refused wedding loan

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pinkpanter Posts: 191
please help or give me advice. i applied to my credit union for €30,000 for a wedding loan and was refused i told them i would be putting back at least 20,000. i have a loan at the moment of 26,000 but have 12,000 in my savings i put in 400 aweek and have done for the last year. i have applied to ulster bank for a loan but because my h2b was on disability for half of the year i dont think they will give it. we had 15,000 at home put by for our wedding but used that when he couldnt work. as u can see just over 2 months to wedding please what am i going to do.
swimfan Posts: 110
So sorry to hear of your bad luck. Don't panic. Apply for a smaller amount with your existing credit union and apply to another credit union for the remaining amount. Another option would be to apply for a couple of 0% interest credit cards and use these to pay for the wedding. NB Make sure you pay the credit card bill before the end of the 6 months or you will incur interest.
Walking Bump Posts: 2095
do you've any family you could ask to bail you out for a bit or does h2b have any one he could ask?
Elliecat Posts: 2725
It may be time to think about cutting your budget for the wedding - if you don't have the money then you just can't have certain things. Theres loads of money saving tips on this site, and you could easily still have the big white wedding for a lot less than €30k, we did ours for about €18k and that was the whole deal with 180 guests. To be honest it sounds like the last thing you need is to be getting yourselves a lot further into debt - you need to have a chat to your h2b to see what you might be able to work out. I don't think there are very many financial institutions who will be willing to give you such a large amount considering what you already owe, even if you will be paying a lot of it back fairl soon. By the way, how do you intend to pay back the €20 straight away - are you relying on gifts for this or are you expecting a lump sum from another source?
Tantrums & Tiaras Posts: 123
Sorry to hear your H2B was unwell, hope he is on the road to recovery. You seem to be in a pickle alright. Can either of your parents help you out? Maybe one of them can put the credit union loan in their name for the time being and then you can give back the money. If you are sure you will have 20.000 soon then just ask your family member to take that out. Then the other 10.000 can be put on 0% credit card payments. Be careful though, Loans can spiral out of control very quickly. Since you're finding it hard to come up with the money, can't you try to make some cut backs to the wedding. You'd be surprised at how many guests come away from the wedding not remembering the colour of the bridesmaids dresses or if they had a choice for the meal. I know after all the effort we put in we expect that the guests will see it all, but actually they don't. Good Luck.
pinkpanter Posts: 191
we build a house and it took alot of money unforseen things. but ive also been supporting to sisters in college for the last 2 years who are now finished and when gain employment they will be paying me back. at least 10,000. we have 10,000 gone on our wedding already and as it is ive cut to a minimum my dress 500 3 bridesmaid 300, band 1000, photographer 700 and video man 700 and its just the recepion and rings left to pay i have cut everything to a minimum no cake, car, cheap flowers etc. we wouldnt have been getting any loan but we were down €800 a week with h2b not working and we were living off my wage and disability and i took on an extra job and that was an extra 250 aweek. sorry for the rant but im in a state of panic. what ive done now is. ive applied for €30,000 for a home improvement loan pay off credit union and rest will pay for wedding and take it out over 10 years 70 aweek. i hope that happens for us. we have a mortgage of 195,000 we built our house but its valued at over 420,000.
NowGone Posts: 8042
Could you remortage your house and release some equity in it - the interest rates will be far less than they would be for a home imrovement loan/personal loan/overdraft/credit card.
Elliecat Posts: 2725
Really sorry you've had such a tough time, it doesn't sound as though you're going to get any immediate help from your family so that option is clearly out. Would you consider talking to the bank who has your current mortgage and asking about the possibility of releasing some of the equity on your house? It would solve your situation short term problem and you wouldn't be paying out as much per month.
jumparound Posts: 181
so sorry to hear your predicament and the other wollies have given good advice. i would also advise you to remortgage but whatever you do, do it sooner rather than later as time is ticking for you. a straightorward equity release could take the bones of 4 weeks all going well..... as the others said, if all comes to all use some 0% credit cards but beware of multiple credit cards! oh and defo cut out the unnecessaries for the wedding! i hope all works out
pinkpanter Posts: 191
i have been on to UB regarding the homeloan i presumed al was fine i was approved over the phone sent paper work and returned it but they rang looking for 3 months payslips and h2b i told them only back to work 3 weeks and he was on disabilty since feb with operation i have to send this in. i taught i had it and then they came back looking for this. also h2b in new employment and is on contract till november i will see how it goes if not il go in and see bank manager. and im eldest of my family and so is h2b and have younger siblings so family wouldnt afford it and wouldnt dream of asking id rather cancel the wedding than ask. thats very much for your advice ive relaxed a small bit. fingers crossed