Loan for wedding-which bank to go with

mrsammyp

B_G_B wrote: »

I would suggest one of the following.

TSB
Lloyds
Halifax
First Direct
BoS
M&S
Nationwide

These are the institutions that pay me each month with loss leading products.
Obviously, these products need to be financed from somewhere, and you seem like the ideal punter to me.

Brilliant :rotfl:

[Deleted User]

skea56 wrote: »

Just to note, we did not have a big fancy wedding either, (only about 100 guests) and didnt do a big honeymoon either.

Since when has '100 guests' ever merited the word 'only' before it when it comes to a party?

We had 4 guests at our wedding, and that was only because my wife felt our parents would be put out at not being invited.

lazer

skea56 wrote: »

I agree with this poster, we recently got married and got a 0% card from Santander for 23 months last year just after we got engaged. The card was used for deposits etc and to pay off the hotel installments. it meant that the money we had been saving for our house did not have to be used. We knew therefore that the deposits were protected should anything had happened, plus we were able to pay off the balances at our own rate.

Also the money and gifts you receive from guests can also go towards the debt afterwards. (I dont mean to be crass but thats jsut the way it is)

Just to note, we did not have a big fancy wedding either, (only about 100 guests) and didnt do a big honeymoon either.

We now have the money sitting in a 123 account getting 2% interest and a standing order being sent to the CC each month to pay it off each month before the 0% free period runs out.

And to those posters who say why spend so much money on just a party, i disagree - it was money very well spent, it wasnt just a party to us we got to spend time with family and friends from all over the globe whom we wouldnt normally see, everyone had a great time and I married the love of my life in front of all the people I cherish most in the world.

sk56

I think this is the bit people miss, it was the same for us, family came from abroad, many from Australia to go to our wedding, I don't think it would have been right to give them a few sandwiches in a local village hall.


Also, many of our guests gave us gifts of £100 and upwards, therefore they deserve a good night, with food, entertainment etc.


We have also been guests at many of our guests weddings, and they treated us well.


It is the only day in our lives when all our family on both sides and our friends are likely to be together in one room, so it was a very important "party".


We are special enough to our friends and family that they want to see us declare our love to each other, they were willing to travel and spend money to witness this, so we were more than happy to spend a bit of money to show them how much we appreciate it.


Marriage to us, was a declaration of love and commitment before God and before our friends and family.


Small weddings are fine, if that is what suits you, and what you would enjoy, but it does not mean that it is right for everyone.


I wouldn't have wanted a wedding in a registry office with 2 witnesses, just as many people who do this wouldn't want a church wedding with 100+ guests and a sit down meal. Everyone is different.


As for saving before getting married, all sounds good, but if you are in your late 30's and want children, and want to be married before having them, probably not wise to wait. As Skea56 said, the gifts from the guests will probably pay the debt, so it will be short term debt.


Personally, I would probably have had a smaller or less fancy wedding if we had have needed to get into significant debt for it, but thankfully we didn't, we had things we could have cut down on if we had to, without affecting the stuff we provided for the guests, such as the honeymoon, our outfits, cars etc.


Also, what If you have already booked your wedding, and paid 50% to the hotel - could be £3k or so, and then lose your job, do you cancel the wedding and lose the £3k you have already paid, or borrow £3k from somewhere and have the wedding now?

Pixie5740

If you've lost your job and have zero income which lender will give you a loan and how would you repay said loan?

If getting married before having children is important to you then is it worth getting into debt for the wedding? Children are expensive and your income can be seriously dented with maternity and paternity pay so why would be you want to increase your outgoings by taking on unnecessary debt?

If you are going to borrow money for a wedding (or whatever) then do it as cheaply as possible. The OP stated that they didn't want to be spinning around credit cards even though a 0% credit card would be the least expensive way of borrowing the money. Some people seem to prefer paying interest and having a single direct debit than paying 0% interest and having multiple direct debits.

No I don't buy cars on finance and I don't drive a Clio or a Corsa either. They're not very good for towing or off-roading.

skea56

Deleted_User wrote: »

Since when has '100 guests' ever merited the word 'only' before it when it comes to a party?

We had 4 guests at our wedding, and that was only because my wife felt our parents would be put out at not being invited.

We are one of the last of our friends to get married. At each of these weddings, and at the majority that I have ever been to, the guest list has been 200+, in fact one of my cousins got married last year and there was 360. We both come from big families, have a very large circle of friends as do our parents, when you come from a close community where everyone knows everyone, its hard to draw the line somewhere.

And I dislike the term "party" - as I said before it wasnt a party to us. You and many other posters are having a go at me and the original poster for wanting to celebrate our day with more than 4 people - that was your perogative and I'm sure you had a brilliant day. I wanted to invite a larger number of people to help celebrate the start of our lives together - who would you suggest i leave out? My 3 best friends who I have known since I was 4? His aunt and uncles who took turns raising him and his siblings whilst their parents were out working long hours? Maybe his granny? Or my parents neighbours who have we have lived beside for over 30 years? Every single one of our guests had a special role to play that day, as they were there to share in our joy and that was enough for us.

It is unfair to have a go at/judge/look down your noses at us, just because our opinion differs from yours

skea56

lazer wrote: »

I think this is the bit people miss, it was the same for us, family came from abroad, many from Australia to go to our wedding, I don't think it would have been right to give them a few sandwiches in a local village hall.


Also, many of our guests gave us gifts of £100 and upwards, therefore they deserve a good night, with food, entertainment etc.


We have also been guests at many of our guests weddings, and they treated us well.


It is the only day in our lives when all our family on both sides and our friends are likely to be together in one room, so it was a very important "party".


We are special enough to our friends and family that they want to see us declare our love to each other, they were willing to travel and spend money to witness this, so we were more than happy to spend a bit of money to show them how much we appreciate it.


Marriage to us, was a declaration of love and commitment before God and before our friends and family.


Small weddings are fine, if that is what suits you, and what you would enjoy, but it does not mean that it is right for everyone.


I wouldn't have wanted a wedding in a registry office with 2 witnesses, just as many people who do this wouldn't want a church wedding with 100+ guests and a sit down meal. Everyone is different.


As for saving before getting married, all sounds good, but if you are in your late 30's and want children, and want to be married before having them, probably not wise to wait. As Skea56 said, the gifts from the guests will probably pay the debt, so it will be short term debt.


Personally, I would probably have had a smaller or less fancy wedding if we had have needed to get into significant debt for it, but thankfully we didn't, we had things we could have cut down on if we had to, without affecting the stuff we provided for the guests, such as the honeymoon, our outfits, cars etc.


Also, what If you have already booked your wedding, and paid 50% to the hotel - could be £3k or so, and then lose your job, do you cancel the wedding and lose the £3k you have already paid, or borrow £3k from somewhere and have the wedding now?

Exactly, you have said this much more eloquently than I could :T

sk56

lazer

Pixie5740 wrote: »

If you've lost your job and have zero income which lender will give you a loan and how would you repay said loan?

If getting married before having children is important to you then is it worth getting into debt for the wedding? Children are expensive and your income can be seriously dented with maternity and paternity pay so why would be you want to increase your outgoings by taking on unnecessary debt?

If you are going to borrow money for a wedding (or whatever) then do it as cheaply as possible. The OP stated that they didn't want to be spinning around credit cards even though a 0% credit card would be the least expensive way of borrowing the money. Some people seem to prefer paying interest and having a single direct debit than paying 0% interest and having multiple direct debits.

No I don't buy cars on finance and I don't drive a Clio or a Corsa either. They're not very good for towing or off-roading.

Your husband or wife to be still has a job, so can get a loan and repay said loan.


Strange thing about children, you have 9 months to prepare and 9 months to pay off the debt which could be easily doable, especially with gifts from guests, so it will not be an issue.


FWIW, I personally wouldn't really choose to get into debt for anything, except my mortgage, but that doesn't mean I can judge people that do.

Nasqueron

skea56 wrote: »

We are one of the last of our friends to get married. At each of these weddings, and at the majority that I have ever been to, the guest list has been 200+, in fact one of my cousins got married last year and there was 360. We both come from big families, have a very large circle of friends as do our parents, when you come from a close community where everyone knows everyone, its hard to draw the line somewhere.

And I dislike the term "party" - as I said before it wasnt a party to us. You and many other posters are having a go at me and the original poster for wanting to celebrate our day with more than 4 people - that was your perogative and I'm sure you had a brilliant day. I wanted to invite a larger number of people to help celebrate the start of our lives together - who would you suggest i leave out? My 3 best friends who I have known since I was 4? His aunt and uncles who took turns raising him and his siblings whilst their parents were out working long hours? Maybe his granny? Or my parents neighbours who have we have lived beside for over 30 years? Every single one of our guests had a special role to play that day, as they were there to share in our joy and that was enough for us.

It is unfair to have a go at/judge/look down your noses at us, just because our opinion differs from yours

People are not having a go at the OP for wanting a big wedding.

People are having a go at the OP for wanting to take out a loan to pay for a big wedding.

2014 You & Your Wedding magazine estimated the average wedding would cost £21000, this is on top of the mortgage they have.

OP says the repayments are "fairly comfortable". A loan for maximum £21000 over say 4 years would mean repayments of £477.11 a month at 4.4% APR (with Halifax as stated). A loan for £10000 over 3 years is £296.64 a month.

If the OP has 300-500 a month going spare then why haven't they got thousands of pounds in a savings account for this sort of thing?

The likely situation is that they don't have this much money spare, or they do but spend it enjoying life. Starting married life with a debt and a severely curtailed social life trying to pay off this debt is a recipe for arguments after yet another weekend spent in due to not having the cash they used to have as they service the debt.

OP is welcome to have as big a wedding as they want but would be prudent if they saved for it

[Deleted User]

skea56 wrote: »

You and many other posters are having a go at me and the original poster for wanting to celebrate our day with more than 4 people

No one is having a go at you for inviting more than four people.

That does not change my view that 100 people is not a small number of people. With regard to which ones you should have left off the list - you'd need to post up the full guest list if you want that level of response.

Pixie5740

So now the household is down to one income and the outgoings have increased to repay the loan. What if you don't get enough money from your guests to repay the loan? I suppose you could put one of those little poems about having enough pots and pans and just outright asking your guests for money in your wedding invitation which seems to be the norm now.