Wedding borrowing

lcaine1

Hi,
I'm after some advice regardig borrowing for my wedding... basically my dad was hoping to have sold his house and to pay for the bulk of the wedding costs but unfortunately this has not happened.
We have the wedding booked for May, and have paid deposits etc.
We are not sure how to go about paying off the rest of the costs... we have been as sensible as we can whilst still having the day that we want.. altogether the wedding comes to just under 10k. We still need to pay £7000, and already have a credit card (0%) debt of £1500, and a car loan of £1300.
We are wondering whether it would be best to get a loan to cover all of the costs and then just pay on monthly payment?
However I do not want to commit myself to large payments every month for a long period in case our circumstances change (i.e having children) and are less able to afford the payments.
Ideally I'd like to pay under £200 per month.
I thought about putting everything on 0% credit cards, but am worried that the minimum payments on all of them would be over £200.
I know you will probably think if you can't afford it don't do it! but it's something we really want to do and we would like to have children and both want to be married first.

Any advice would be appreciated!!

Thank you:)

[Deleted User]

10k for a wedding? a divorce can cost less

Torry_Quine

Is there nothing you can cut back on to reduce costs? It's never a good idea to borrow money for a wedding in my opinion

tonycottee

Don't do it!

I don't mean the wedding, but posting on here. I hope you're ready for the "we got married for £50", "it's not worth getting into debt for."

98% of replies won't actually answer your question - including this one!

It might be best to give an indication of both your earnings so people are able to tell if it's even possible to borrow.

wanchai_2

First of all... how much of the remaining £7,000 can you afford to save/pay between now and May?

Then... can you cut costs on anything?

paddyrg

Just so you're aware, borrowing the £10k at £200/month will take roughly 5 yrs to repay (at 10% interest, roughly 7yrs at 15%), and this is probably the time, as you suggest, that you will drop down to a single income to have kids etc. Can you still afford £200/month on a single salary?

I know marriage is important, and a good celebration is a rite of passage, but I would hate for the start of married life to be clouded by stress and rows over money - so I'm afraid I will also advocate selling what you can, and trimming back where you can, and saving upfront where you can - so you can still have a lovely wedding day, but also enjoy the following day and rest of your married life!

If you are looking for a loan still, you may find lenders cautious about lending for a wedding, so be aware it may mean higher rates than other loans. However, that will be academic if the lenders worry that you're over-geared (too much existing credit or available credit). Typically, you can't borrow more than 50% of your annual salary - so if you're earning £20k, a lender will look at the £3k you have already, any unused credit limits (eg cards with unused credit available), store cards, overdraft facilities, etc and tot it up. Then they would be unlikely to exceed the amount of lending that would take it over £10k/50%. You can maximise your chances by making sure all your store cards, overdrafts etc are cancelled so you have no other available credit. But do be aware, you will then cut off all possibility of emergency overdrafts etc for the kinds of bills that spring up after a wedding (dry cleaning, extra wine, venue mending, all sorts - you need to allow a contingency in your budget for just this), and into married life.

Good luck, I hope it goes well for you :-)

DCFC79

Lol 10k for a wedding, an expensive 1 day event but your choice. You tried your own bank ? Why hasn't the house been sold ? no viewings or price too high ?

Catherine_Johnson_2

lcaine1 wrote: »

Hi,
I'm after some advice regardig borrowing for my wedding... basically my dad was hoping to have sold his house and to pay for the bulk of the wedding costs but unfortunately this has not happened.
We have the wedding booked for May, and have paid deposits etc.
We are not sure how to go about paying off the rest of the costs... we have been as sensible as we can whilst still having the day that we want.. altogether the wedding comes to just under 10k. We still need to pay £7000, and already have a credit card (0%) debt of £1500, and a car loan of £1300.
We are wondering whether it would be best to get a loan to cover all of the costs and then just pay on monthly payment?
However I do not want to commit myself to large payments every month for a long period in case our circumstances change (i.e having children) and are less able to afford the payments.
Ideally I'd like to pay under £200 per month.
I thought about putting everything on 0% credit cards, but am worried that the minimum payments on all of them would be over £200.
I know you will probably think if you can't afford it don't do it! but it's something we really want to do and we would like to have children and both want to be married first.

Any advice would be appreciated!!

Thank you:)

You do seem to have got things a bit back to front. By this I mean putting deposits down for various services etc to do with your wedding and then wondering how you are going to pay for them. I know you said your father was going to sell his house to pay for this but, in these times, selling a house is not something you can rely on.

Also, you say you want to have children but want to be married first, which is fair enough, but that doesn't mean you have to pay £10,000 to get married. Spending a lot on your wedding by no means guarantees a better marriage or even a better experience on the day. It should be about how you feel about each other and celebrating your union, not getting into debt right at the start of your marriage. Spend within your means and, I think, you'll actually feel better about it rather than having on the back of your mind all the time 'how are we going to repay all this?'. £10,000 worth of debt for one day doesn't seem like the ideal way to start a marriage. I can almost guarantee this sort of expenditure will come back to haunt you sometime over the next few years when you are short of cash and need to buy something important either for your home or for the children you want.

Others will give advice on the best place or chance of getting a loan to cover this but, please, do think carefully about getting into so much debt right at the start of your marriage.

immoral_angeluk

If your father was going to pay, why can't he take out finance to see you through until he CAN sell the house?

jc808

troll ddddddd

clivejohnson

Who? The op?