Taking out a loan for wedding

MEM62

In summary, against a salary of £40K you have £27K outstanding in car and personal loans and you want to borrow another £10K for your wedding.  Do you really want to start your married life carrying £37,000 of debt?  (We will await the thread entitled "I really want to start a family but I cannot afford to go on maternity leave")  Frankly, you cannot afford the cost of this wedding and honeymoon.      

You are living a life that is beyond your means and this level of borrowing (and you apparent comfort with it) will not serve you well in later life.  Do your future self a huge favor and re-evaluate your relationship with money.  Step back and look at the interest you are paying on your loans and car finance -  that is money from your pocket that you are giving away.         

Odinson84

To update this post, a loan of £11,000 was taken in the end from Copperpot credit union at 7.9%. My pending father-in-law gave an additional 2k cash.

My side of the family did not have a wad of cash lying around but they have setup standing orders to send £200 per month, so we only pay about £40 per month for this loan. Yes I am aware that it is my debt and banks etc don't care or recognise that input from family. 

Post honeymoon, whatever spare cash we have is coming off the credit card. Then any spare money and overtime at the end of each month will go to the credit card as we will no longer be saving for the wedding. This will bring the card bill crashing down.

I was out on some figures as well. My gross salary is 44k and my car is 305 not 370 per month.

Meanwhile Unison have proposed a 10% payrise across the board. If granted, my gross salary would rise to 50k. Meet in the middle at 5% is more likely but still good.

Things are looking much more positive now.

enthusiasticsaver

I am not going to comment on the wisdom of taking out a loan to pay for a wedding but have you tried an eligibility checker?  I am not sure of Nationwides lending criteria but in your position I would do a soft eligibility check first. Do you have a plan B if you cannot get the loan accepted?

Desmond_Hume

enthusiasticsaver said:

I am not going to comment on the wisdom of taking out a loan to pay for a wedding but have you tried an eligibility checker?  I am not sure of Nationwides lending criteria but in your position I would do a soft eligibility check first. Do you have a plan B if you cannot get the loan accepted?

The post, literally, above said the loan was approved. 

horsewithnoname

Odinson84 said:

All credit committments including my car is £35k I think. 

Can I just add that we can jump up and down all day long about what I should do according to people who know so much better, and how much I should spend on the wedding, and I totally get that.

What I am asking is for opinions on chances of getting the loan, not a debate on everything else please.

I’ve been with Nationwide for over 20 years, find them to be fine and I never had any trouble getting a loan off them. I’ve borrowed up to about £15,000 the rates have been decent and it has all been done very quickly. 

I do have current accounts savings accounts and a credit card with them so they have a lot of my financial information. 

Anyway, I hope your marriage goes well and is a happy one.