# Direct debit for engagement ring



## Pablo74 (6 Nov 2007)

Hi all,
    When buying an engagement ring in Ireland, do the shops here let you pay by instalments or direct debit. I am looking to buy one and asking my girlfriend at xmas but would prefer to pay by instalments for a short period. The price of the ring wound be about €3000.
Would Jewellers provide this service ?
pablo74


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## truthseeker (6 Nov 2007)

Hi Pablo,
the answer to your question is - I dont know, BUT Id strongly advise you to phone your preferred jewellers and ask them in advance.
Good luck with the proposal!!


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## REMFAN (7 Nov 2007)

I'd say the direct debit is a no go. You could certainly pop into the store every so often and pay off over the counter.


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## daveccork (7 Nov 2007)

why not get a one year loan and clear it sooner if you can?

Do you bank with Bank of Ireland - they have a new 2 in 1 credit card that lets you pay for items you purchase on your credit card by way of installment (at a reduced apr 7 or 8%). Check out their website.


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## ubiquitous (7 Nov 2007)

In general consumers are much better off borrowing from banks or other lenders (not on credit cards) than availing of credit terms from shops, that are almost invariably much more expensive.


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## Vanilla (7 Nov 2007)

Many shops in the country towns allow you to pay by installment- ie you don't get the ring until it's all paid off but there would be no interest. However in general I would agree with Ubi and others in that it is usually better to go in with money in your hand ( from a bank or CU loan) because you can bargain down the price. I know, I'm such an old romantic...Actually on that point were you going to pick out the ring or let your ( hopefully) fiancee do it?


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## pinkyBear (7 Nov 2007)

*Re: Remortgage help!* 
Aren't you also having financial issues, would you noth think again about the cost of the ring and wait until you are more financially capable to get a better ring. The thing is you will have a wedding to pay for too...


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## Stifster (7 Nov 2007)

pinkyBear said:


> *Re: Remortgage help!*
> Aren't you also having financial issues, would you noth think again about the cost of the ring and wait until you are more financially capable to get a better ring. The thing is you will have a wedding to pay for too...


 
That's a bit harsh to describe a person who can't save much as "having financial difficulties"!


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## ClubMan (7 Nov 2007)

I don't think that's harsh at all. The other thread suggests that the original poster has significant debts even if they also own quite a bit of equity in their home. And they themselves also say:


Pablo74 said:


> Once bitten twice shy, i have learnt from my borrowing mistakes and living beyond my means.


and yet are looking to buy a €3K ring on credit...


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## Stifster (7 Nov 2007)

I disagree, he appears to say that he already learnt from his mistakes. Having affordable borrowings is not the same as being in financial difficulties.


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## ClubMan (7 Nov 2007)

Stifster said:


> Having affordable borrowings is not the same as being in financial difficulties.


There's nothing in the original thread linked above to say that this is the case. I am assuming that they still have the mortgage plus the (presumably high cost) unsecured loans/_CC _bills.


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## Stifster (7 Nov 2007)

ClubMan said:


> There's nothing in the original thread linked above to say that this is the case. I am assuming that they still have the mortgage plus the (presumably high cost) unsecured loans/_CC _bills.


 
There is nothing to say that it isn't the case either...or maybe



> I am thinking about re mortgaging myself as over the last few months i find i am not saving very little


 
I am assuming that the "not" was a typo. He wanted to free up money to save...


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## Trafford (7 Nov 2007)

I think suggesting he buy "a better ring" is the real harsh part!


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## Merrion (7 Nov 2007)

Trafford said:


> I think suggesting he buy "a better ring" is the real harsh part!


I agree



			
				pinkyBear said:
			
		

> wait until you are more financially capable to get a better ring.


Is there something inadequte with the rings bought for €3000 or less (which is what the OP was looking to spend)


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## Pablo74 (8 Nov 2007)

Hi all,
Can i clear up something here, 
I am looking for a re-mortgage so i can pay off my cc,car loan and personal loan. This would free up at least 500 euro per month.
I only asked about the direct debit as an option of payment, but certain comments and links has changed the direction of the thread.
I am happy with some of the answers and pm's that i got, thanks to those who submitted them. 
Maybe a MOD could lock this thread?
Regards 
pablo74


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## pinkyBear (8 Nov 2007)

OK - I think I was a bit misinterpated here -
When we got engaged I was in collage - so we bought a ring we could afford. 10 years on Mr Bear and I bought a really nice ring - put it this way better quality than my old one.
The Jeweler we spoke told us of a simular couple who also at the time of getting engaged were strapped for cash and now are getting one made for them selved 11 years on..
I didn't mean to come accross condensending or anything like that, in our household it is I that manages the money and I am always aware of ways that prevent us from getting in to unnecessary debt..
Pablo best of luck with the engagement, and many apologies if I offended you in anyway.


> This would free up at least 500 euro per month


Just  be mindful you will have a wedding to pay for aswell....


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## Pablo74 (8 Nov 2007)

Hi Pinkybear,
      No offence taken just i thought the thread had headed off in the wrong direction. Thank you for your advise and keep up the good work.
Regards
Pablo


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## Vanilla (8 Nov 2007)

I agree with pinkyBear too. When myself and Mr.V got engaged I felt we should buy a relatively good engagement ring and while it certainly cost a lot less than the ones I hear about people buying now, looking back I believe I shouldnt have put that additional pressure on an already limited budget given that we were building our first home at the time and other circumstances. With the benefit of hindsight I think I woudl have gone for something like an antique ring ( often surprisingly good value), something that we could have chosen together that would have meant just as much and cost relatively little. And later, if I felt the need, we could have bought a more expensive ring. Although things like that seem very unimportant to me now and I don't think I'd bother. One of my brothers was on an even more limited budget when he got engaged to his now wife and he bought her a very simple silver band with a special inscription inside that he put a lot of thought into and TBH I think that probably means much more to his wife than my solitaire which spends most of its life in my jewellery box.


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## Pablo74 (9 Nov 2007)




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## Stifster (9 Nov 2007)

I spent more on the engagment ring than my wife expected me too. I took out a loan to get it as i had only just qualified and hadn't built up any real savings. 

I doubt any shops would let you take anything away before it has been paid for.

and let her pick the ring (having given her a budget of €2.5k and then "stretching" to 3....)


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## pinkyBear (9 Nov 2007)

Pablo -
Would you think of going to Jersey for the ring - it is tax free. I have Family in Guernsey and the Jewellery even in stirling is possibly half what you would pay in Ireland...
ANd flights are cheap as well..


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## deedee80 (9 Nov 2007)

I think that you could get a lovely ring for 3000.  Your girlfriend might not find it too romantic if you pop the question with a much cheaper ring and tell her you will upgrade it in a couple of years.  I'm sure she would love whatever you buy her for 3000 and will not want to part with it, even if you can afford a more expensive one in a few years.  Sentimental value and all that.....


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## ClubMan (9 Nov 2007)

Good to know that some people have a clear idea of the monetary value they put on "love".


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## Pablo74 (27 Nov 2007)

Hi all,
   Just an update to tell yee that i (in the last week) got the top up that i asked for on my mortgage, cleared off all yes all my loans, cc debt and had some left over to buy the engagement if needed so...... Well i went down on one knee at the weekend and asked her for her hand in marriage and the silly woman said "yes".... i am now a happy man.
We went to the city yesterday and after shopping for 5 hours for the ring of her dreams...... We found it. Once herself was happy and all i started to bargain with the manager of the store and knocked €350 more off the price. So i will be paying €2700.
    The ring has been taken away now for a re size and i have to collect it in 2 weeks time. What next do i do ?
Do i get it valued ?
Do i get it insured ?
I would like to know the correct procedure after purchase...
thanks 
pablo94


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## decembersal (28 Nov 2007)

Firstly, congratulations on getting engaged!! You  must be both thrilled. 
Re. when you pick up engagement ring ask for a valuation letter for your house insurance. The next step is to ring your insurance company to have the ring added to your house policy but request All Risks cover which would provide cover away from the house. The cost is generally EUR1.50 to EUR2.00 per EUR100 value of the ring. The may ask for a copy of the valuation. Congrats again.


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## ClubMan (28 Nov 2007)

decembersal said:


> The cost is generally EUR1.50 to EUR2.00 per EUR100 value of the ring.



Paying c. 2% p.a. of the value of an insured item seems crazy - why not just save the money and put it towards repair/replacement if something untoward happens especially if you assess the risk of such an eventuality being low?


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## Pablo74 (29 Nov 2007)

So clubman... are you saying not to insure it and but a few quid aside for repair/replace ?
pablo74


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## CCOVICH (29 Nov 2007)

I think insurance for an enagement ring makes sense-the risk of loss or theft may be low, but is not remote. 2% p.a. is not excessive in my view-especially when the ring is new. I'm pretty sure that if my fiancee were to lose her ring she would be devastated-and coming up with a like for like replacement out of our own pockets would be a double whammy-it's not the sort of thing I can see her being without.

Each to their own obviously, that's my 2c.


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## Pablo74 (29 Nov 2007)

My g/f works and lives in Dublin at the moment...... she is getting the ring soon so on who's insurance should the ring go on ?. She is a half owner of an apartment in Dublin.
Pablo74


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## truthseeker (29 Nov 2007)

Pablo74 said:


> My g/f works and lives in Dublin at the moment...... she is getting the ring soon so on who's insurance should the ring go on ?. She is a half owner of an apartment in Dublin.
> Pablo74


 
It should go on the contents insurance of wherever she lives. Mine is on my contents insurance - only cost around 35/35 euro a year extra to put it on as a named item.


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