Help- 95% Eligible But Declined

Gaz83

DavidWFC wrote: »

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

If you stop paying a finance deal on a car, the company can take back the car.

If you stop paying a loan on a wedding, they can't exactly take back your wife.

comeandgo

So you have nearly £300 a month spare, start saving it and have your wedding in five years time.

dealer_wins

Get married for £500, and enjoy the £14500 windfall and the interest you wont pay over your married life.!!!

T-G-C

I completely understand that a wedding is an important life event and wanting the best for it is natural. However, £15,000 is a substantial amount and considering the fact that you are seeking to cover the cost entirely on credit, it would be wise to evaluate whether or not this is necessary.

Rather than spending the next 5 years paying off a loan, it could be a better option to plan the wedding (assuming this is not already planned and arranged for recent) for later next year and take a chunk of your income, the maximum you can comfortably afford and save it in an account each month. You will feel much happier and satisfied knowing that you have funded your wedding without the baggage of credit attached.

I understand that weddings can take a long time to plan and most things require an advance date with an advance deposit, therefore if you do sincerely require credit for this to happen within the time-frame you require, then consider applying with another high-eligibility lender and if declined a further time, consider lowering the budget to a smaller amount, as being declined twice for the same amount with two different lenders is an indication that your current standing with credit is not sufficient enough for £15k.

Do not attempt to apply for the same lender twice, as the application result will almost certainly remain the same. Phoning them will not change the decision, it is decided by either a computer or underwriting team, both of which stick by their outcome.

-taff

Is it a wise move to get married and then spend the next five years of your married life paying for it? Once [if] you get a loan for this, that means no available credit [on your wage] for five years, no buying a house, no buying a car, etcetc.
You're walking into a lofe of debt with the real possibility that in five years time your credit is going to be higher than you can afford.

nkomp18

Perhaps try a peer to peer lender like zopa

MEM62

DavidWFC wrote: »

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

Because the loan is secured against the car.

Starting married life £15K in debt to pay for a single day in your life is not the best financial decision you will ever make. Think about it - five years to pay off the cost of one day. There will come a point in life when you regret that decision. Particularly when you want to do other things (Have a holiday, start a family) and you cannot because you have to service this debt.

bigisi

£15k to keep up with the Joneses for ONE DAY!

A fool and their money are easily parted as the saying goes.

System

DavidWFC wrote: »

It's 278 p/m, I could walk into a car dealer and get finance on a car and most likely be accepted for a car valued 15k so not sure why a loan is different.

You're looking at spending almost 20% of your monthly take home pay for half a decade to pay for a wedding. Apart from that being absolutely mental the reason you're failing is because of affordability. You might find you didn't get accepted for an unsecured loan for a car and the reason you'd be accepted for car finance is because it would be secured on the car so don't pay and they can take the car from you.

If you have £300 a month to spare and you're spending £278 a month on repaying a wedding loan you now only have £32 a month to spare. What would you do if there was an emergency that came along? You'd be looking at borrowing more money and no doubt it would end up being with a sub-prime lender with 100%+ APR figures. 5 years is a long time for things to go wrong.

If you have £300 a month spare the last thing you should be doing is looking at loans that use almost all of that up.

WillyWonga

I used to work in a bank loans dept. Anything over £7500 they only wanted rock solid customers with a great history. They give you £15k cash and hope that you will pay it back.

Don’t rely on comparison sites where you are xx % likely to be accepted. Banks will change their lending criteria daily. Say at start of month they have £1 million to lend out if applications are being accepted and reaching target they will tighten criteria whereas if slow month they will relax criteria. So always best to apply at start of month.