This article was in the Irish Independent last week. It details how a Dell employee who will soon lose his job is about to lose his wedding reception deposit paid to the Castletroy Park Hotel because they’re closing down. This article from last weeks Sunday Times has a similar story related to Kinnitty Castle – it details a warning from the National Consumer Agency that couples planning on getting married could risk losing their deposits if hotels close down before the reception is held.
In the same way as we’ve warned against gift vouchers, savings clubs, Christmas Clubs and lay aways, giving deposits to businesses can be a risky proposition these days. In all these situations, you’re giving a business you’re money without actually getting something in return – at least for a while anyway. And in each of these situations, as an unsecured creditor, you’re likely to be the last person to get your money back – if at all.
However, that’s not the reason for my post. This statement at the end of the article is:
I’m working in Dell and still have a wedding to pay for.
This is from the main character of the story who confirmed that he was due to lose his job next January. The average wedding in Ireland costs upwards on €40,000. And the maximum payout, I understand, from Dell will be 1 year of salary. Around the same amount maybe?
Why the hell would you go ahead with paying for a wedding when you’re unlikely to have a job? I realise it’s what many couples would like, but if you’re future is uncertain, and you’re living somewhere that’s taking a huge hit on job losses recently, maybe there should be some second thoughts about spending the money?
But that’s not been the Irish way for the past number of years. We don’t care where the money comes from (ours or the banks) as long as we can spend it on exactly what we want, whenever we want.
This statement shows that that attitude isn’t changing all that quickly despite everything that’s happening at the moment.