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Wedding vendors going out-of-business: how to protect your budget
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Cover your bases, brides and grooms. In this day and age, can you afford to lose the time or money if one of your wedding vendors goes out of business? Here are some helpful tips that could prepare you for the worst.
1. Put all vendor charges, or as much as they allow, onto your credit cards. Should a vendor go out of business, immediately contact the credit card company and tell them of your situation. They may be able to help reduce or eliminate the debt. Consider also contacting the credit companies prior to putting the charges on, as well. Many credit card companies nowadays have strict protection policies that will red-flag or disallow large charges to be put onto the card without proper communication first from the card owner.
2. Tell the replacement vendor of the situation that had just occurred. You will probably be crunched for money and you’re hoping the new vendor will take some pity on your situation and reduce their rates. Additionally, chances are you’ll be crunched for time so if nothing else, communicating your dilemma with your new vendor will ensure their urgency in catching up to your otherwise lost timeline.
3. Barter with all vendors on WHEN the payment is made. Certainly, most vendors will ask for a deposit; however, if the vendor is small and you’re wary of their financial constancy, discuss with them the options for paying a chunk of the debt off after the service is provided.
4. Do your research. As #3 suggests you may be wary of their stability – maybe a better idea would be to stay away from any vendor who you’re uneasy about. If your wedding is in another year, you need to feel secure knowing they’ll be around then as stable as they are now. Do not hesitate to as your vendor questions! Try the Better Business Bureau for information on each vendor.
5. Wedding insurance. Read up and consider it.
You are worrying enough about your own finances during this time – you should not have to worry about the stability of your vendors too. Do your research and protect yourself.
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