Is it wrong to get a loan??

is anyone resorting to a loan to pay for their wedding. We have saved some but it's hard keeping track of what's been spent whilst saving. I would prefer to have a lump sum we can afford the payments but is it not advisble in the current financial climate???? Would love to hear from anyone doing the same xxx
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  • jacquelienejacqueliene Posts: 6,350
    im goin to take out a small loan to cover the last min bit n bobs n pay some ballences, only 3k so not a big amount. i do wish i didnt need to but feel ok about it as its not a big amount, i wouldnt take out a big loan (5k plus)
  • Emski18Emski18 Posts: 248
    Hi Girls,

    We have taken a loan out ot pay for our wedding, we went with our own bank (as they are more likely to give you one in this current climate), not ideal but we took ours over 5 yrs so that should naything happen job wise it's easier to find £100 a month then £400 for example.

    I don't think there is anything wrong with taking one, I know people will come on here and say "don't do it" but to be honset it's up to you at the end of the day.

    We had to take a loan as we were saving but also had more and more coming out of our account for th flat, we were short every month and so decided too, bets thing I did as not stressing over money (i wasn't sleeping as trying thinking of ways to save).

    We went with halifax, got it in Jan and start paying it back in next week so had a 3 month cooling of period.

    Good Luck with whatever you decide to do.

    xx

  • cazzywoocazzywoo Posts: 2,002
    I think its entirely up to you as a couple, and nobody can tell you if its right or wrong.

    We personally wont be taking out a loan - the last thing we want is to start our married lives in debt for the sake of one day, its the marriage thats important to us, not just the wedding. We have been careful to budget and save, and anything we simply cannot afford, we wont have, its as simple as that.

    But like I say, thats just the way I feel about it, and nobody can tell you that its wrong to take out a loan, as long as you are happy with the repayment amounts and know you can afford it, then its up to you xxxx
  • It has tobe your choice as it will be you paying for it. Me and H2B didnt take a loan out as we made the choice to save £300 a month knowing that we will be making huge sacrifices with actually having a life, i can count the number of nights we have had out in the last year on 1 hand, but we already have some debt and didnt want to add to it.

    This option does also come with a price of being skint ALWAYS so there have been a quite a few arguments so cant wait for the day to come!

    If you want a loan are willing to pay the repayments then go for it!!!
  • lins842lins842 Posts: 2,038
    i'm considering taking out a loan just now and paying it back over the next year so that its paid off before we get married, is that something that you could do?
  • It's not so much wrong as foolish.



    As someone else has pointed out, why start your married life in debt? I'm also struggling to understand the thought process of the poster who took out a loan because she was "short every month and.....wasn't sleeping". Why add to your financial worries by taking out a loan?
  • feeona123feeona123 Posts: 570
    am not taking out a loan but am thinking about getting an long interest free period credit card. M&S are currently doing a 10 month one so hope it is still on next year so I can spread the cost out after the wedding to give us less pressure.
  • lrbpielrbpie Posts: 2,280

    It's not wrong, as long as you know exactly how and when you will pay it back, how much it will cost you in interest, and have decided it's worth it.



    However if you don't have a realistic plan to pay it back or if you don't really know how expensive it will work out, then I would steer well clear or you could regret it later.
  • Sorry but I have to agree with carriebradshaw2, especially in today's economic climate.



    Trust me I'm not a well off girl (I'm just finishing a temp contract with bad pay - no other job to go to yet -and my partner is a teacher) so it's not like I can go shopping all the time and I really have to watch the pennies but I'd rather be happy knowing we don't have debts and can start our married life off without an albatross round our necks so to speak.
  • sgorry001sgorry001 Posts: 165
    That's what we've done as well - we had a 'funding gap' between the things we had to pay for and how much we reckoned we could save before the day - the amount we will be short is going on a credit card that has no interest on purchase for 12 months, so we shouldn't have to pay any interest on it by the time we clear it off - we should be able to clear it by 4 months after the wedding. x
  • bets101bets101 Posts: 596
    hi we're considering a loan, we have paid off a big chunk but will still need 3k we reckon. we are gonna shop round for the lowest interest we can find. either that or we are gonna have a terrible wedding with half the stuff not there!
  • Hey I was in the same boat on debating a loan however I sold my beloved car and downgraded to a smaller more economical car instead of a loan. And I tell you since I have done that a massive weight has been lifted from my shoulders knowing the money was there and we dont have more expense after the wedding - after been skint all the while saving I dont want to be skint after the wedding also!



    14 Days to Go and cannot wait!!!!

  • UniqueStarUniqueStar Posts: 1,180
    If you are smart about the whole thing, do your research and go with something you know that without a doubt you will be able to afford to pay back I would say it is an option.

    However, I also have to add a note of caution. Don't go into borrowing lightly. I ended up convinced into the idea by an ex. I was young, naive and blinded by love and he was organising the bills etc. That and other circumstances conspired against me, and at the worst point I was £10k in debt. That's no fun, believe me. It was my own stupid fault for abandoning my good sense with money that I was brought up with and getting dragged into a downward spiral. All I can say is that interest the way it is you end up chasing your tail for years paying interest and not getting anywhere near the actual original borrowings.

    H2B and I have gotten out of the mess I was in and are now busily saving towards our little wedding. We plan on having a most glorious day, but not spending a fortune where we can help it and definitely not spending more than we can afford.

    Like I said at the start. So long as you know in yourself that you can make the payments and have no troubles from the plan then it's fine. If you have any doubts, I'd advise against it, purely because I know the hell it lands you in and whilst we all want a beautiful wedding, when all is said and done it's about commitment and love, not cinderella carriages and fireworks - though it would be great if we could have those too!!
  • Well said UniqueStar x
  • Garfyuk1Garfyuk1 Posts: 585
    the thought of having to get a loan out just to pay for one day would scare the crap out of me. I just don't think it is worth it, especailly if it is just a small amout like 3K the interest rates will be so high on, you'll be paying back double, triple easy, its worth getting a loan for more like 5,6,7k just to get a much lower rate I would have thought. We aren't getting a loan, his old loan he had with his ex has FINALLY ended, and having 230 extra a month to play with is bliss, i wouldn't want to extend that for another 5 years. don't do it hun, its just not worth getting into debt for.
  • Becky86ukBecky86uk Posts: 931
    Im aiming to do it without a loan - and it SHOULD be do-able. HOWEVER, if I had to, Ive set a limit on getting a loan of only £2.5k so that I can pay it back within the first year.



  • emsyjemsyj Posts: 3,807
    I think with the many uncertainties in life (risk of redundancy, unexpected pregnancy, house repairs, car repairs etc etc....) taking on debt when it isn't absolutely 110% essential and you have nothing to show for it would not be for me. We are very cautious with our money and we save hard and live well below our means because we like knowing that we have that security of having money in the bank should anything happen. We would not have gone into debt to pay for food & drink on one day, but some people have bigger dreams for their wedding than others. If it's really important to you, then it's up to you to decide whether it's worth years of repaying the debt - it wouldn't be to me, but if it's worth it to you (and you are happy that you could stil pay if e.g. one of you lost your job or became too ill to work or you got pregnant and it was unplanned etc...) then it's your choice.
  • SarahSukSarahSuk Posts: 1,667
    It's totally up to you hun, what about a credit card with o per cent on purchases for a good while ? I know that's what we will be doing, especially as you only want a small amount.



    Think about your options and what will be best to pay off.



    Good luck with whatever your decision is x
  • MillindraMillindra Posts: 38
    Hi We are saving like mad!1 I am afraid that if we have a loan it will be a horrible way to start our married life. We are getting married because we love each other. I want a lovely dress and a nice venue but we are not going mad because it is only for one day!
  • i would say it depends on your circumstances. If you're already on the housing ladder, have very secure jobs, no plans to start a family, and no other debts - i can't see much wrong with it.



    otoh, we're wanting to buy a flat soon after we marry, my fiance works in the charity sector (although my job as a teacher is very safe), we want to get pregnant around xmas, and have student loans and old bank loans still hanging around. So for us, taking on more debt - especially for this one day - seems somewhat obscene.
  • Ok, I need to back up what I said about the loan as I've had a run of bad luck!



    For the wedding we're having a package deal so we could save some money and kept it cheap despite having a bit of money in the bank as we're saving for our own place.



    Then I find my work contract is coming to an end next week and the job market is rubbish out there so having a time getting another job.



    A few week's ago my partner's car started playing up. He works a way from home so needs a car for his job. Well we've just had to shell out for a newish one today before his old one blows up! So all our savings have gone boom!



    If we had a loan as well this would terrify me. Nothing is set in stone and I do believe you should save loans for just in case scenarios when things go a bit pear shaped, not for just one day. image

    [Modified by: 1stdestination on April 26, 2009 07:43 PM]

  • madogz77madogz77 Posts: 279
    Quoted:
    am not taking out a loan but am thinking about getting an long interest free period credit card. M&S are currently doing a 10 month one so hope it is still on next year so I can spread the cost out after the wedding to give us less pressure.


    i have done the same as you - ive got my card as i wanted to book my honeymoon, im asking for contributions towards our week away instead of gifts, so any monetry pressies we have will go towards paying it off!
  • feeona123feeona123 Posts: 570
    Quoted:
    Quoted:
    am not taking out a loan but am thinking about getting an long interest free period credit card. M&S are currently doing a 10 month one so hope it is still on next year so I can spread the cost out after the wedding to give us less pressure.


    i have done the same as you - ive got my card as i wanted to book my honeymoon, im asking for contributions towards our week away instead of gifts, so any monetry pressies we have will go towards paying it off!


    did you get the M&S one? if so how long did it take to come through?
  • It really is personal circumstances, we have had our weding booked for a year now and have 8 months left (we booked it in Feb 08 and marrying dec 09) and we worked everything out that we would be able to afford it, it seemed so doable but life just isnt straight forward and we are now struggling so bad.... I think we will have to do something, i was hoping to get a long interest credit cartd and doing it that way but we are just going to have to see how things are nearer the time.... good luck and remember its personal circumstances. x
  • MrsWiles09MrsWiles09 Posts: 458
    We had planned to save all of the money we needed but it hasn;t happened as the business world has fallen apart and therefore h2b is not earning any commission or getting any bonuses- all of which we had included in our saving programme. He has been earning good commission and bonuses every year up until now, so we weren't to know.



    It's not ideal and we're already saving £700 a month, but we're having to look at getting money elsewhere. We know the business world has to perk up at some point and his job is secure, plus we have my teacher salary coming in- so we will be able to pay it off without any concerns. Life isn't always straightforward and whilst I'm pleased for those of you who have managed to pay for yours without getting into debt, please don't judge those of us who have no choice.



    We talked about losing the deposit on our reception and down-grading but didn't want to look back in a year or two and regret it, especially if the commission starts to roll in again (fingers crossed and lots of prayers).

  • NurcinEnverNurcinEnver Posts: 421
    I think if you can, save as hard as possible so you only have to take out a small loan, or even just an overdraft which is better as it's interest free. We were saving £800 a month for the past 5 months, but we've upped this to £1000 a month as we did our sums and realised we'd be £2K short. We've got 12 more months of saving, so we should be able to pay for the whole wedding ourselves (with my mum paying for my dress, and my sister paying for our venue deposit). Try and cut back as much as possible and anything you can save do that. That way you'll only end up borrowing a small amount.
  • I'll add to this thread by agreeing with most of you, it's totally up to your own circumstances.



    Don't forget some people are more scared of debt than others. I have friends who have a complete fear of going into their bank overdrafts, stay clear of credit cards and don't have student loans to pay off. Good for them but that's not me.



    I have a mortgage - it's not small but not too big we can't handle. I am still paying off a student loan and my fiance and I have been renovating our flat , so our spare cash goes into that. We don't have car or any fancy possessions like a massive flat tv.



    We could save for months on end but we have been together years and want to start a family soon, so would like our place to be ready for that.



    We decided we didn't want to go down the loan route so we decided a 6 month mortgage holiday was our best option. We'll relax a little on the renovations and will put little things on an interest free credit card if needbe. We are even thinking of renting out our spare room for a bit.



    Decide what YOU can manage and go from there!





  • EmlarEmlar Posts: 1,581
    well...

    we did get a loan for our wedding. £10k - we decided that we could either save up £400 a month for 4 years and save for the wedding or we could get a loan, have the money now, get married now and pay it back over 4 years. i dont see the difference??



    it didnt quite work out that way. the wedding ended up costing £15k and we also had credit cards we were paying off. we didnt have anymore money coming in that we could save and put towards the wedding ourselves so we had to increase the loan... we took another £7k...



    major amount of money to borrow!

    paid of our credit cards, paid for our beautiful wedding and now we just need to pay it back.



    our circumstances have changed slightly. hubby got a new job that pays slightly more, his travel costs are less and now we dont pay the credit cards as its all under one amount.



    we have the loan for 5 yrs. we have no student debt and we rent our property.



    before the wedding i saw no problem in getting the loan - we wanted our day how we wanted it and we wanted it now (well, 2 years from then!)



    on reflection i wished we had have had savings and been able to take out a smaller loan. i dont regret our wedding day at all, or what we had or how much we spent.



    i just wish our circumstances were different.



    i really want to buy a house now and im not sure we can because of the loan... i havent looked into it properly but if it hinders us being able to get a mortgage it will be upsetting.



    at the time i couldnt see past the wedding and that was really silly of us.



    its definately something u really need to think long and hard about.



    do you REALLY need the loan? or do you just want it?
  • I have mixed feelings about this topic...



    One part of me says if you can manage without a loan then go with out, but i wouldnt splash it all on credit cards, because this is worse then having just one loan payment each month.



    I have taken out a 10k loan. We are 100x happier with our situation now. before we got the loan we were saving like mad. We had about 6k saved up. We have just this week recieved the bill for the cost of the wedding and we were short of the final balance because VAT was added on top of what we had worked out.



    I personally think there is nothing wrong with getting a loan. The interest is lower on a loan then a credit card and its the same payment each month that is coming out of your bank so easier to keep track.



    i have had a loan since i left university at the age of 20. i am now 26 and i renew my loan every 3 years which gets me out of any other debt/over draft. I am used to paying £220 per month for my loan. So i really dont think there is a problem with taking a loan if you keep up with all the payments.

  • HobbersukHobbersuk Posts: 29
    thank you all so much for your responses. I think we are going to save what we can and then make a decision at the end of the year whether to get a loan. Our wedding is booked for may 2010 in Mauritius so we can make it as small or as big as we like!! You have all made me think over and over about this but as we have our own place & a one year old daughter the wedding is our only big expense for a while I think I'm prepared to get into a little debt for it thanks again ladies xxx
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