help with debts (6months later)

Lisa1978

Hi all,

I posted a thread on here about 6 months ago. I was very worried about the debts that i had then, and still have, therefore back on for some advice. I have enclosed the old thread including SOA for you to look at.

We marry in December, orginal budget £4-£5, now at £8k!!!!! however, we have done execpetionally well, have a 2nd income, which finance and I do together and have managed to save and pay off £4.5k of the wedding from january. Contributions of £1.2k from family with another £2.2k to save in 4 months, which we can do :):). I am sooo happy that we have taken on this 2nd income and are able to pay for our weddng ourselves and has shown us that we CAN save if we have too.

The problem : I still have my debts sitting in the background. I am paying my minimum payment on my credit cards :

Ulster Bank: £3,500 @ 17.9% (paying this off first as high rate - pay over the min, try for £200/mth at least)
Virgin : £4400 @ 16.6% (pay £112/mth min)
Abbey : £2000 (i don't spend on this card, used as a bal transfer @ 0% and pay the min £95/mth direct debit)

Also 2 unsecureed loans of £302/month, £155/ & £147, the £147 has only 2 payments left :) therefore from Sept onwards i cld use that £147 to pay off agasint CCs to < debt

My question : do you think i shld go for a DMP/IVA or keep plugging away and hopefully come Feb after honeymoon can start paying a larger wack of the debts to reduce them?

Sorry its a long one! xx

https://forums.moneysavingexpert.com/discussion/2230961

wistles

Don't get married. Pay of debts.

Lisa1978

Why do that Wistles when already saved up 72.5% of the costs and can save the other by December?? Not much help there!!!

KingElvis

Seems bonkers to spend so much on a wedding when you have those debts :eek:

I can't really offer any practical advice but I hope you have a great time and enjoy your wedding :beer:

Elvis

Magnolia

First things first - congratulations on your savings and what you have already paid off the wedding.

8k :eek: Gosh I do hope you are having your dream wedding and will be surrounded by all your loving family and friends for that price! When me and DH got married it cost us £53 8/6d - and that included the licence fee :rotfl: I even borrowed the wedding dress

Dont pay any heed to me - I have no idea of how much a wedding would cost

My gut instinct re the DMP is to stick with what you are doing then once the wedding is over you will have plenty of spare to throw at the CC's and clear them by next summer.

Not that I know much about DMP's anyway but I do know it wrecks your credit rating

I am sure someone with far more knowledge will be along soon and give you the advise and options that will help more.

I just had to reply because you are doing so well managing on your own :T

wistles

Lisa1978 wrote: »

Why do that Wistles when already saved up 72.5% of the costs and can save the other by December?? Not much help there!!!

This is the DFW forum, you clearly do not want to be as you are spending what would clear pretty much your entire debt.

REDMADCURLS

Well done on saving for your wedding and £8k is a reasonable amount I believe. I was at a wedding 3 weeks ago and it cost £16k - very extravagent but bit ott.

You are nearly there with your debts and as OP says when the wedding is over, you will have more cash.

My opinion, stick at what you are doing

Good luck

Lisa1978

Yes, i get that this is a DFW forum, however, i am looking for ADVICE (not criticims) as to whether to go for a DMP or continue what i'm doing and paying off debts. These are MY debts (and i know that people will say they should be Hubbies once married, but in my eyes why should they be! I got myself into the mess, its up to me to sort it out! He doesn't have any debts at all, yet has already said to me that once the wedding is out of the way we will contine with the 2nd income and pay the £450 cash/month that we owe against my debts.

So, the qu was, so i contuine doing that, paying the minimum or should i go for DMP??? I understand it may seem extreme what we have paid on the wedding, but in these days, our wedding is actually 'cheap', have made a lot of things ourselves, etc, we are doing as cheaply as possible. Ok, we are going to Thailand/malyasia (which i know will cause a stir here, but i really want a great honeymoon, as will be the last for a year or two!

Thanks for replies xx

Lisa1978

REDMADCURLS wrote: »

Well done on saving for your wedding and £8k is a reasonable amount I believe. I was at a wedding 3 weeks ago and it cost £16k - very extravagent but bit ott.

You are nearly there with your debts and as OP says when the wedding is over, you will have more cash.

My opinion, stick at what you are doing

Good luck

Thank you . I am on a bridal forum and the weddings there range from £5k-£30, so i beleive our wedding isn't THAT expensive. When you think that the venue alone is £1600 (and that is cheap), then adding on dresses for 6 people, kilts for 5 people, it quickly adds up. i understand, people have weddings without the large bridal party we have, but we really want to involve our friends/family in it all as it is important to us .

thank you, i think i will stay away from the DMP for the meantime and everytime i have a spare £50, throw it at the CC!

xx

Magnolia

Lisa1978 wrote: »

i really want a great honeymoon, as will be the last for a year or two!

How many honeymoons are you planning :shocked: :rotfl:

No criticism from me sweetie - just a shock at the cost of a wedding these days.

You will love Thailand and Malaysia - make sure you have plenty of Jungle formula mozzie stuff

Lisa1978

Magnolia wrote: »

How many honeymoons are you planning :shocked: :rotfl:

No criticism from me sweetie - just a shock at the cost of a wedding these days.

You will love Thailand and Malaysia - make sure you have plenty of Jungle formula mozzie stuff

Haha, just the one! 2 nights in Kuala Lumpar, 12 nights in Thailand . We've always wanted to do it and i'm 32 now, so i'm guessing it may be time in a few years for children, so my priorties (as wrong as they may be) are to get married, have a great honeymoon, the save like a mad woman, pay off debts THEN think about having a family once debt free!

I know, i am shocked too tbh at the cost of a wedding but serioulsy the average wedding is £15-£20k now!!! Crazy

Oh yes, i shall pack a lot of that Thanks xx