Question

I am getting married next year. I want it to be a huge affair, and took out a loan for the engagement ring, and now plan to take out a loan for the wedding. My fiance does not know I financed her ring and am going to finance the wedding. I know we are going into debt for the wedding and ring, but just wondering what happens if we cannot afford to repay these loans?

J

Answer

J,

Congratulations on the upcoming nuptials.

My advice and philosophy has and will be, not to go into debt for love. Not to go into debt for a wedding, and the associated things that go with it, such as the rings.

Love is love, and as Sir Paul stated, Money Can’t Buy Me Love.

My advice has been to have the wedding you can afford now, and then in the years to come, save up for a celebration later on.

Just my advice.

Should you not make the payments on a loan, if the loan(s) you take out are unsecured, then the usual collection practices will apply, such as collection notices, possible CCJ’s, etc. If any loans are secured by an asset, then that asset could be repossessed or taken.

I wish you the best!

Jon

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