Would you pay off your reception hall a year in advance?
Or even further in advance than that?
I haven't made a single payment yet, the 1st payment is coming up and I'm tempted to just pay it off. My bank account will be extremely sad by this move but I'm failing to see the cons.
Cons to paying off a year or more in advance? Would you do it?
JLWSJC
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Re: If you could...
If I had the money, even if it left me at an even zero 'and not below zero for the next coming months,' I would totally completely do it.
In other words, as long as I could continue to pay my bills, even if I broke even every month til the wedding because of that, I'd pay it off, it would be SUCh a weight off my shoulders
Jessc4985
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Re: If you could...
Personally, I would pay it and than I would just have to worry about all the fringe stuff!
DoreenAndScott
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I have sort of the same thought i was thinking of having my min paid off by july of this year. Anyone see any cons to this idea?
HoopsnYoyo
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Re: If you could...
I would def pay off my RH a year in advance!! I was talking about that with FH. Instead of us making the minimum payments, we should give more so our final 2 payments aren't that much!!
FutureMrsLots
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Re: If you could...
I would totally do it, this way you can save more money and buy more things :)
FutureJOC
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Re: If you could...
I we had the money to do it we would. Or even just to pay the next 2 payments and only have to worry about the last one would be nice.
I'm actually going to run that by FH later because we have our next payment coming up and we have more than enough to make both payments now.
mrsq2be
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Re: If you could...
We are thinking about taking our tax money and shoving it directly into the RH. even now, we are only required to pay $1000 every other month until $5K is paid off, we are paying more than teh $1000 every other month and will continue to do AT LEAST that until the big payment is due. I just don't want to be worrying about the money next year when the big payment is due... I would rather pay most of it off now! I realyl don't see any cons! A lot of people say to leave a little balance everywhere... so I might just pay for my minimum guarantee (if possible) and leave the rest for the end...
dCa51899
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Re: If you could...
nooooooooo i would never!!!! our RH told me that if they go under or if anything happens, we lose all the money that we paid them. I'd rather have the money sitting safely in my bank account. Plus, at least when u hold onto it, you're earning a lil interest. If you're able to recoup some of the money if God forbid anything happens to ur RH, I'd *think* about it, but probably still wouldn't
Notwedyet08
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Re: If you could...
If I had the money i would totally pay it off; it not most of it. Like others have said; it will make the last 2 months a lot less stressful and you won't have to worry about that one payment.
Notwedyet08
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Re: If you could...
Posted by dCa51899
nooooooooo i would never!!!! our RH told me that if they go under or if anything happens, we lose all the money that we paid them. I'd rather have the money sitting safely in my bank account. Plus, at least when u hold onto it, you're earning a lil interest. If you're able to recoup some of the money if God forbid anything happens to ur RH, I'd *think* about it, but probably still wouldn't
Actually that's a good point-What IF the RH closed; did a renov; something else happened and you can't recoup your money??
VCanizalez
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Re: If you could...
If I have all of the money and I know i would still be fine with any other bill payments... then i would pay it off all of it!!!!!!
FutureJOC
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Re: If you could...
Posted by dCa51899
nooooooooo i would never!!!! our RH told me that if they go under or if anything happens, we lose all the money that we paid them. I'd rather have the money sitting safely in my bank account. Plus, at least when u hold onto it, you're earning a lil interest. If you're able to recoup some of the money if God forbid anything happens to ur RH, I'd *think* about it, but probably still wouldn't
you know, scratch what I said. I totally agree. I would rather keep the money in there earning interest.
Panamasweet
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Re: If you could...
I never thought about the place closing. I was getting ready to pay it off next week. Now i'm think i shouldnt. I go there so often i think i would notice if they were closing but you never know.
WeezyGirl2354
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Re: If you could...
Posted by dCa51899
nooooooooo i would never!!!! our RH told me that if they go under or if anything happens, we lose all the money that we paid them. I'd rather have the money sitting safely in my bank account. Plus, at least when u hold onto it, you're earning a lil interest. If you're able to recoup some of the money if God forbid anything happens to ur RH, I'd *think* about it, but probably still wouldn't
Unfortunately in times like these - this is what you have to think of. I have had a ton of vendors that we met w/ say never pay anything off in full until it is needed. I can understand the awesome feeling of having that huge weight off your shoulder, but with how things are now it's just too big of a risk that I personally wouldn't feel comfortable with. I am all about paying a little bit more then the min but not too much more.
DoreenAndScott
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Re: If you could...
OOOO believe i'll get my money back if anything happens.
wiggleit28
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Re: If you could...
If you can do it--I say go for it. I feel that we are really going to be stressing trying to pull together those payments every other month. I'd definitely do it!
AwaitingAugust
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Re: If you could...
i would absolutely not pay it in advance. In fact, i have the option of paying for an extra 2 months now (dad just gave me a check to help) ... but who knows what the next few months will bring ... i'd rather have the money in a safe place where i could use it if, God-forbid, i had to.
plus, what if you need to postpone your wedding for any reason ... then you might lose more of your deposit.
JessNicole7EM
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Re: If you could...
A few things.
1. There is a clause saying if I need to reschedule the event - as long as my catering hall is available for the date I want - I can.
2. There is also a clause in my contract saying if they go under or close or whatever - I will get back every penny.
3. My minimum is 125 guests - I would JUST be paying off the 125. I'll still owe them money down the road for my other guests - My guest list is at 219.
I'm not sure if that makes a difference to some of the answers but please let me know.
jenn_eric
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Re: If you could... UPDATED
Aside from the fact that we won't know 100% the final cost until the day of essentially, we aren't going to pay in advance any more than necessary. We even looked into some that had later payments - why should the RH hold the $$ and get interest on it when we could get the interest on it in our account.
