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Your wedding should be a memorable and happy day

Paying off your Wedding Debt

Secured Loans > Our Loans > Wedding Loan > Paying off your wedding debt

With the average wedding in the UK now costing more than £20,000, more and more couples are turning to wedding day loans to finance their wedding day when they may already be struggling with debt such as secured loans or student loans. Your wedding should be a memorable and happy day. It is the start of your future together, and nothing puts more strain on a marriage than even more debt.

Reduce Your Costs

If it’s not too late, take measures to avoid running up too much debt in the first place. Look at where you can reduce the cost of your special day. Do you really need to hire a wedding planner when there is plenty of advice available on the internet and in wedding magazines? A summer wedding is everybody’s dream, but weddings held mid-week and during the autumn and winter months can often make a big saving, as well as lending themselves to unique themes.

The cost of catering can be a big headache — consider planning the timing of your wedding day around the type of reception you can afford. Limit the number of guests if you’re planning a traditional wedding reception. A light finger-buffet is cheaper per head than a sit-down meal. Every little saving counts, from hiring the bridal gowns and bridesmaids’ dresses instead of buying them to sending wedding invitations by email instead of buying or printing them and sending them by post. The savings may be small, but added together they can make an important difference.

Share the Burden

Traditionally, the family of the bride foots the bill for the wedding bash, but in this day and age it is often the wedding couple themselves that will pay for the occasion. It is also traditional for guests to give ‘house and home’ gifts, many of which the couple may already own. Suggest to friends and family different ways in which they can contribute by means of a wedding gift. For example, the bride’s parents may take care of the cost of the wedding gown, while friends might club together to pay for a portion of the honeymoon.

Of course, if you’ve yet to start spending, you could even defer the big event until you are in a better position to afford the wedding day you want. However, if you’re already half-way through planning your wedding, or the big day has already happened, here are a few tips to help ease the debt.

Keep Track of Your Expenses

A key tip for paying off any debt is to watch your outgoings. Account for each expense by keeping your receipts or a cash book. Keep an eye on where your money is going, and see where you can cut down on spending. Any savings from reduced expenses can go towards reducing your debt. Aggressively paying down your debts can reduce interest payments, meaning the total amount owed will reduce faster in the long term.

Set Up Automatic Payments for Your Regular Bills

Regular bills such as gas, electricity or phone can be paid via direct debit. Regular payments help improve your credit score, but you must make sure that you have sufficient money in your bank account for the payments to go through. Search around for better deals on your phone and fuel bills; it’s amazing how much extra you can save.

A Wedding Present to Yourselves

The best start to married life is one without the stress of debt, so clearing your debts could the ideal wedding present to yourselves. Think of your debt repayments as a part of your regular outgoings, and hold off on any big expenditure until you can afford it.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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