Wedding loan rejected - how to improve?

[Deleted User]

Paying more than the minimum will save you money AND make you look lower risk to lenders.

Mojisola

Fireflyaway wrote: »

Give it a year and the guests won't even remember!

The weddings I remember are the simpler, individual ones - the 'big day' events merge into one in my memory.

immuno

Fireflyaway wrote: »

Do you really want to start married life in debt? I think it would feel amazing if you did a budget and saved up. It might be exciting working together to reach your goal and not being tied down to loan repayments for months, maybe years after the big day. Could you make some savings somewhere or set the date a little further off?
I don't mean to sound patronising because I've used credit ( up to quite recent) but I've come to realise you won't be as wealthy as you could be if you get everything on credit all the time. My parents struggled to save for what they wanted, went without or had second hand. As a result they are now quite comfortable. I have a lot of catching up to do! A wedding doesn't need to cost a lot to be a fantastic day. Mine wasn't expensive but I wouldn't have changed a thing. I even once had a colleague tell me she regretted her choice of wedding. Whilst she had a nice day she was annoyed that she spent so much on family she hadn't seen in years and a disco for everyone else's benefit. Do what's right for you and not what makes you look good. Give it a year and the guests won't even remember!

Thank you. Well, we are considering our budget now and maybe will set the date a bit later. Our family won't even attend our wedding, so it's really not for the guests...we just want the experience. Perhaps it's more important to us because we currently don't get much interaction with people and many of my friends who live in Australia, Dubai, etc will come to the wedding and at the moment it just feels like me and my partner...without any family. But obviously I don't want to spend everything on a wedding. I used to spend a lot on holidays and now I'm more sensible, but I feel like it's sad that I used to spend 5k on a holilday and now I can't afford that on a wedding...if that makes sense.
as I previously mentioned, we planned to pay off the loan before the wedding, but wanted it for security...but I guess we can just put down deposits and save towards the wedding.
Our rent is 1250 in London, plus transport, and we're paying off £400/month for the current loan...so despite my salary, I can't actually save that much in the end.

[Deleted User]

immuno wrote: »

so despite my salary, I can't actually save that much in the end.

Here's a little secret not many people know.

Paying back a loan is exactly the same as saving up, just in reverse. And a lot more expensive.

If you can't afford to save, you defintely can't afford to borrow

enthusiasticsaver

Deleted_User wrote: »

Here's a little secret not many people know.

Paying back a loan is exactly the same as saving up, just in reverse. And a lot more expensive.

If you can't afford to save, you defintely can't afford to borrow

This!!! Many times over.

takman

Pixie5740 wrote: »

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.

There is no point in paying for the Experian Report when you can get it on the MSE Credit Club for free.

enthusiasticsaver

immuno wrote: »

Thank you. Well, we are considering our budget now and maybe will set the date a bit later. Our family won't even attend our wedding, so it's really not for the guests...we just want the experience. Perhaps it's more important to us because we currently don't get much interaction with people and many of my friends who live in Australia, Dubai, etc will come to the wedding and at the moment it just feels like me and my partner...without any family. But obviously I don't want to spend everything on a wedding. I used to spend a lot on holidays and now I'm more sensible, but I feel like it's sad that I used to spend 5k on a holilday and now I can't afford that on a wedding...if that makes sense.
as I previously mentioned, we planned to pay off the loan before the wedding, but wanted it for security...but I guess we can just put down deposits and save towards the wedding.
Our rent is 1250 in London, plus transport, and we're paying off £400/month for the current loan...so despite my salary, I can't actually save that much in the end.

Hindsight is a wonderful thing but if you had not spent so much on holidays in the past you would have a nice savings buffer for your wedding. Also the reason you cannot save is because you are paying off existing debt. Do you see how crazy it is to take out more debt to get out of that situation?

I know it is tough, obviously harder because of your personal rift with your family but in your circumstances having your wedding within your budget is definitely the way to go. If your friends are really friends then they will come whether your wedding is in a fancy hotel or a registry office with a nice meal afterwards. At some point you will probably want to buy a property and that means getting in the habit of saving for the future you want. You have good salaries, relatively low debt which will eventually be paid off then your money will be yours to do as you will with. Get in the savings habit rather than spending though and you will thank yourself for this in the future. Better that than lining some banks vaults with the interest you pay on debts.

enthusiasticsaver

Also if the loan you have is £2k and you are paying £400 per month then it will be repaid in 5 or 6 months. If you are getting married in 18 months then that £400 can go towards your wedding fund which is almost £5k. If you can up the savings rate then you are getting close to your target. If your credit card is 0% for a while then you can continue making minimum payments so long as you have the money ready for when the deal expires.

Pixie5740

takman wrote: »

There is no point in paying for the Experian Report when you can get it on the MSE Credit Club for free.

Not if you can't get logged in.

immuno wrote: »

I've tried to join the MSE credit club, but I can never verify my account with those questions.

Money_Rollercoaster

You'll find that no matter how much time and effort (and money) you plough into the wedding day, it is just that ... a day. You'll find that it absolutely races by. You don't really want the added pressure of it costing you £20 a minute or something like that ...