Loan Advice Needed

MrsH2017
MrsH2017 Posts: 3 Newbie
edited 18 October 2016 at 4:27PM in Loans
Removed as changed mind about posting
«13

Comments

  • cajef
    cajef Posts: 6,266 Forumite
    Name Dropper Photogenic First Post First Anniversary
    MrsH2017 wrote: »
    What would you do?
    Have a lot cheaper wedding, not a good idea to start married life with a loan hanging around your necks.
  • TonyMMM
    TonyMMM Posts: 3,379 Forumite
    Name Dropper First Post First Anniversary
    Borrowing to fund a wedding is madness ....
  • curty510
    curty510 Posts: 189 Forumite
    £6k isnt a lot tbh, if it was me i would put in on a 0% credit card.
    debt free, savings in the bank
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    Combo Breaker First Post
    MrsH2017 wrote: »
    What would you do?
    Have a cheaper wedding.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • MrsH2017
    MrsH2017 Posts: 3 Newbie
    I don't think it's fair to make comments like 'Borrowing to fund a wedding is madness'. We had all the money required saved however car and house repairs took up a chunk of it and so we had to use some of it. Trust me, taking a loan out is not my first choice however we signed all the contracts when we had all the money and so this is our only option.
  • cajef
    cajef Posts: 6,266 Forumite
    Name Dropper Photogenic First Post First Anniversary
    I am not sure how £6K is just 'a little short' this sounds like an expensive wedding, sorry but if you had to dip into your wedding savings to repair a car and house it does not sound like good budgeting and financial planning.
  • cajef
    cajef Posts: 6,266 Forumite
    Name Dropper Photogenic First Post First Anniversary
    For the record and anyone interested with further advice.
    MrsH2017 wrote: »
    Hi There,

    My fiance & I have been saving like mad for our wedding and are just a little short. (Wedding is in 4 months time). We went to Nationwide yesterday and applied for a joint £6k loan over 3 years. It was rejected. They have advised me today that it's nothing to do with me as I am a very good applicant but that it may be because of my fiance. We have both checked our credit ratings and his are very good with mine being excellent.

    The lady at Nationwide advise we wait 3-6 months before applying again, however we do not have that time and so now we are wondering what to do. I got a quote from Zopa and it was very good but I'm just not sure whether I should apply for another loan so soon afterwards.

    I should point out that this is the first loan I have applied for and there have been no others.

    What would you do?
  • MrsH2017
    MrsH2017 Posts: 3 Newbie
    Sorry for just removing the post, but I reworked some figures as I forgot to include some money that is coming from my parents which means that we no longer need the loan.
  • ryanm8655
    ryanm8655 Posts: 1,152 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Replies on here aren't very constructive/helpful...


    A wedding is (probably) a once in a lifetime expense, sure I wouldn't like to pay for it by borrowing but if you can afford the repayments and want to make the day a bit more special then why not...


    If you are set on getting a loan to fund it and waiting a while before applying isn't an option then apply for the loan now...


    Or look at 0% on purchases credit cards...


    All depends when the wedding is though, whether it is already organised etc.


    another option...apply for don't tell the bride...

    August 2019: £28.8k

    November 2020: £0 (0% interest)

    My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320


  • Helvetica_Van_Buren
    Helvetica_Van_Buren Posts: 270 Forumite
    ryanm8655 wrote: »
    Replies on here aren't very constructive/helpful...

    That's not true.

    This whole forum is about giving advice and offering support on reducing debt, preventing debt, and managing money effectively.

    There's nothing unhelpful in telling someone it doesn't sound like they can afford the extravagant spend they're asking about - whatever the occasion might be.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards