Personal loan for wedding

NicG

Registered User
Messages
26
Sorry - to further clarify - the rental income is in addition to our income mentioned above. But again - don't want to borrow on the strength of it.
 
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over2u

Guest
RE:80% credit card debt all incurred in last 6 weeks on deposits etc. We normally only use credit cards ad hoc for internet purchases. 100% cleared monthly.
SO IS €35,000 ADDITIONAL TO THESE EXPENSES ?
 

pc7

Registered User
Messages
593
Hi NicG, as a lot of your deposits etc are now paid, wedding is in a few weeks, you might be able to string some of it along on the credit cards. Can you contact mortgage and loan providers to see if you can take a 3 month break on payments? With wedding gifts if people give cash as many do, switching card debt where necessary to 0% and the income into your household you may get away with not having to borrow 35,000. Looking at the figures with no equity in your house and the debt you already have I don't see any bank touching you guys. Your surplus income per month seems good but if you take recurring charges like bills, car insurance, tax etc into account I just don't see the figures adding up for you.
 

NicG

Registered User
Messages
26
pc7. Good advice on getting a moratorium on the mortgage. I'd heard ages ago unofficially when I was looking for the previous loan for home improvements that my mortgage providers don't offer that service but haven't contacted them directly. So yes that may free up 6k.

Don't want to rely on that much credit card debt unless as a last resort - but yes we do have access to a little over 20k that we could use if necessary. Obviously personal loan rates would be vastly lower so I'd prefer that option. Also once we start piling more costs onto the credit card the banks definitely won't look at us. That's why I'm interested in looking at a loan first.

Thanks
 

csirl

Registered User
Messages
2,162
With your disposable income you could probably save another c.6-7k between now and the wedding just by not going out, making own lunch, taking the bus/walking instead of driving. Not something that you can keep up long term without serious quality of life issues, but for 2-3 months you can. Added to pc7s 6k, then you are 1/3 of the way to your 35k.
 

pc7

Registered User
Messages
593
hi nicg have you looked at the figures can you swing it without borrowing 35 gs
 

NicG

Registered User
Messages
26
I've turned the figures inside out. Can't cut back any further without cancelling the honeymoon and telling guests to bring sandwiches.

Realistically we'd rather borrow the money and have the day we want. If we were to consolidate everything including this new loan over 5 years we'd be repaying approx 1,650 p.m. I think this is affordable based on our earnings. If we receive cash gifts we'll put them against the loan.

Anyway - I think I'll just have to bite the bullet and approach the banks at this stage as there seems to be limited free advice available elsewhere.
 

Stifster

Registered User
Messages
665
I'd be asking for cash gifts (was just at a wedding where that was done). You'll get back a good proportion of what you borrow.

re-mortgage over 5 years.
 

pinkyBear

Registered User
Messages
1,065
Hi NicG,
I am sympathetic to your plight and you have stipulated that you have to have the wedding this year, if you dont mind I'd like to ofer some advice.

Realistically we'd rather borrow the money and have the day we want.
Getting married is more than just the day - there is life after the "Wedding day" and my concern for you is the debt that you are maintaining for 5 years - as things can change - you could become pregnant anything - €1,650 p.m. is alot of debt to wake upto when you get back from the honey moon..

My advice is to withhold going on honey moon for a few months - I know plenty of people who do this as they really want a holiday to die for..

Please don't take the advice the wrong way,
All the best,
P:)
 

NicG

Registered User
Messages
26
PinkyBear

If we don't get the loan and we are relying on credit cards to get us through then we do plan to postpone the honeymoon.

Cash gifts would be a bonus but I think some people take offence when it's actually stated as part of the invite. I've the parents instructed that if people ask if we want cash rather than a gift - then say yes please!


Thanks
 
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over2u

Guest
I have the ultimate Idea- Call Brides by Franc and get RTE to pay!
 

pc7

Registered User
Messages
593
I don't think you need to say cash pressies most people give it, as you say I personally think its worse to ask. PinkyBear some great points :)
 

funnymunny

Registered User
Messages
143
With all due respect to everyone who has posted, I agree that 35k is a ridiculous amount to spend for one day, however, that is my personal opinion. Many many people are spending this amount and a lot more, and if that is what she wants, its really not helpful to tell her to cut back on the day, particularly as I assume deposits are paid on everything and will be non refundable.

There is a web site called www.primafinance.ie where you can compare the rates of most of the personal loan providers. Bear in mind, in terms of refinancing other loans with a personal loans, many have an upper limit of money you can borrow on unsecured lending. I would also be inclined to tell them that it is for your wedding as many people are borrowing for weddings and the bank will have a fair idea that you should be lodging a lump sum afterwards. Again, make sure to get a variable rate loan, otherwise you may not be able to make a partial redemption or may be penalised for doing so.

Your local credit union might be a good option if you are a member. You could arrange the loan for 35 (or whatever amount you end up looking for) and need only draw down the amounts you want at a time, i.e. if it amounts to less than you thought, you don't have to borrow the full amount. You can also then pay a lump sum off your borrowing without penalty.

Whatever you decide, I hope you have a great day and you are not in hock for it for too long!!
 

decembersal

Registered User
Messages
158
How many people are you inviting to your wedding?

Can you apply Eddie Hobbs logic:-

Wedding costs 35,000 / 200e cash per couple = 350 guests
i.e. invite enough guests to cover costs of your wedding & HM paid.

or


Slash costs as follows!!!!

1. Get a relative to make your wedding cake - you can get it iced professionally afterwards
2. Get a relative or friend of the family to lend you snazzy car(s)
3. Bring a lap top with your favourite music for disco -that's all DJs do
4. Do not have an option on your wedding meal - choice of beef or salmon is usually around 10e.
5. Bring your own wine for meal - Superquinn have 25% discount on all wine and bargain hard with venue over corkage.
6. Do not have a round of drinks for toasts - get waiters to top up wine.
7. Use wedding cake for dessert.
8. Do your own fake tan, nails, make up etc. Go to hairdresser and get your hair put up for 'a' wedding - do not say you are the bride!!!
9. Hire grooms suits instead of buying.
10. Use candles instead of fresh flowers. Flowers in Dec will be expensive.

These are just random thoughts from my head - I'm sure there are plenty more!!
 

NicG

Registered User
Messages
26
A lead at last! Thank you. I'll have alook at that website now.

As for Brides of Frunk...that would truly be the scariest thing I could imagine. I think I'd sell my kidneys before I'd resort to Frunk... Also the groom wouldn't show - but that's a whole other forum!
 

NicG

Registered User
Messages
26
Decembersal,

Not having a cake, not having a DJ, hiring grooms suits, not having rented cars, not having flowers, doing my own spray paint etc...

Cost of the day itself - 24k - rest is honeymoon, engagement ring etc.

Believe me there'll be no chocolate fountains, pink doves, partridge in a pear tree etc.

Couldn't do the Eddie Hobbs thing - that many people you would have 2 mins to spend with each guest and no time with your spouse. You'd want to be scooting around on roller balades - and sure they cost a fortune...

Frunk would love that!
 

decembersal

Registered User
Messages
158
It looks like you have cut corners where possible - fairplay.

I would save like a lunatic between now and December - 2 months. Apply for an Ulster Bank and First Active Credit card- both are 0% for 9 months and lash all payments on them. With your take home salary you would definitely get 10k limits on each = 20k zero % loan for 9 months. Then you have 9 months of paying 2222e / month to pay off cc.

Your guests will give you cash - everyone does now!!

I wish you all the best for the day and enjoy every second.
 

truthseeker

Registered User
Messages
2,577
Decembersal,

Cost of the day itself - 24k - rest is honeymoon, engagement ring etc.

Hi NicG - you have been getting good advice here, perhaps you can now advise me. Im just wondering what the 24k covers for the day itself, how many people you have invited etc...

Am making wedding plans myself - trying to get an idea of costs.....
 
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