Strange thing is before my job I was very controlled now I earn more than ever before but spend more!!!

Lesson being learnt I feel!!

Thanks again

Karl.H_2

It's a shame you have to 'entertain' out your own pocket. Why does your company not reimburse you? Don't have to answer, I am being nosey now, what do you do?

Here's a list of 0% Cards, by the way: http://www.moneysupermarket.com/cards/

jackyboydnb

No its ok....i'm a broker basically you do get to expense things, however sometimes your bill is too large or your client doesn't pay eoungh comission to warrant to bill....so sadly sometimes you are left out of pocket!

Thanks for the link!

CannyJock

jackyboydnb wrote: »

No its ok....i'm a broker basically you do get to expense things, however sometimes your bill is too large or your client doesn't pay eoungh comission to warrant to bill....so sadly sometimes you are left out of pocket!

Thanks for the link!

Unless you've got a company credit card to charge things to, there's no obligation on you to pay out more in entertainment than your employer is willing to reimburse. Having been both employee and employer for a good number of years, I'm got a fair bit of experience in this area

There are ways to profit from this sort of situation where your employer will reimburse you quickly for expenses if you use a 0% purchase card. But only if you're financially disciplined and with cards running away from you and maxed out on your overdraft may not be right for you. Basically involves using a long-term 0% purchase card where you only make the minimum repayments during your promotional period, and you put the rest of the money in a high interest savings account. At the end of the promotional period you clear the card from the savings account and you keep the interest you've earned. There's a guide to slow stoozing on the stoozing site (supported by MSE).

jackyboydnb

Ok Cheers Jock, will look into it! Hopefully all will be sorted soon. Or as long as I make the arragements it will be less of a worry!