Paying Off Vendors.

flairforfashion Posted: Jan 12, 2009 10:21 PM

Paying Off Vendors.

I am sitting here and as you can see, I am on nervous planning mode. THREE MONTHS! OMG I am freaking out!

Anyways, with that said- I am thinking about paying off the vendors. Most of them don't require payment 'til either a month or week before the wedding. But I have the money now. I know it's good to not pay them entirely so you have something to hold over their heads but can I pay them half of the balance and then pay them remaining right before the wedding?

What have you done? Are they paid off or are you waiting?

MrsKtoBe Posted: Jan 12, 2009 10:23 PM

Re: Paying Off Vendors.

We're waiting, all the money is being held ransom in the 'wedding account'. My dad is afraid someone will back out or screw something up or go out of business.

gina409 Posted: Jan 12, 2009 10:23 PM

Re: Paying Off Vendors.

i know everyone says to wait be we save up then pay one off one by one..i just feel like its a burden off us when i know its paid..we get everything in writing and will confirm it all b4 the big day..thats just us im sure most will disagree

missjones2007 Posted: Jan 12, 2009 10:24 PM

Re: Paying Off Vendors.

we are paying as we go...everytime we get paid or some extra we knock off a vendor because we dont want to give our gift money to the vendors but we not paying them all up until the day because you never know~

lilmartha59 Posted: Jan 12, 2009 10:24 PM

Re: Paying Off Vendors.

im probably going to give them some money before the final payment
for example if i still need to pay off $2000 for flowers i will give them $1000 and the rest ill leave for the final payment

coldasice217 Posted: Jan 12, 2009 10:25 PM

Re: Paying Off Vendors.

I think personally we're going to wait until final payments are due. I get a little nervous about paying in full before services are rendered...and I'd rather stick to the payment schedule so I don't get confused and not pay someone when I should have, pay someone twice LOL, etc.

flairforfashion Posted: Jan 12, 2009 10:26 PM

Re: Paying Off Vendors.

Posted by MrsKtoBe

We're waiting, all the money is being held ransom in the 'wedding account'. My dad is afraid someone will back out or screw something up or go out of business.

I am a worry wart and this is why I am skeptical like your Dad. I think I am just getting envelopes and putting the money in there and keeping them in a safe place.

KerriJohnS Posted: Jan 12, 2009 10:33 PM

Re: Paying Off Vendors.

To be honest we have been paying off The Royalton early... so far we are way ahead of schedule with them and even asked them to add on payments when the originally only wanted like 2 payments. This way we only have like 3 to 5 thousand to pay right before the wedding, instead of like 20 g. All other vendors I am going according to their due date schedule. But I totally understand wanting to just get the payments over with.

Camroy Posted: Jan 12, 2009 10:35 PM

Re: Paying Off Vendors.

Paid most vendors half already. Some a little less. I'm just going to take it as it comes. Rather have the $ in my pocket as long as possible.

EsquireBride Posted: Jan 12, 2009 10:35 PM

Re: Paying Off Vendors.

All of the money is in my savings account earning interest. They will get it when the contract says they have to get it, and not sooner.

megsher Posted: Jan 12, 2009 10:38 PM

Re: Paying Off Vendors.

Don't let them make money off your money. Wait to pay.

missjones2007 Posted: Jan 12, 2009 10:41 PM

Re: Paying Off Vendors.

interesting topic...

ok so for example we owe $195 on your venue...so we were going to pay it off ....so are you ladies saying that you should never pay off a vendor in full...in that case that loot is going in the bank

that my problem...i like to get it over with and with the thought that i dont owe much...i guess i need to stop doing that

megsher Posted: Jan 12, 2009 10:43 PM

Re: Paying Off Vendors.

No, I def. see the desire to pay them off, but you don't have to yet.

FutureMrsG Posted: Jan 12, 2009 10:48 PM

Re: Paying Off Vendors.

We are planning to wait until the payments are due JUST incase something goes wrong.

JJC Posted: Jan 12, 2009 10:53 PM

Re: Paying Off Vendors.

We have paid everyone in full except our band who needs the last $2500 the night of the wedding...and the flowers who didnt want anything more tha $50 until 3 days before...I wanted to pay them early but they wouldnt take it! I felt much better getting the money out of the way...

MLAngelo Posted: Jan 12, 2009 10:53 PM

Re: Paying Off Vendors.

Posted by MrsKtoBe

We're waiting, all the money is being held ransom in the 'wedding account'. My dad is afraid someone will back out or screw something up or go out of business.

I think the idea of putting it in a wedding account and then paying them at the end is a good one. Don't pay them in advance, you have nothing to hold over them. You go to the end of the list because there is no cash involved. Plus you really have to be concerned, what if a business goes Chapter 11. It happens.

I have a friend whose photographer went out of business just after her wedding. Luckily her album money wasn't due until she got the album. So she didn't lose it. She said a lot of people paid it up front because he offered a 10% discount and lost all that money. All the photographers property was seized but she did get her proofs 10 months later. But no albums. And anyone who paid in advance lost all their money, nothing they could do about it.

Don't pay until you have to.

missjones2007 Posted: Jan 12, 2009 10:57 PM

Re: Paying Off Vendors.

Posted by JJC

We have paid everyone in full except our band who needs the last $2500 the night of the wedding...and the flowers who didnt want anything more tha $50 until 3 days before...I wanted to pay them early but they wouldnt take it! I felt much better getting the money out of the way...

thats exactly how i feel

missjones2007 Posted: Jan 12, 2009 10:58 PM

Re: Paying Off Vendors.

Posted by MLAngelo

Posted by MrsKtoBe

We're waiting, all the money is being held ransom in the 'wedding account'. My dad is afraid someone will back out or screw something up or go out of business.

I think the idea of putting it in a wedding account and then paying them at the end is a good one. Don't pay them in advance, you have nothing to hold over them. You go to the end of the list because there is no cash involved. Plus you really have to be concerned, what if a business goes Chapter 11. It happens.

I have a friend whose photographer went out of business just after her wedding. Luckily her album money wasn't due until she got the album. So she didn't lose it. She said a lot of people paid it up front because he offered a 10% discount and lost all that money. All the photographers property was seized but she did get her proofs 10 months later. But no albums. And anyone who paid in advance lost all their money, nothing they could do about it.

Don't pay until you have to.

wow!....you have to be really careful

MLAngelo Posted: Jan 12, 2009 11:07 PM

Re: Paying Off Vendors.

Posted by missjones2007

Posted by MLAngelo

Posted by MrsKtoBe

We're waiting, all the money is being held ransom in the 'wedding account'. My dad is afraid someone will back out or screw something up or go out of business.

I think the idea of putting it in a wedding account and then paying them at the end is a good one. Don't pay them in advance, you have nothing to hold over them. You go to the end of the list because there is no cash involved. Plus you really have to be concerned, what if a business goes Chapter 11. It happens.

I have a friend whose photographer went out of business just after her wedding. Luckily her album money wasn't due until she got the album. So she didn't lose it. She said a lot of people paid it up front because he offered a 10% discount and lost all that money. All the photographers property was seized but she did get her proofs 10 months later. But no albums. And anyone who paid in advance lost all their money, nothing they could do about it.

Don't pay until you have to.

wow!....you have to be really careful

I know I felt so bad for her when she told me that, but I am so happy she didn't pay for it. We all felt really bad for anyone who paid and then found themselves without a photographer for her wedding.

My dad keeps saying, they want money in advance to protect themselves from you backing out, but in this economy what's keeping us safe paying them in advance?