Wedding Loan

pheonixrising21

jonesMUFCforever wrote: »

Both earning good money but no savings??? Why do you need to borrow so much???

Has the part where the OP states they have no savings been edited out? I only ask because the post as it is now doesn't state whether they have savings or not...

arbroath_lass

pheonixrising21 wrote: »

Has the part where the OP states they have no savings been edited out? I only ask because the post as it is now doesn't state whether they have savings or not...

No it doesn't but I'd guess that if you want to borrow £11,000 to buy "stuff" :eek: then you probably have no savings....

pheonixrising21

arbroath_lass wrote: »

No it doesn't but I'd guess that if you want to borrow £11,000 to buy "stuff" :eek: then you probably have no savings....

I've highlighted the important words...

I'm not saying the assumption is wrong, just saying that it is an assumption and no-one has bothered to ask if its true or not.

OP, do you have any savings? How much are you saving a month? If you are not actually saving anything a month, how will you pay for the loan? If you have savings, can you not put some of this towards the stuff you want (or are you already doing so and want £25k on top of that)?

lippy1923

Bravehearted wrote: »

I'm sorry but this makes zero sense. The reason for wanting the loan has no bearing on getting or not getting it. One reason isn't more valid than another.

If Mr A wants a loan to go on a drunken drug induced sex fest in the nether regions of the world and can afford it as demonstrated with a good credit history and solid earning to match, his application isn't viewed as not valid. Or less valid than Mr B who wants a loan he'll struggle with, but wants it to marry the love of his life. Not saying the OP will struggle.

But I will put money on the fact that he won't get 25k.

I think the other posters have answered on my behalf. I was simply stating that certain loan purposes (business) will be outside policy and declined. Thats why lenders always ask why you need the loan. They don't ask to just be nosey.

EKAndrew

my pal spent £18k on his wedding 4 years ago, (he's still married) but he's adamant spending that much was one of the worst mistakes of his life

JJoseph_2

If you have to get advise from my side then there is no need to get any kind of wedding loan...Just wait for the year and save the money. You will have definitely enough money till the start of next spring so you could easily enjoy the wedding and the honeymoon as well. So i will advise you to wait and increase your savings.

Apples2

EKAndrew wrote: »

my pal spent £18k on his wedding 4 years ago, (he's still married) but he's adamant spending that much was one of the worst mistakes of his life

Shame they didn't use some of it to buy "some stuff".

[Deleted User]

Over what period are you planning to repay the loan, OP?

CharlieRabbit01

Hi OP

I got a much smaller loan (about £3k) a couple of years ago, for relocation, I needed enough to cover the actual move and then the deposit and first few months rent whilst I looked for a new job and also some stuff ( in this case a laptop, bits of furniture etc) and general cost of living.

I moved and lived with friends in their shared house and as luck would have it one of the friends moved out and I took their room, and got a job 2 weeks later so I spent some of the money as it was intended and the rest on a holiday, some other bits and pieces and then the rest to pay into savings.

The bank has never asked what I spent it on.

Sometimes I regret loan and other debts I have/had but if I didn't get it then I wouldn't be where I am now.

If you have considered all your options and this is the way you want to do it then no one else can tell you otherwise.

Better_Off_1983

Rumour has it ... the more money spent on a wedding... the shorter the marriage. The debt commitment may last longer than the actual marital commitment! Money and debt is one of the major reasons for relationships/marriages breaking down.

If you both earn enough... why are you not 'paying' yourselves by having a savings account??

Think about it .....