Wedding Money Woes

Tolly2686

Hi all,

Advice would be amazing.

I get married on the 1/9/13, and we are struggling to stump up around £4000 to complete paying everything off.

The problem is, both our credit ratings are shot; my fianc!es due to her previous partner and a huge amount of debt he created as well as ruining her mortgage for her, and mine, for issues with direct debit disputes between bank and phone company, and a final payment problem on a car loan which lasted 4 months.

I'm running out of time, and frankly I can't take it.

I need a loan, and I'm on a good income, but because my credit rating is so shot, I can't get one.

Can anyone offer advice of where to look?

Thank you!

gb12345

With poor credit ratings you're going to be hard pressed to get a reasonable (if any) loan.

Give us a few details - what is your income, what other debts do you have?

fairytinkerbell

the only thing i suggest is cut back on the wedding. take a look on the wedding board here for some cheaper ideas. finding a bad credit loan for that amount will leave you in debt for many years after your big day. have a see where you can cut back as i dont think you want to spend the first years of married life struggling with huge debt

John1993_2

I'm not the first, and I won't be the last on the thread to say this, but given that both of you have poor credit histories, then a loan is unlikely to be a good idea.

If you do manage to find one, it'll be on high interest rates, and it sounds as though you aren't going to find this easy to repay.

How much are you managing to save each month at the moment, and how many months have you been saving this for? If it's not much, then what do you plan to repay the loan with?

opinions4u

Defer the wedding and save.

Scale back the wedding.

Borrow from family and pay them back quickly after the event.

Don't go searching for credit from a high rate lender who will take you to the cleaners.

MEM62

You both have poor credit and possibly outstanding financial issues and are now looking to find a way to fund a wedding that you cannot afford. I have no wish to appear harsh but is this not time to take a step back and take a fresh look at things.

First of all its very easy to sit back and blame past problems on ex-partners, circumstances, banks getting wrong and similar. Even if these were 100% out of your control (and in the cold light of day they are often not) you need at least to take a long hard look at your histories to see what lessons you can take on board.

As others have said, I suggest that you cut back on the wedding extravagance and organise an occasion that you can afford without borrowing more money. Enjoy the occasion then, once you are Mr & Mrs, you can sit back and plan for your financial future to be better than the your financial past.

And congratulations on the forthcoming event :T

DCFC79

Can you not do the wedding cheaper ?

Look at your spending, cut back on anything you dont need, ebay stuff OR ask family/friends to chip in, see it as they're gift to you. Should have looked at the finances at an earlier date, just realised cutting back on the spending (normal day to day) wont save much due to being in July and the special day in september.

ilovelondontown

Please oh please do everything you can to save money on your wedding before you go spending more on it.

We were £4k short on our wedding when it came to making our final payments, it wasn't through lack of saving for the wedding, we had a number of unfortuate unforeseen matters that came up that lead us tapping into the wedding fund to survive. I don't "regret" it as we didn't have a choice but I'm now still paying back the loan I took out to cover the shortfall. It'll be paid off in October, which means it will have taken us a year to pay it off and I cringe every time the loan repayments come out every month because I KNOW I could have found things to cut back on. I kept worrying about letting everyone down by changing plans or ideas. It was a rediculous justification and one I'm sure you're feeling right now.

Things like the favours £300, the table flowers £500, the car £200, more expensive wedding menu £500, addtional guest £££.... it all adds up. Some of the things you will be tied into, others you will be able to make cheaper. Look at your wedding costs and work out where to cut them before working out how to add to your debt. I'm almost certain there are thing you can forgo that will not make a difference to your beautiful day but will make a difference to you bank balance and your sanity!

Good luck!

sweetilemon

Have you posted on the weddings board (under special occasions?) Everyone there was really helpful when planning our wedding, loads of good tips. What is it you still have to pay for? Can you negotiate the price down if you explain your situation (e.g. venue food/drinks package maybe pick something cheaper, change flowers to a cheaper option etc). Instead of looking for a loan I would be looking to pay out less. Are your invites out? If people ask what you would like, could you maybe ask them to contribute to something? I dont really like this idea but needs must. Is bridesmaid/best man outfits something you still have to pay? can they pay for their own? If you make a list on "still to pay" and list if you have agreed to purchase or not yet chosen and how much deposit paid we can maybe help reduce costs for you but still have a nice wedding.

sinking234

everyday-loans.co.uk they seem to accept less than perfect credit and are a direct lender not a broker so wont charge you for applying

sharp82

sinking234 wrote: »

everyday-loans.co.uk they seem to accept less than perfect credit and are a direct lender not a broker so wont charge you for applying

74.8% APR

Probably best to reduce your costs OP!!