Graduate Loan - Wedding

sr1_2

Hi,

I am new to this site and would like some advice before applying for a loan.

The Situation:

Will be getting married in a few months, but need some money now.
Need about £11k loan over a 4 year period.

Salary:
Up to Mar 2011 it was £18k.
Since April 2011 i have an additional job, which brings in another £10k, so combined is now £28k. Net through my bank is £1700 per month.

Expenses - Car, Fuel and mobile + Food = £600 per month on a regular basis.
Other adhoc expenditure is fees for attending courses, etc - £150/month


I have cleared 2x £1000 credit cards (1 hsbc + 1 RBS) last week.
I have 1 overdraft of £1k outstanding with natwest.
My current bank which I have had for about 9 years is with HSBC, with a current balance of +£500, but has an available overdraft balance of £1,500.

About 3 months ago, i had sorted out my credit file as there were mistakes such as a default in some elses name on my file, and other late payments, which were errors. So in the past i have been refused credit.

I want to apply for a loan, which I haven't ever done before. I am not sure if I will be accepted. Experian says i have a very good credit report. Equifax says the same. Call credit again the same.

Should I apply for a graduate loan or a personal loan? It has been 2 years since I have graduate and it is still available to me to take up. Which one is more likely to be accepted in current economic climate?

Is there anything I should or shouldn't do when i put my application through?

If there is anymore info, which I should include in the post, do tell me as I am a newbie!

Any suggestions for lenders who are more likely to lend than others?

All feedback will be much appreciated.

StuTheDon

sr1 wrote: »

Hi,

I am new to this site and would like some advice before applying for a loan.

The Situation:

Will be getting married in a few months, but need some money now.
Need about £11k loan over a 4 year period.

Salary:
Up to Mar 2011 it was £18k.
Since April 2011 i have an additional job, which brings in another £10k, so combined is now £28k. Net through my bank is £1700 per month.

Expenses - Car, Fuel and mobile + Food = £600 per month on a regular basis.
Other adhoc expenditure is fees for attending courses, etc - £150/month


I have cleared 2x £1000 credit cards (1 hsbc + 1 RBS) last week.
I have 1 overdraft of £1k outstanding with natwest.
My current bank which I have had for about 9 years is with HSBC, with a current balance of +£500, but has an available overdraft balance of £1,500.

About 3 months ago, i had sorted out my credit file as there were mistakes such as a default in some elses name on my file, and other late payments, which were errors. So in the past i have been refused credit.

I want to apply for a loan, which I haven't ever done before. I am not sure if I will be accepted. Experian says i have a very good credit report. Equifax says the same. Call credit again the same.

Should I apply for a graduate loan or a personal loan? It has been 2 years since I have graduate and it is still available to me to take up. Which one is more likely to be accepted in current economic climate?

Is there anything I should or shouldn't do when i put my application through?

If there is anymore info, which I should include in the post, do tell me as I am a newbie!

Any suggestions for lenders who are more likely to lend than others?

All feedback will be much appreciated.

Hi - your own bank is the first point of contact. If they dont accept you then it is unlikely any other mainstream lender will.

Is the £11k to cover wedding costs?

sr1_2

Yes, the £11k is to cover wedding costs.

Apples2

Do you really wish to start married life with this ball and chain repayment coming out EVERY SINGLE month from now until 2015?

There's an old saying, "If you can't afford to get married, you can't afford to be married".

McKneff

Start of the slippery slope into the world of debt for the sake of 1 day.

Utter madness, what about when you want a family, what about if you lost your job 6 months down the line.

Have you and your oh really thought this through.

iolanthe07

In my day the bride's parents paid for the wedding.

sr1_2

In an ideal world, no I wouldnt like the debt. I say over a 4 year period, but I would pay it off earlier if I get the chance.

In this situation, I do not really have an option to delay the wedding, so I am just looking for some advice on how to be accepted for a loan of that value.

tonycottee

Welcome to MSE. As you can see op from the 4 replies you've been given only one actually gives you any decent advice. Not a bad return!
I agree with Stu, and your bank should be your 1st stop.
I don't know much about graduate loans, but at a quick glance their apr seems higher than a personal loan.

GAH

As said above, go to your bank first, if they don't accept then unlikely others will.

Very risky booking everything, without the guarantee you will get the money.

mrs_B_5

Speaking as someone who is getting married in 5 weeks time, I can safely say that the prospect of an £11,000 loan to pay for our wedding scares me silly. That is more than our wedding and honeymoon put together have cost! And it's not that we've scrimped at all, it's just being sensible about what we really want and need, as well as a bit of shopping around!

We've had our rings custom made for us (in palladium) by a local jeweller, we're having church ceremony followed by a 3 course sit down meal, I'm wearing a traditional white wedding dress, OH is wearing a suit, we have bridesmaids & ushers, we're spending our wedding night in a suite in a hotel, we're having a nice big evening reception and a week in Morocco to finish it all off!

Your income alone is almost what ours is combined! Can you not save the money? Or use the money you would be using to pay off a loan to pay for the wedding?

Apples2

tonycottee wrote: »

Welcome to MSE. As you can see op from the 4 replies you've been given only one actually gives you any decent advice. Not a bad return!

Nothing wrong with trying to give the benefit of hindsight prior to the event.
It would save half of the posts on here where people can no longer service their debts.