Credit enquiry?

Kipster01

Hi, i just wanted to ask a question. I am not a home owner. I have a monthly net income of £1670. I dnt pay rent as i live with my parents. I pay my home phone and broadband bills, i pay my mobile bills, i have an overdraft of £1600 on my current account. The one bad thing is i had a default in my past when i was a student, which was paid back in full (not written off). Since then (almost 3 years now) i have been in full time employment and have no other bad marks against me and all things paid on time. I currently put at least 800 pounds into my savings every month.
But im having a hard time getting a loan of £5000 to help cover sum immediate wedding costs. I dnt know any1 who is a home owner as all my friends rent.
Any ideas of what i can do to help my chances of getting a loan.

Apples2

Very unlikely any good lender would take a punt with a risk like this.

Living at home. Your outgoings are as low as they will ever be.
Decent income many with families and mortgages survive on and a huge overdraft.

A history of mismanagement (a default) will have a.negative impact for the 6years it will be on your file.

Keep saving the 800 per month and avoid trying for a loan. Even if you were accepted, the Apr would be poor.

dealer_wins

Kipster01 wrote: »

Hi, i just wanted to ask a question. I am not a home owner. I have a monthly net income of £1670. I dnt pay rent as i live with my parents. I pay my home phone and broadband bills, i pay my mobile bills, i have an overdraft of £1600 on my current account. The one bad thing is i had a default in my past when i was a student, which was paid back in full (not written off). Since then (almost 3 years now) i have been in full time employment and have no other bad marks against me and all things paid on time. I currently put at least 800 pounds into my savings every month.
But im having a hard time getting a loan of £5000 to help cover sum immediate wedding costs. I dnt know any1 who is a home owner as all my friends rent.
Any ideas of what i can do to help my chances of getting a loan.

Wedding costs dont just pop up out of the blue "immediately" LOL

On you income and tiny outgoings you should have had the £5000 saved up easily over the last 6-12 months.

If you cant do that, how are you going to afford the loan when you are married with more financial commitments.

Kipster01

Thank you for the replys. I have been saving for a while and got most of the money together. I just spent most of it on the wedding but i need the instant amount so i can secure the venue. Its not a case of not having the money in time, b4 the actual day its just they require it upfront to secure the date.

DCFC79

Kipster01 wrote: »

Thank you for the replys. I have been saving for a while and got most of the money together. I just spent most of it on the wedding but i need the instant amount so i can secure the venue. Its not a case of not having the money in time, b4 the actual day its just they require it upfront to secure the date.

So a deposit then ?

Surely a deposit for the venue should or would have been the first thing to sort out.

Kipster01

It is one of them, but i am getting married in her home country first and this is a reception back in the uk for my family who cant make it. Her family is paying most of the cost there but i still had to pay for sum things and now im coming up a little short for venue cost here. I was just looking for some advice. Not to be questioned as to every little detail of my personal life.

DCFC79

Kipster01 wrote: »

It is one of them, but i am getting married in her home country first and this is a reception back in the uk for my family who cant make it. Her family is paying most of the cost there but i still had to pay for sum things and now im coming up a little short for venue cost here. I was just looking for some advice. Not to be questioned as to every little detail of my personal life.

No you aren't being questioned, ive no experience of weddings but would have thought securing the venue would have been 1 of the first things to do.

You have been told earlier in the thread your chances are, you have low outgoings so are in a very good position to save up for it.

worried48

£5000 on the wedding venue and that's just a deposit? How about simply having a much cheaper wedding? That way you go into the marriage without a millstone of a loan round your neck.