Credit Card or Loan for a Wedding?

Ferris1986

Hi,

My first post!

I'm after some advice and I know that ideally I shouldn't have to get a loan or a credit card but should save money but we have a set a date and are getting married in October this year and we aren't able to postpone for various reasons.

I have never used a credit card or had a loan (except for my small student loan which I pay back monthly from my wages), I do have a mortgage.

My partner and I need to borrow money to pay for our wedding, he has a credit card which he is paying off every month (the minimum repayments!) and he has recently finished paying of a personal loan. We would probably need £3-£5,000.

2 questions really, 1-Should we get a joint loan or credit card, or separate ones? and 2-Is a loan or credit card best in this situation?

What I also need to consider is that the mortgage is my name as I bought my flat before we met, and we are planning to buy somewhere bigger next year and get a mortgage in both our names, so would having a credit card / loan affect our joint mortgage application?

Any advice would be greatly appreciated!

kazwookie

Ferris1986 wrote: »

Hi,

My first post!

I'm after some advice and I know that ideally I shouldn't have to get a loan or a credit card but should save money but we have a set a date and are getting married in October this year and we aren't able to postpone for various reasons.

I have never used a credit card or had a loan (except for my small student loan which I pay back monthly from my wages), I do have a mortgage.

My partner and I need to borrow money to pay for our wedding, he has a credit card which he is paying off every month (the minimum repayments!) and he has recently finished paying of a personal loan. We would probably need £3-£5,000.

2 questions really, 1-Should we get a joint loan or credit card, or separate ones? and 2-Is a loan or credit card best in this situation?

What I also need to consider is that the mortgage is my name as I bought my flat before we met, and we are planning to buy somewhere bigger next year and get a mortgage in both our names, so would having a credit card / loan affect our joint mortgage application?

Any advice would be greatly appreciated!

Don't do the credit card or load for the wedding.

If you cannot put it off until you can afford the £3 to £5K, then you need to cut back from now until October so you can afford it.

There is / was a thread running about getting married for about £500 in total.

You need to use what you have and cut back on all the frills that go with a wedding.

k3lvc

All said above - if you can't afford it then don't get married (and if you 'must' get married for some reason then do it for what you can afford)

Seriously bad idea to start marriage in debt for a single day :eek:

Nasqueron

You can't afford / were unable to save a monthly sum for a wedding fund so why do you think you could afford loan repayments, particularly when he is paying the minimum on his CC and has a loan? Your best option would be a 0% money transfer card and see what limit they give you and set THAT as your budget, not 3000-5000 and then pay it off over the 18 months or whatever (or perhaps a 0% purchase card if you can do all your spending in one short period).


Don't start marriage in debt, it'll lead to arguments and upset when you're having to pay off debts rather than go out and have fun.

sparkey1

Thoughts

A loan is more damaging than a credit card.

Unless you sell your property you will have to pay the 2nd home stamp duty surcharge, an extra 3% on top of existing stamp duty.

A credit card cannot be taken out in joint names. The first named person is responsible for the debt. Any one else is just an additional cardholder and not responsible for the debt.

Ive seen marriages torn apart by debt. Usually within the first two years.

If he is paying off the minimum, thats a warning sign.

Dobbibill

A Credit card cannot be taken in joint names as said. A loan could be.

If you use a purchases card you will need to check if who you are paying take payment via credit card and/or if there is a specific period in which you have to spend to benefit from a promo offer (ie 0% on purchases made in the first 60/90 days etc)
A MT card can be used to transfer cash to your current account but normally comes with a fee.

Both will impact your affordability when you come to apply for a mortgage. Use any of the mortgage calculators on various bank websites and see how much of an impact it will have, you can play with the figures - you may be surprised.

Then prioritise what you want/need more - a new mortgage or the loan/card.

Aside from the few family & friends you probably won't see alot of the people you are feeding/impressing on your wedding day until the next family wedding/funeral.


I hope you both have a lovely day.

tiggy748_2

We are getting married next year. Due to my partners health we have gone from a 80 person wedding at a venue to a 20 person wedding in the garden.
Im having my dress made in China. It's about 250 for a 2k dress. Bridesmaids dresses are as little as 25. Join the Facebook group chime dress success for advice on how to buy a lovely dress abroad.

Hunt out venues that the council own. Down the corner.from me a listed barn. The council rent it for 25 per hour and don't charge 100 a head for.food/drinks.

Next slash the guest. Seriously. If you havnt spoken to this person in 1 month get them off the list. Im.not having any aunts uncles etc juat sisters mum dad gran. Really hack it back. If any family member complains ask them.to.pay the bill.

If you look at Rock n roll bride you will see the best weddings are those.that domt.cost a lot as the couple really have to think outside the box. Might give you some great ideas.

Guerillatoker

I've heard of people who have got married in small, private ceremonies and then holding a "proper wedding" further down the line when they have more resources to hand. This would be my suggestion is marriage is a priority, otherwise the advice given above about reducing the costs is the best bet.

Don't take a debt to pay for something you could postpone instead.