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!!??

[Guilbert53]

Sadly in this day and age loans are easy to get but not always easy to pay off.

The banks are constantly sending out letters offering this loan and that loan and it can sometimes seem silly not to get one.

However getting a loan on ANYTHING that loses money is a silly idea. Getting a mortgage on a house that normally gains in value is fine but not for a new car which loses money the minute you drive it off the forecourt.

This country has a huge problem with personal debt and it will come back to haunt us in years to come.

Sadly reading your comments makes me realise why we have a problem with personal debt.

Have a cheaper wedding. To be honest most expensive weddings are a rip off, with hotels and caterers charging way over the odds as they know it is a wedding.

Have a cheaper wedding. My wife and I had a register office wedding and invited a dozen family members back to our house for a buffet meal. Total cost a few hundred pounds.

You don't need a huge wedding where you invite relatives you have not seen for decades.

IF you want to have a family event then book a large hall a week AFTER the wedding with a finger buffet and invite everyone there. Yes it will cost money but not 15k.

Think VERY carefully about taking out any large loans. They do take an AGE to pay back and you may never get out that debt spiral.

[murraymints]

I agree..nobody needs to spend 30k on a car !

[Islay]

Uncalled for TWR

[mikey4444]

If you are about to get married, will you be able to afford the repayments on this loan, as well as the expense of setting your new marital home ?

To be honest, you need to re-examine your priorities.

[TWR]

It appears they are "YOUNG" persons Mikey do they bother about things like that?

[Islay]

Mikey they have already explained that they are not setting up their own home but continuing to live with their parents
I bet he is regretting asking this question now given some of the responses received!

[mikey4444]

TWR....I haven't got the time to go over all the posts of this thread, but it seems to me that this couple have everything ass-backwards....no wonder the bank refused them !

[mikey4444]

Islay....in that case, they definitely HAVE got every ass-backwards !

[cassa333]

Do you live rent free at your parents house? Will you always live rent free at your parents house.

If the answer to the first is yes, get a place of your own and join reality.

If the answer to the second is yes. Are you sure? Are you really sure? Time changes everything and it only takes one argument between you and homelessness.

As you both know from experience debt hangs over you. Why add to that when quite frankly you don't have to or need to.

In fact thinking about it if your girlfriend works 50 miles away why not move closer or at least half way.

A £24k car is status not necessity. The same car second hand could well behalf the price.

You're in debt and you want to be more indebt for a luxury wedding and car!!! Hmm, OK with that mentality you're not likely to accept sound advice so I'm not going to give you any more than I already have.

Whatever route to bigger debt you take I hope it goes well for you and doesn't come and bite you in the behind.

[TWR]

My Granddaughter wanted this new IPhone £800 "WHY" money means nothing to them Mikey, but who picks up the costs?

[NoMercy]

TWR, the OP is only 3 years younger than me. My husband and I own our own house, I have a nearly new SUV which is all bought and paid for and still have a bit of money in the bank. I've never lived beyond my means.

My wedding just 11 weeks ago cost in the region of £1,500. Besides ourselves, we had 6 guests.

Age has nothing to do with it. It's down to common sense.

[murraymints]

I agree..priorities are wrong..if they have 44k income per annum they should be saving for a deposit on their own home.. wonder what the parents think ? at 30 years of age and still living with mummy and daddy ? that is taking the proverbial in my opinion

[naomi24]

You say you ‘need’ this loan, but you don’t ‘need’ that amount of money. It would be wise to re-evaluate your ‘needs’. The problem is when you borrow money to buy things that depreciate in value, sooner or later you need to replace those things – and often that need comes before the original loan is repaid – and so you borrow again, - and so the cycle continues, resulting in a lifetime of debt. Not a happy prospect. For your own sake, please have another think about it.

[Islay]

The OP did not ask for opinions on their living arrangements but on a loan, perhaps you should remember that instead of making very personal comments and suggesting thing like getting a rope!!

[Togo]

Do all 4 Greese! Who is the clever one? The bloke who dies owing a £million, or the bloke who dies leaving a £million? :))

[ToraToraTora]

you could try and inverse loan, they are pretty reliable.

[mikey4444]

Islay...I am not in agree about the rope at all. But this couple need a reality check, and they need it badly.

I would expect the Bank, if it does agree to lend them money, will require a guarantor. which I presume will be parents.

[EcclesCake]

Mikey, you are a former Financial Advisor who by you own admission needs to continue working due to financial constraints. Are you reall best placed to advise or comment upon this couples choice?

[mikey4444]

Ummm....yes I am, just as you, and everyone else who have posted on this thread. By the way, my own circumstances are nothing to do with you, and are not germane to this question.

If they really think that the bank is going to lend them any more money, than they are very much mistaken.

As a FA, I would have been honour-bound to advise them that they need to concentrate on the debt they are already in, rather than get into deeper debt.

I can only go by what this couple have already told us, and they show a complete lack of responsibility.

They don't need a FA....they need a Debt Counsellor.