For richer for poorer
THE rising cost of weddings is forcing many newlyweds to return from honeymoons with more than just a tan.
More and more couples are starting married life with hefty levels of debt, as they borrow heavily to make sure they have the happiest day of their lives.
And for many it really is a case of for richer, for poorer as they walk down the isle together.
Now financial solutions provider Debtmatters is calling for a change of attitude when it comes to planning budgets for the big day.
Debtmatters believes increasing numbers of couples are aspiring to an A-list wedding bash that can easily spiral out of control with excessive accessories, decorations and extras.
Some spare no expense as they try to copy celebrity weddings such as that of Tom Cruise and Katie Holmes, whose nuptials last year are believed to have cost over £2.5million.
Unfortunately this leaves many newlyweds with a wedding to remember for all the wrong reasons.
With the average cost of a wedding topping £17,000, Debtmatters director Michael Shirley is concerned this is plunging many couples into debt even before they say “I do”.
Debtmatters has seen a sharp increase in clients seeking help through an Individual Voluntary Agreement (IVA) following a fairytale wedding that breaks the bank.
An IVA is a legally binding where the individual agrees to pay back a certain amount each month, and it is agreed to by the creditors.
One couple who found themselves heavily in debt were soldier Raymond Neenan, 26, and his wife Stacey, 24, from Ipswich, Suffolk.
The couple borrowed £8,000 for their special day in 2001. Six years later and with two young children, that bill has grown to a staggering £31,000.
Raymond is a sergeant in the Royal Electrical and Mechanical Engineers and in the Reme is currently serving in Afghanistan.
Stacey said: “We had our wedding and a honeymoon in the Dominican Republic. Then the kids came along and we continued to borrow to buy stuff for the babies. We were going overdrawn and the charges were racking up.
“We had outgoings of £967 a month which has now been cut to £452 as we got an IVA to help cut back on our spending. We never really thought about the future when we borrowed the money for the wedding and we wanted everything to be perfect.
“Our wedding cake alone cost £240 and the photographer was also expensive. We now regret spending that sort of money and we should have saved more. I would urge anyone who is getting married to save up and not get into debt and also to really look at the costs.”
Mr Shirley added: “Planning a wedding is a very exciting time for couples - it’s a celebration of a lifetime and no one can be blamed for wanting the big day to be as special as possible.
“However, after the post-wedding bubble has burst we have seen newlywed couples contacting us desperate for help, and they realise they have overspent on the run up to the day.
“The last thing a new husband and wife need is a black cloud of heavy debt over their heads and we are seeing this more and more often.
“We feel it is time for couples to reconsider their wedding day budgets and prepare a day that is perfect for them and their bank balance.”
Following the Church of England’s commitment earlier this year to remind couples of the true essence of marriage by reverting to simpler, more sentimental ceremonies, Debtmatters is keen to support the message that the big day can be memorable without resulting in financial suicide.
Reverend Andrew Body, who produced the Church of England’s Making The Most Of Weddings guide, appeals for couples to consider taxis to the church instead of limousines and to buy second-hand wedding gowns instead of brand new designer versions.
Source: thesun.co.uk
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