Wedding loan rejected - how to improve?

immuno

I know it's more sensible to save for the wedding. We were saving for over 3 years and then unexpected life events happened. I just want to know if it's realistic for them to offer us a loan, perhaps for a smaller amount, in a few months or if it's something that might take 18 months to improve...

immuno

Pixie5740 wrote: »

Yes that means stop applying for all forms of credit.

How long it will take to sort out depends on what it is that's preventing you from obtaining credit. If it's something simple like waiting for the change in electoral register address to update with the credit reference agencies then it should take too long to sort. A debt management plan with HMRC isn't going to help.

Thanks. I assume that was a typo and you meant shouldn't take too long to sort? We did move house a couple of months ago, so perhaps that's it...although we were accepted for that Natwest loan 1.5 months ago...
Yeah, I hope the HMRC situation improves soon. I've appealed now.
What if the reason is simply too many applications lately? Would waiting 2-4 months (whilst sorting out other issues) help, or is something like 12-18 months needed?

PeacefulWaters

I paid £39 to get married. I know inflation has taken over a little but kicking off married life with a £15,000 debt seems bonkers to me.

Pixie5740

immuno wrote: »

I know it's more sensible to save for the wedding. We were saving for over 3 years and then unexpected life events happened. I just want to know if it's realistic for them to offer us a loan, perhaps for a smaller amount, in a few months or if it's something that might take 18 months to improve...

It's impossible to say because we have no idea what's on your credit files. Your bank knocked you back for a £1k loan not that long ago and now you're trying to borrow £10k to £15k. There are other lenders out there but until you know what's what on your credit files it's pointless applying elsewhere as you could do more harm than good if you're rejected again.

immuno

Pixie5740 wrote: »

It's impossible to say because we have no idea what's on your credit files. Your bank knocked you back for a £1k loan not that long ago and now you're trying to borrow £10k to £15k. There are other lenders out there but until you know what's what on your credit files it's pointless applying elsewhere as you could do more harm than good if you're rejected again.

Ok, so I should obtain both of our credit files?

Thanks

Mojisola

1. What is your annual salary? £39,000

2. What's your partner's annual salary? £24,000

Struggling to manage with that much income - get over to the Debt Free Board and post an SOA - the good people on there will be able to help you trim your expenses so that you can pay off your debts and save towards the wedding.

Pixie5740

immuno wrote: »

Ok, so I should obtain both of our credit files?

Thanks

Yes you should each obtain your Call Credit and Equifax credit reports which are available free from Noddle and ClearScore respectively. You can obtain your statutory report from Experian for £2.

Grumpelstiltskin

OP Just what exactly do you want the loan for?

To show family and friends you can afford to spend £ XXX per head for an forgettable meal and cheap fizz marked up by XXXXX% by some hotel?

You can't afford that so why pretend?

You don't need to spend what you haven't got just to put on a show, why is it so important to pretend you can?

enthusiasticsaver

There are a few things which stand out as the reason why they may have turned you down even if the HMRC issue is not the reason.

You only recently moved house and most lenders like you to have been living in your current property for a while, sometimes a year and sometimes three.

You only recently took out another loan - a red flag that you are in financial difficulties.

You have £3k on a credit card also taken out recently. You are only paying minimum payment which is another sign you are in financial difficulty.

Accumulating £5k+ in debt over such a short period of time will seroiously affect your credit record.

You have a joint income of more than £60k and yet you had not saved sufficient for moving costs and seem unable to even make ends meet let alone save for a wedding. It seems to me you would be better addressing your current financial situation rather than incur more debt.

Sorry to be blunt but you are walking a very dangerous line here and seem to be digging yourself into a financial hole.

sourcrates

PeacefulWaters wrote: »

I paid £39 to get married. I know inflation has taken over a little but kicking off married life with a £15,000 debt seems bonkers to me.

Mine was just shy of £600 not inc the funeral, sorry, honeymoon. !!

Wouldn't dream of spending 15k on a wedding, and certainly wouldn't borrow it, why people feel the need for elaborate weddings I'll never know.