First Loan Ever ... 29.9 APR from Bank?

Ciwan

Thanks guys, I'll do that then.

Out of interest though, can one go to other banks and ask for a loan?

By other banks I mean banks that you have no connection with.

Thanks

shop-to-drop

Ciwan wrote: »

Thanks guys, I'll do that then.

Out of interest though, can one go to other banks and ask for a loan?

By other banks I mean banks that you have no connection with.

Thanks

Yes you can but be careful not to apply for too many as that can damage your credit worthiness too.

BillJones

Ciwan wrote: »

At the end of the month I have something like £700 left, after paying all my utilities, rent and direct debits.

So after your £550 loan payments, you'll have £3 per day on which to live.

How are you planning to manage that?

Ciwan

@BillJones: How did you come up with £3? I'm confused

DCFC79

Ciwan wrote: »

Oh! no I did not know it was meaningless! So is the term 'Good Credit' also meaningless?

Also, are there better offerings anywhere for this loan?

Thanks

Sorry I forgot to add the bit fruit and Nut Case said.

MallyGirl

Ciwan wrote: »

@BillJones: How did you come up with £3? I'm confused

I make it around £5

24 months to pay off £12,988.32 is a monthly amount of £541. You say you have around £700 left so after paying back the loan you will have £158 pcm left which is around £5 per day to pay for everything else - food, travel, insurance, clothes, ....

Ciwan

Ah I see. Thanks guys, I guess I hadn't thought it through properly Much appreciated.

MallyGirl

You are welcome - glad you got the info before getting in too deep.
I would echo other comments that starting your new married life with a huge debt hanging over you wouldn't be nice. When I think back at all the stuff I nearly got sucked into agreeing to as part of our wedding it gives me the shivers. We didn't have 100s of people, we didn't have fireworks, we had a basic photographer without video, the flowers were lovely but simple, etc. We are still happily married 14 years on and we are throwing everything at paying off the mortgage.

icklejulez

Iv been married twice, first one cost around £12k - constant stress, arguments over money, working hard due to debts and ex cheated on me! He is still paying off the mortgage 6 years later.


2nd marriage - £300 registry office, no debt, no stress, financially free and we are happily married.


I know which I would prefer.


If you haven't got it, don't spend it!

BillJones

Ciwan wrote: »

@BillJones: How did you come up with £3? I'm confused

A brief brain fart, sorry;

You've £700 per month now, and will give up £540 of that (£12,988 over 24 months) in your loan repayment, leaving you with £159 per month, or around £5 per day, not the £3 I put above.

Are you saving £540 per month at present, or are you planning on cutting your outgoings by £540 per month?

Or (and I hope that this truly cannot be the case), have you not actually worked out how you plan to fund these payments?

Edited to add, is this £10k really for a wedding? Given that the cost of a wedding is a couple of hundred pounds for an actual wedding, plus presumably £9,800 to have a big party, is this wise?