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  • FIRST POST
    • MrsH2017
    • By MrsH2017 18th Oct 16, 3:47 PM
    • 3Posts
    • 0Thanks
    MrsH2017
    Loan Advice Needed
    • #1
    • 18th Oct 16, 3:47 PM
    Loan Advice Needed 18th Oct 16 at 3:47 PM
    Removed as changed mind about posting
    Last edited by MrsH2017; 18-10-2016 at 4:27 PM. Reason: Removed
Page 1
    • cajef
    • By cajef 18th Oct 16, 3:51 PM
    • 4,071 Posts
    • 3,331 Thanks
    cajef
    • #2
    • 18th Oct 16, 3:51 PM
    • #2
    • 18th Oct 16, 3:51 PM
    What would you do?
    Originally posted by MrsH2017
    Have a lot cheaper wedding, not a good idea to start married life with a loan hanging around your necks.
    I used to have a handle on life, but it broke.
    • TonyMMM
    • By TonyMMM 18th Oct 16, 3:53 PM
    • 2,244 Posts
    • 2,329 Thanks
    TonyMMM
    • #3
    • 18th Oct 16, 3:53 PM
    • #3
    • 18th Oct 16, 3:53 PM
    Borrowing to fund a wedding is madness ....
    • curty510
    • By curty510 18th Oct 16, 3:54 PM
    • 149 Posts
    • 298 Thanks
    curty510
    • #4
    • 18th Oct 16, 3:54 PM
    • #4
    • 18th Oct 16, 3:54 PM
    £6k isnt a lot tbh, if it was me i would put in on a 0% credit card.
    • Gaz83
    • By Gaz83 18th Oct 16, 3:56 PM
    • 3,362 Posts
    • 6,357 Thanks
    Gaz83
    • #5
    • 18th Oct 16, 3:56 PM
    • #5
    • 18th Oct 16, 3:56 PM
    What would you do?
    Originally posted by MrsH2017
    Have a cheaper wedding.
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
    • MrsH2017
    • By MrsH2017 18th Oct 16, 3:57 PM
    • 3 Posts
    • 0 Thanks
    MrsH2017
    • #6
    • 18th Oct 16, 3:57 PM
    • #6
    • 18th Oct 16, 3:57 PM
    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
    • By cajef 18th Oct 16, 4:21 PM
    • 4,071 Posts
    • 3,331 Thanks
    cajef
    • #7
    • 18th Oct 16, 4:21 PM
    • #7
    • 18th Oct 16, 4:21 PM
    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
    • By cajef 18th Oct 16, 4:44 PM
    • 4,071 Posts
    • 3,331 Thanks
    cajef
    • #8
    • 18th Oct 16, 4:44 PM
    • #8
    • 18th Oct 16, 4:44 PM
    For the record and anyone interested with further advice.

    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?
    Originally posted by MrsH2017
    I used to have a handle on life, but it broke.
    • MrsH2017
    • By MrsH2017 18th Oct 16, 4:57 PM
    • 3 Posts
    • 0 Thanks
    MrsH2017
    • #9
    • 18th Oct 16, 4:57 PM
    • #9
    • 18th Oct 16, 4:57 PM
    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
    • By ryanm8655 18th Oct 16, 5:32 PM
    • 40 Posts
    • 8 Thanks
    ryanm8655
    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...
    • Helvetica Van Buren
    • By Helvetica Van Buren 19th Oct 16, 9:34 AM
    • 209 Posts
    • 293 Thanks
    Helvetica Van Buren
    Replies on here aren't very constructive/helpful...
    Originally posted by ryanm8655
    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.
    • zx81
    • By zx81 19th Oct 16, 9:42 AM
    • 9,400 Posts
    • 9,237 Thanks
    zx81
    Without providing any supporting evidence to back up my claim, I'm convinced that there is an inverse correlation between the amount people spend on a wedding and the length of the marriage.

    So not only are we offering excellent financial help, we are also helping people stay married longer. Not a bad service, and all free of charge.
    • Gunther Golf
    • By Gunther Golf 19th Oct 16, 9:49 AM
    • 62 Posts
    • 36 Thanks
    Gunther Golf
    Without providing any supporting evidence to back up my claim, I'm convinced that there is an inverse correlation between the amount people spend on a wedding and the length of the marriage.

    So not only are we offering excellent financial help, we are also helping people stay married longer. Not a bad service, and all free of charge.
    Originally posted by zx81
    This place gets worse by the day. As if the disproportionate number of Walter Mitty's on £200k salaries who can't get a £3k loan are not bad enough we now have life coaches providing advice on a cheap wedding = marital bliss.

    Have a word
    • zx81
    • By zx81 19th Oct 16, 9:53 AM
    • 9,400 Posts
    • 9,237 Thanks
    zx81
    I also offer DIY advice, if needed.

    But nothing electrical.
    • Pixie5740
    • By Pixie5740 19th Oct 16, 10:36 AM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    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.
    Originally posted by MrsH2017
    Since you no longer require a loan this advice is a bit moot but might help if someone in a similar situation comes across this thread.

    The person you spoke to at Nationwide can only guess as to why the application failed. She won't be party to pass/fail/rate criteria that Nationwide use.

    As has been said many, many times on this board and boards of this forum, lenders cannot see never mind use the ratings generated by the credit reference agencies so it doesn't matter whether Experian, Equifax, Noddle, Clear Score, etc rate you as good, excellent or poor. They don't lend money, lenders do and they each have their own way of rating you which takes into account your credit history (that's history not score), affordability and past dealings with the lender (which can go back further than the 6 years of data the credit reference agencies hold). So something in at least one of those categories was enough for Nationwide to knock you back, not even offer you a higher rate then the representative rate but flat out reject you.

    One loan application on your credit file isn't going to make a huge difference if you're going to try applying for another loan soon after. However, multiple searches start to make lenders think you're desperate and that a number of lenders have already knocked you back. Where you bank is usually a good bet when trying to obtain a loan but since you've already tried there then use the MSE Loan Eligibility Calculator to try and gauge which other lenders you stand a reasonable chance of being accepted by,
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • Gambler101
    • By Gambler101 19th Oct 16, 10:40 AM
    • 65 Posts
    • 126 Thanks
    Gambler101
    Without providing any supporting evidence to back up my claim, I'm convinced that there is an inverse correlation between the amount people spend on a wedding and the length of the marriage.
    Originally posted by zx81
    My crude formula would be something like

    predicted length of marriage is: 90 years - average age of bride and groom - number of £1000s spent - number of £100s borrowed.

    So assuming a 25 year old bride and groom spend £10k on their wedding and borrow £5K.

    90 - 25 -10 -50 = 5 years

    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • Pixie5740
    • By Pixie5740 19th Oct 16, 12:59 PM
    • 8,873 Posts
    • 11,889 Thanks
    Pixie5740
    How long do you expect people to live? Your 25 year old newly weds would need to live until they're 115 to celebrate their Granite wedding anniversary. Besides doesn't something like 4 in 10 marriages end in divorce?
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • ryanm8655
    • By ryanm8655 21st Oct 16, 3:18 PM
    • 40 Posts
    • 8 Thanks
    ryanm8655
    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.
    Originally posted by Helvetica Van Buren


    But loans aren't just for people who can't manage money effectively...just because you need a loan to finance something it doesn't mean you can't afford it...


    If someone has asked about a loan for a wedding I don't think it's helpful or constructive to say "have a cheaper wedding"...
    • Gaz83
    • By Gaz83 21st Oct 16, 3:59 PM
    • 3,362 Posts
    • 6,357 Thanks
    Gaz83
    But loans aren't just for people who can't manage money effectively...just because you need a loan to finance something it doesn't mean you can't afford it...


    If someone has asked about a loan for a wedding I don't think it's helpful or constructive to say "have a cheaper wedding"...
    Originally posted by ryanm8655
    If you read the original post (which is helpfully quoted on this thread) the question posted by the OP is "what would you do?".

    To which "have a cheaper wedding" is a perfectly valid response.
    We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com
    • ryanm8655
    • By ryanm8655 21st Oct 16, 4:33 PM
    • 40 Posts
    • 8 Thanks
    ryanm8655
    If you read the original post (which is helpfully quoted on this thread) the question posted by the OP is "what would you do?".

    To which "have a cheaper wedding" is a perfectly valid response.
    Originally posted by Gaz83

    Valid perhaps but not helpful and certainly doesn't need to be repeated by several different posters without offering anything more sensible/constructive...


    Doesn't come across well...
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