0% Interest Free Finance

Candyapple

Yes if it is dated 2010 it will be removed in 2016.

scottishblondie

As a recently engaged woman, I can tell you that I would have gone absolutely nuts if my fianc! had taken out a loan to buy my engagement ring. This "2 months wages" stuff is just a thing that came from a diamond company's advertising campaign in the 1980s, not some ancient tradition!

ViolaLass

mrB wrote: »

Hi Chanz,
I was told you should roughly spend two months wages on a ring, which I am essentially doing, just under.

When it comes to getting engaged, the only 'should' involves checking the other person wants to marry you. Everything else is optional - do what works for you two, NOT what an advertising campaign says you should do.

redpete

Gaz83 wrote: »

Your score doesn't matter, ignore it.

Correct that you should ignore the "518" but do take notice of the "Poor - Very Poor", or the fact that the 518 is not at the top of the CRA's scoring scheme. Both indicate that lenders are likely to find information that they consider make you a poor risk.

MallyGirl

scottishblondie wrote: »

As a recently engaged woman, I can tell you that I would have gone absolutely nuts if my fianc! had taken out a loan to buy my engagement ring. This "2 months wages" stuff is just a thing that came from a diamond company's advertising campaign in the 1980s, not some ancient tradition!

This! My husband had heard it as 1 month's salary but he was a high earner so that would have been a lot of money. We went and looked at rings together and ended up choosing one which equated to about 2 weeks salary but it was chosen on look not price. He is pretty good at judging my taste but I am glad we chose together - I am the one still wearing it all these years later.

dealer_wins

I would be horrified if my partner borrowed money to buy me a gift.

In fact I would take it back/sell it if I found out and try to pay off her loan for it.

Paully232000

I would say, now that you have said more about your finances that you should save up and buy a cheaper ring, having had issues with credit in the past you don't want to start off your married life having more difficulties that you need to. Use the extra money, as others have said to pay down your debts, not add to them.

Whilst, in theory, paying for something over a few years at 0% finance is a good idea in my opinion, and I have done it myself over the years, paying your debts is more important that having a nice expensive ring.

FireWyrm

mrB wrote: »

I was told you should roughly spend two months wages on a ring, which I am essentially doing, just under.

That's DeBeers marketing department talking. Ignore them. You dont need a ring of this value at all. A simple ring with a small diamond fleck will do. When you are flush a bit later in your life, buy another if you want to. Right now, I'm guessing your fiance would be more interested in the proposal than the token and it's value. Starting your life together with such an unnecessary debt is silly.

mrB wrote: »

The reason I wanted to do 3 years is because 3k over 3 years is practially no strain whatsoever on my income, should I have something extra to buy 1 month. The ring also comes with a wedding band, so its kind of worth it.

Not if you dont get married it isnt. You'll end up with half a set! I repeat, she will be more interested and thrilled by the proposal itself than the token which marks it. Wait, save and spend your money on sensible things like a home, furniture, fuel, car etc. When you get married and all is settled, buy a good wedding band from a craftsman that will last the life-time it is meant to.

mrB wrote: »

I could pay it off in less time if I wanted really.

Then save quicker.

andyfromotley

https://s3.yimg.com/bt/api/res/1.2/17PBo5fPdqaFYuZfaWSZPg--/YXBwaWQ9eW5ld3M7cT04NQ--/http://l.yimg.com/os/publish-images/finance/2014-02-25/1e5bfa50-9e30-11e3-b7cc-5bf9f53264cc_real-cost-of-a-diamond-ring.jpg

Good luck with that ring purchase. The jewellery industry has been ripping us of for years and will continue to do so until people stop paying these rip off prices.

27col

mrB wrote: »

The ring is 3k


Hi Chanz,
I was told you should roughly spend two months wages on a ring, which I am essentially doing, just under.

I could pay it off in less time if I wanted really.

Let me guess, you were told this by someone who makes a living selling engagement rings.