Help!

littlelisa922

My partner and I are getting married next month and over the past 2 yrs including wedding costs we have accumulated about £6000 on credit cards. We are due to renew our mortgage at the end of this month and I was planning on swallowing up the debt into the mortgage when we renew. My mum and dad don't think this is a good idea.
I hope to start a family in a couple of years and I'm concerned that when wages drop through maternity leave I wont be able to cover all the bills I cover just now. My other halves wages are very poor, so he can't take on extra bills but could cover the slight increase on the mortgage.

What should we do, would it be best to take out a loan?

Help!!!!!

getmore4less

Cancel everything you can on the wedding do it on the cheap.

If you are accumulating debt over the last two years and are going to have reduced income you are insolvent.

STOP SPENDING

littlelisa922

That wasn't helpful in the slightest!!!!

The wedding has been done as cheaply as possible but surprisingly there is money involved!

Is there anyone else out there who has some REAL advice???

WellKnownSid

littlelisa922 wrote: »

That wasn't helpful in the slightest!!!!

The wedding has been done as cheaply as possible but surprisingly there is money involved!

Is there anyone else out there who has some REAL advice???

Sorry to say this, but you've just been given some really good advice. STOP spending...

By your own admission, you can only just about service your debts now... taking on another loan or adding to your mortgage (very expensive way to finance a wedding by the way) when you can already predict additional financial complications ahead is a great way to bring you to a divorce...

Mrs_Arcanum

You have to ask yourselves are you getting married primarily because you want to spend the rest of your lives together? Or, has the whole "getting married" bit taken over or been taken over by relatives and the occasion.

The former just needs a few friends and a registry office (very cheap). The latter needs a good look at how your relationship is at the moment, and a bit of a break from wedding planning & spending may get you back on track as to why you are doing this.

GMS

Turning unsecured debts into secured debts is probably the cheapest way to clear the debts in terms of monthly repayments and interest rate but it means additional risk to your home and usually much more repaid as you may be transferring the debts to a longer term.

It may be possible to do it depending on your circumstances but you should think carefully before you do.

How much do you owe on your property? What is it worth?

beecher2

Go onto the Debt Free Wannabee forum and post a Statement of Affairs to get your budgeting under control. Now's the time to get it sorted, rather than starting on the consolidating debt route.

getmore4less

OK lets try again.

littlelisa922 wrote: »

My partner and I are getting married next month and over the past 2 yrs including wedding costs we have accumulated about £6000(so on average you overspend by £250pm) on credit cards. We are due to renew our mortgage at the end of this month and I was planning on swallowing(hide it so you can pretend it has gone away) up the debt into the mortgage when we renew. My mum and dad don't think this is a good idea.(ask them why, they have a lot more experience than you)
I hope to start a family in a couple of years and I'm concerned that when wages drop through maternity leave I wont be able to cover all the bills I cover just now(you don't cover the bills now you are £250pm short). My other halves wages are very poor, so he can't take on extra bills but could cover the slight increase on the mortgage.

What should we do, would it be best to take out a loan?

Help!!!!!

How much do you take home a month? how significant is £250 extra?

littlelisa922

To those who felt they needed to give out marital advice..... that was not requested. If thats what you want to do I'm sure you'll find some forum somewhere that requires your assistance! MRS ARCANUM, you're clearly bitter at being 'left on the shelf' and thats likely to be where you'll stay!

I do cover my bills fine at the moment.

GMS - Thank you. I did in fact phone a financial advisor today and am in a better position now with what we plan to do.

GETMORE4LESS - Get down off your high horse.

ViolaLass

littlelisa922 wrote: »

MRS ARCANUM, you're clearly bitter at being 'left on the shelf' and thats likely to be where you'll stay!

I thought you wanted people to leave marital advice out of this?

littlelisa922 wrote: »

GETMORE4LESS - Get down off your high horse.

GM4L was actually making some very valid points and raising ideas that you need to think about.

getmore4less

I do cover my bills fine at the moment.

By getting into debt.


GMS - Thank you. I did in fact phone a financial advisor today and am in a better position now with what we plan to do.

And your plan is?