Who will lend?

LilSdaD

Hi,

My parter and I are getting married in August this year and we managed to save a quite lot but still need about 3k to finish it off, we went bankrupt in 05/2007 - and were discharged in 08/2007 - we are now very good with money and could even afford a loan with about 30% interest but not sure who to go to that would lend us the money, we spoke to our bank but they have a very strict policy with bankrupts!!

We dont want to keep trying random places as it leaves a bad credit trail when you get refused.

Does anyone know of anyone they could recomend that might lend us what we need?

We did get told it might be easier to get a credit card again if we went down that route does anyone know who might accept us?

Regards

Andy

fleagle21

You could afford a loan with 30% interest? As in, 30% apr?!! Are you mad?! Why would you want to give away your money like that? I'm sure someone will come along with some proper advice shortly though...

Tixy

Have you had any credit accounts since you were discharged? if not it does take some time to rebuild your credit rating and I think you are very unlikely to find anyone who would loan you anything like that sort of amount right now. Instead you need to gradually rebuild your credit rating by using a subprime card and repaying them each month in full - http://www.moneysavingexpert.com/loans/credit-rating-credit-score#vote
and http://www.moneysavingexpert.com/cards/bad-credit-credit-cards
It may be difficult to even get a subprime card to start your rebuild until your bankruptcy disappears from your credit file (after 6years).

Wutang_2

This is honestly not aimed at OP but, why do so many ex-bankrupts come on here wanting loans???

no_more_cards_for_me

Wutang wrote: »

This is honestly not aimed at OP but, why do so many ex-bankrupts come on here wanting loans???

Agreed, not aimed at OP, but maybe ex-bankrupts are struggling even more in todays financial climate. If the average borrower with a reasonably clean credit history is struggling then ex BR are not going to be courted by lenders.

Or perhaps they can't wait 6 years for the file to be purged ?

LilSdaD

Fleagle - Not mad just desperate as we have done our best at saving and still dont have quite enough!!

Tixy - Thanks for your advice.

Wutang - We managed to get into a lot of debt from about the age of 17 - 21 and then pretty much ran away from the debt, unfortunatly because we burried our heads in the sand it got to the point where we had to go bankrupt as at about 27 my partner and i found out we were pregnant and wouldnt have been able to afford re-payments and a baby so we decided to get the debt written off and start a family. We are very good with money now and because of our past we are penalized (which we accept). As this site is very good for advice and expertise it's the obviouse choice to come to and ask. I know you said it wasnt aimed at me but thats my story, I imagine a lot of people are in the same boat!!


Thanks for all your replies.

bouncydog1

There was another thread on here recently about a couple wanting to borrow money to get married - some very good advice was given.

Why do you "need £3k to finish it off"? Couldn't you cut back a little - surely the most important thing is to be married rather than a flash affair. As you have been in serious debt before I would have thought that the last thing you would want to do was to put yourself into that situation again.

I don't mean to be harsh, but if you don't have the money to have the day that you want, then surely you should be able to save a little longer - or have you already gone down the route of putting down deposits but haven't been able to save up what you need? If this is the case, how about working out how much longer it will take you to save up the extra £3k and delaying your wedding for a little while - far better than paying 30% - think how much you could do with the interest.

Alternatively, lower your sights a little and see where you can save money by doing things and getting friends to help with the wedding e.g. photos, flowers, invites, menus, order of service, cars etc.

fleagle21

Sorry, I wasn't meaning to be rude earlier, just kind of shocked that you'd consider paying an extortionate interest rate! I'd understand if it were to put food on your table (at 3k, that's a lot of food... but you know what I mean!) but it's a wedding - apart from the vows and the rings, most of it is for everyone else to have a damn good party. I'm married, and our wedding was a few hundred pounds, because that's all we could afford at the time. But, same result as a £20k wedding - we're married!
Just think about whether you REALLY need to spend that extra money, that's all. Don't end up having what will be a really fantastic day tainted by the fact that you've taken a step back and started borrowing again - I know once my debts are paid off, I'm not going back

Phill_Anderson

Hi,
Actually bank now-a-days are very strict with bad credits and bankrupts. Well it depends on the time period of paying back of loans. If the loan is intended for a short period then one can go for money lenders or payday loan companies.

Also many charitable trust are also providing loans, but they too have some strict rules. See, if you can have loans from them.

Regards

AMILLIONDOLLARS

You are both ex-bankrupts so you are going to find it very very difficult borrowing money.

My solution, is to find £3k of savings from the wedding, or negotiate very hard for the things you need, after 24hours the whole thing will be a distant memory, except in your photo album, with a loan rate of 30% it will be a very large weight around your necks for a very long time. Think of your future, remember your guests will go home without a care in the world, you won't have that luxury.

All the best
AMD

thedalmeny

When myself and my wife got married, i was earning a very good salary.. We could of gotten a loan, used some savings and had a fantastic blow out of a wedding..

Instead we went to the registry office, only very close family and friends were invited..

Then used our back garden and purchased a nice gazebo... Nice sunny summer day, lots of drink and food (got local company to do the food)...

I think the entire day including registry fees cost us around £800.. We loved it..

Sometimes we do think back and perhaps wonder what it would of been like if we splashed out, then again... I'm pretty happy we have no loans or debt due to it.. Plus it took all the stress out of it, having just a nice simple day..

Around 6 months afterwards i was made redundant (got another job in 2-3 months).. I was smiling from ear to ear that i had no debt hanging over me, no "wedding loan" to pay off..

Now myself and the wife are in the perfect position for when we buy a house.. (Both 26 atm, want to buy a house in the next 2 years).. Advantage is.. Instead of buying a first time buyer, first step on the ladder kind of house.. With all the disposable income we have due to no debt, we can buy a nice 3/4 bedroom detached modern home.. Which will probabley be the house we live till were 50/60..