Friday 14th of August 2009
One newlywed couple took their debt management commitments seriously by getting married in a wedding that cost £1,000, which could avoid the need for individual voluntary arrangement (IVA) advice further down the line.
Ben Alty and new wife Karolina decided that rather than start married life with thousands of pounds worth of debt, they would have a credit-crunch wedding.
The wedding cake was baked by Karolina’s mother and the bride also bought her £30 gown from a charity shop.
Material bought off the internet was sewn together by the groom’s mother to transform her garage into the venue for the wedding reception, while her son wore a £75 bespoke suit made in Hong Kong.
Newly-married Mr Alty said: "Many couples take out loans and end up in debt but with a bit of ingenuity we were able to keep the cost down and still have a truly special day."
Indeed, with the average cost of a UK wedding adding up to £20,000, many couples turn to personal loans to cover the costs.
For those couples who choose this option, an IVA could freeze the interest on wedding loans and make the monthly repayments more manageable, allowing Britons to pay off an amount that is more suited to their financial circumstances.
By Kimberley Parsons
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA answers may help Brits continue to fill coffers
