Customer Entertaining no credit card????

Charliebird

Hi everyone

I am a DFW with around £175,000.00 - well technically its my husbands and he ran it up - but for the sake of protecting our house and what's left of our childrens inheritance I am trying now to manage the situation. (For background here is the link to my original post http://forums.moneysavingexpert.com/showthread.html?t=1875939&highlight

My husband works in the City and often has to entertain clients. We are in the situation that he has maxed out all of the credit cards and as of this month wont have anywhere near enough to pay the minimum payment. He has to take out clients next week and he has asked me back one of his credit cards!!! (Don't think he really understands whats going on!) Long and short he's not getting one. However I do need to find a way in which he can entertain his clients (these nights have a tendancy to cost around £3-400.00 an night) Any ideas - I've suggested speaking to his work but he's not inclined to do this...personally I don't think he's got much choice.

Anyone any ideas???

Many thanks

Charlie

OnceUponADream

Hi

I know you said he doesn't want to ask his employers but could he not put a request in for a company credit card?

Failing that do you have the money to give him? You could maybe use a pre-paid card and you can manage the top ups as and when needed?

HTH

Katie-Kat-Kins

A pre-paid card would only help if his company can pay him up front or if you can find £400 in advance.

I think he really needs to discuss this with his employers. He doesn't need to tell them everything just that he has had a couple of big expenses and has maxed out his credit card.

Will he be entertaining alone or with a colleague, perhaps the colleague could pay and claim back the expenses.

Sounds like your DH needs to experience his light bulb moment though......... looks like he is burying his head still.

euronorris

Hey CharlieBird,

He definitely needs to speak to his work about this. I know it may be embarrassing but he doesn't really have any other option! Plus, if they expect him to entertain clients in this way then they should be providing the funds to do so!

I read your other thread also. Have you done your SOA yet, to look at areas to cut back on and try to repay quicker?

I suspect that your mortgage payments are probably your biggest monthly expense, and I also noted that you have quite a bit of equity in the house. Could you not downsize? Move to a smaller, cheaper property and use the excess funds from the sale to clear most, if not all, of the debt?

Either way, post that SOA and we can all offer our help on cutting back so you can resolve this situation as quickly as possible.

BeautyandtheBeast_3

Work should be paying for it not out of his own pocket!!

clarence83_2

I think it is unacceptable that employers expect you to cough up the cash first and claim it back, but with the control on costs they need to do it this way so they can reject invalid claims. If it is already paid for on a company card, there is less opportunity to say they won't pay it or to deduct it from salary.

My company do this. It pees me off as I had an amex at my last firm, but they were flippant with money.

moneymakestheworldgoround

A similar thing happened to a partner of a friend - the only way they could figure out telling work was by lying. He said his wallet had been lost and therefore he had to stop all cards and therefore he was unable to finance the expenses the following week. Work were incredibly understanding and it was all sorted out.

Not perhaps the most honest answer but it solved the short term problem. You will still need to work out a long term solution.

Charliebird

Thanks everyone - I am pushing him to tell work. He's out tomorrow night and has no money and no access to money (I have all the cards ect.) He is going out with his boss - so he is paying. It does make me mad the companies expect this in this day and age. He will have to tell his boss at somepoint though.

Euronorris - Yes we've done a SOA and its frieghtening how much wastage we have in our monthly expenditure. I have managed to shave about £300.00 off so far. We do have equity in the house - but frankly if my husband doesn't get help and shows a dramatic improvement thats my divorce settlement so I am not touching it. Having said that - we are looking at remortgaging what we have currently to get a better deal and reduce the payments.

Thanks so much for everyones support