Loan Advice Needed

MrsH2017

Removed as changed mind about posting

cajef

MrsH2017 wrote: »

What would you do?

Have a lot cheaper wedding, not a good idea to start married life with a loan hanging around your necks.

TonyMMM

Borrowing to fund a wedding is madness ....

curty510

£6k isnt a lot tbh, if it was me i would put in on a 0% credit card.

Gaz83

MrsH2017 wrote: »

What would you do?

Have a cheaper wedding.

MrsH2017

I don't think it's fair to make comments like 'Borrowing to fund a wedding is madness'. We had all the money required saved however car and house repairs took up a chunk of it and so we had to use some of it. Trust me, taking a loan out is not my first choice however we signed all the contracts when we had all the money and so this is our only option.

cajef

I am not sure how £6K is just 'a little short' this sounds like an expensive wedding, sorry but if you had to dip into your wedding savings to repair a car and house it does not sound like good budgeting and financial planning.

cajef

For the record and anyone interested with further advice.

MrsH2017 wrote: »

Hi There,

My fiance & I have been saving like mad for our wedding and are just a little short. (Wedding is in 4 months time). We went to Nationwide yesterday and applied for a joint £6k loan over 3 years. It was rejected. They have advised me today that it's nothing to do with me as I am a very good applicant but that it may be because of my fiance. We have both checked our credit ratings and his are very good with mine being excellent.

The lady at Nationwide advise we wait 3-6 months before applying again, however we do not have that time and so now we are wondering what to do. I got a quote from Zopa and it was very good but I'm just not sure whether I should apply for another loan so soon afterwards.

I should point out that this is the first loan I have applied for and there have been no others.

What would you do?

MrsH2017

Sorry for just removing the post, but I reworked some figures as I forgot to include some money that is coming from my parents which means that we no longer need the loan.

ryanm8655

Replies on here aren't very constructive/helpful...


A wedding is (probably) a once in a lifetime expense, sure I wouldn't like to pay for it by borrowing but if you can afford the repayments and want to make the day a bit more special then why not...


If you are set on getting a loan to fund it and waiting a while before applying isn't an option then apply for the loan now...


Or look at 0% on purchases credit cards...


All depends when the wedding is though, whether it is already organised etc.


another option...apply for don't tell the bride...

Helvetica_Van_Buren

ryanm8655 wrote: »

Replies on here aren't very constructive/helpful...

That's not true.

This whole forum is about giving advice and offering support on reducing debt, preventing debt, and managing money effectively.

There's nothing unhelpful in telling someone it doesn't sound like they can afford the extravagant spend they're asking about - whatever the occasion might be.