Approved in Principle

Nellup

Hello all,

Myself and my fiance have been approved in principle for a Tesco Loan. The purpose of the loan is to pay off combined credit card debt and pay for our wedding in full.

We need to send off our last months statements but I went £93.22 over my overdraft limit of £500 last month. Will/could this (potentially) result in a rejection from Tesco?

Many thanks

Nellup

chanz4

It may do, as shows your streched

lippy1923

You won't know until you try.
Is this the first time you have gone over? Do you have any other nasty's lurking on your credit report?

If you have then maybe its better the wait and save up for the wedding rather then rely on a loan.

Nellup

lippy1923 wrote: »

You won't know until you try.
Is this the first time you have gone over? Do you have any other nasty's lurking on your credit report?

If you have then maybe its better the wait and save up for the wedding rather then rely on a loan.

Thanks for your reply.

To be honest, last year involved a big move (I rent, not own) which resulted in going over a few times during my 2 months of unemployment.

Before that, I've never really had any major financial problems. I had a HSBC loan which was paid off successfully with no issues etc and a credit card which I've been paying off with no missed payments either.

I'm in full-time permanent employment and Tesco only want to see last months statement so I'm not sure if that's just to confirm what we put on the form.

poppasmurf_bewdley

I'm sorry if it upsets you, but if you have to borrow to get married then you cannot afford to get married. You're living on credit cards and a £500 overdraft and you can't even keep within that limit as you have gone over by £90+.

You need to postpone the wedding until you get your spending under control. Go over to the Debt Free Wannabee Forum and complete an SOA.

Sorry it's probably not what you wanted to hear but there is no point in assisting you go even further on the road to financial disaster - which is where you are heading.

Treadmill

Lol, if nobody ever borrowed money to get married there old hardly be any weddings. What's the point in coming on offering general lifestyle advice to a specific query, it smacks of ego.

Anyway with regards to the original question, if you are sending in statements OP then your loan is probably being handled by the underwriters as loans are normally approved without further documentation. You may find that you are approved but with a higher APR to mitigate the extra risk of loaning to somebody who goes over their overdraft. If this is the case, make sure you factor this in for your affordability calculations before you decide to accept.

Nellup

Thanks for the constructive comments.

If push comes to shove, we will pay for the wedding through savings alone but a loan would take the pressure off and pay off the credit card. My debt is more than managable and a loan (apr pending) would be comfortably paid off based on our wages.

We are a young couple who have, through work, moved from Plymouth to Durham to Newcastle before settling in Bristol. Most of my credit card debt was due to a sudden move. We're generally quite good with money management but the move to Bristol resulted in a rough six months financially.

Thanks once again.