We Need A £55K Loan, What Do We Do?

[Greesem0nkey]

My fiancée and I need £15k for our wedding in March, £30k for a car (her 30th birthday present) and £10k to consolidate our previous loan. Our combined income is £44k and living with parents so is def affordable. Do we...
1. ask our bank who've refused us in the past for a joint loan ?
2. go online for a joint loan?
3. go online for 2 separate loans?
4. get a PCP for the car and a joint loan?
...or something else we've not thought of?

Please help!!??

[woofgang]

"...or something else we've not thought of?

Please help!!??"

you asked for advice and its being offered including things that you don't seem to have thought of like spending less.

[Greesem0nkey]

Thank you Togo

Smowball...We don't have the money for the wedding because we've brought it forward since we recently lost my fiancée's mother to cancer and unbelievably her father hasn't long left.
Also, thank you for belittling our meagre wages.

[yogi-bear]

Loans can spiral to bad debts with ballifs chasing unpayed payments, more penalties being added etc...you don't really need to buy your fiancee a 30k car, now do you, Greese?....she'll still love you in the morning, buddy.....wedding can either be put on hold till you get enough saved for it, or there are much cheaper options ......if you can't wait, but the cost of all involved....the flowers, the catering, and drink, photographer, recording it, function hall/hotel hire and not forgetting those pesky, annoying, overpaid DJ's, who do more talking, than play quality tunes , and talk into the mic so close, you can't make out a word he says...(not guilty, folks, on all counts)........you don't need that unless you can pay for it without having a loan for it.

Think before you sink, is my motto. Best of luck, to both of you, Greese :-)

[Greesem0nkey]

The car we want is actually £23,750...how much did you pay for your car?
I suppose, since we're £9k in debt and you've assumed we're part-time dole dossers who are having our door kicked down by bailiffs every day, my fiancée should be happy commuting 50 miles a day in a 12 year old rusty clio firing on 2 cylinders for her 30th birthday?

[Islay]

I'm 45 on a good salary no children and I drive a 13 year old RAV4 on a 60 mile commute.
Its maintained well and serviced and does me fine.
No one has called you a dosser and no one will - they are trying to get you to see the reality - do you hope to own your own home one day?

[yogi-bear]

You took my comment the wrong way, Greese.....I'm just giving you advice so as to never, ever, having people knocking on your door asking for money.......I don't think you are dossers at all, and so what if you've got an old car.....many many people do and manage within their means. I say again sincerely, best of luck to you both. Just thinking of your options is your main priority.

[sherrardk]

I can understand you wanting a nice wedding, but with hindsight I wish we'd had a cheaper one (not that ours was grand) and no one needs such an expensive car, especially on tick - it's all a bit fur coat and no knickers.

[DTCwordfan]

I have no debt at all other than c.250 on a credit card but I still run a Fiat Panda (the flying coffin, as I call it) around Cornish lanes, ideal for that.

It has a wee turbo for a little oomph, gives me 52.5 mpg around town, costs £30 annual tax and the insurance £120 fully comp, cost me £2,5 k and it's perfect for the narrow lanes around here and tight parking spaces in town.

If I am driving up to the centre of London, or to the N-west, Scotland, rtc, I'll hire for that specific trip....overall .far cheaper and more economic than running something like a mid-range Jag or Volvo or BMW.....in the 30k range...which I could afford but chose not to. Just a thought.

[Greesem0nkey]

I appreciate that Islay

We've both been left in debt by our ex-partners (mine more than hers) and we're now living with my mother through choice. Its what we all want and we are not considering a home of our own which leaves us with disposable income of over £1000.
We are both full-time hard working people, I honestly don't understand what's so unreasonable about this!

Great...on top of all this, Ireland just scored!!! :(

[Greesem0nkey]

Sorry Yogi, my reply was aimed at Woofgang!

[Smowball]

Nobody is belittling you- it's just an awful lot of money to spend out when you could spend less and have less debt. You could get a lovely car for much cheaper.

[Islay]

Yaaaay well done Ireland.
I think that you need to sit down discuss this with your family and partner and see if they really think this is a good idea.
Good luck with whatever you decide xx

[alavahalf]

Should you be granted a loan of £55k .. it will take approx £1000 per month to pay it back over 5 years.
Your car will then be worth less than half of what you paid for it ?
If you need a loan calculator go to Moneysavingexpert and select 'personal loans' and at the bottom of the page you will find a loan calculator where you can add your own figures.

[yogi-bear]

No worries, Greese :-)

[woofgang]

I think those of us who are being ermmmmm "difficult" with our advice is because we have been there or had friends who have been there...... I am not judging you or being critical.... Its just the things you want to go into debt for don't seem to me to be worth the burden...which believe me, a debt can be.

[Smowball]

Agree 100% with woofgang. £15k for one day basically.

[ummmm]

And 30k to get from A to B.

[Tuvok]

£30k - ok £24k for a car!

Thats more than I earn in a year!

[gness]

Two things, Greese....a challenge for you.....have a fun inexpensive wedding....involving all your friends and family to help is great.....it involves everyone in making the beginning of your future together special and memorable......making the table decorations .....taxiing.......making buttonholes......decorating the venue.....
You'll find your friends have lots of talents and will enjoy taking part in making your day different and special....much more than just turning up to raise a glass....
I've done that for a wedding and it was so good....

And....Ireland won!!!! Another Guinness for me!!!!...x

[Cloverjo]

Greese, you are of a different generation than most of us. Some of us have been in debt and struggled. We don't want you to go down the same path, when you could have a smaller wedding and a far less flash car. We're not getting at you, we're trying to help you.