LOAN OPTIONS

deden90

Hello - looking for some advice on loans re the current financial situation in the UK.

We currently have a 7000 loan with five years left (repaying 120 a month). We are getting married next year and looks like we need to borrow 20,000 for everything covered. 
We are anxious about taking a loan out now and then struggling with cost of living going up etc- is it a really bad time to take a loan out? And if so are interest free CCs or adding to mortgage etc any better?

Thanks in advance! 

Grumpelstiltskin

You don't need £20.000 to get married, you can do it for less than £1000.

You want to borrow £20.000 so it is up to you to work out how you will pay it back if the  SHTF.

Sorry but at the moment borrowing that amount of money for something that isn't vital is not the brightest idea.

[Deleted User]

Agreed. Quadrupling your debt with nothing to show for it would be madness.

Up your payments on your existing debt instead, as that's a very long term for a modest amount.

macman

If you can only repay £120pm on your current debt, how do you possibly think that you can afford to service the interest on a further £20k?
Plus your mortgage, which you haven't specified, but which will now be increasing if its not a fixed rate

Andyjflet

deden90 said:

Hello - looking for some advice on loans re the current financial situation in the UK.

We currently have a 7000 loan with five years left (repaying 120 a month). We are getting married next year and looks like we need to borrow 20,000 for everything covered. 
We are anxious about taking a loan out now and then struggling with cost of living going up etc- is it a really bad time to take a loan out? And if so are interest free CCs or adding to mortgage etc any better?

Thanks in advance! 

In reality why would you put yourself into debt to get married, save for the wedding and rebook when you can afford it. 

MEM62

You are already £7k in debt and you want to borrow another £20K to pay for one day.  Madness!  If you do not want married life to be tainted with constant debt you need to re-evaluate your relationship with money.  It's not just the wedding, it will be the next car, home improvements, holidays.  Stick to what you can afford.  That does not stop you from being extravagant but spend from what you have saved - not what you borrow.