Funds Required

[sterion75]

Hello,
I have the funds available that are required to be shown for immigration to Canada. I do however want to know if any debts are checked upon? My funds will come from personal items I've managed to sell however I do have several credit cards which i'll be continuing paying after immigration. Do these debts get looked at and assessed?

Thanks

Robbie

[rajnik1976]

I don't think your credit cards history will be checked anyway. You will need to put the money in your savings account with bank, this is the thing they will look at while assessing your application.

This is my personal opinion let's wait and see what others have to say.

Good luck.

[amerzd]

Hello,
I have the funds available that are required to be shown for immigration to Canada. I do however want to know if any debts are checked upon? My funds will come from personal items I've managed to sell however I do have several credit cards which i'll be continuing paying after immigration. Do these debts get looked at and assessed?

Thanks

Robbie

Hi sterion75/robbie,

Credit rating or credie bureau or data check etc can be appliable and varies country to country. I am not 100% sure if they check debts of any applicant thorugh any agency but why to take any risk. Best advise is, you disclose for yourself (by providing them your personal balance sheet including all inflows, assets and outstandings etc).

[sterion75]

Ah crap. The reason I say this is I probably have £16K of debt but £10k in savings so net worth is -£6k if you totalled it up

If I was denied because of this would I still be able to reapply?

[rajnik1976]

You can re-apply as many as times you want.

However I still believe you should get through with the money in your savings account.

Good luck.

[sterion75]

Those funds are in assets at the moment so will wait until their sold prior to applying. Should only take a month or so

Thanks for the help appreciate it!

Robbie

[rajnik1976]

your welcome Robbie.

[JOLTBOLT]

sterion75

You dont have to worry about your debts as long as you have liquid funds available and are able to show the same.

DONT get into the area of declaring all you debts.

I live in London, Applied from India 5 years ago ( Mine is not the fast track) I have a mortgage in London for 250K (GBP) and a mortgage in India for 60 Lakhs and a few loans. there was absolutely no problems for me as long as I showed liquid funds in my bank account.
I have friends too who have huge debts and huge mortgages but had no problem in getting their PR.

Dont delay your application just because of this, Go on and apply, Good luck.
 

[amerzd]

Let me clear a confusion here. All those debts which are against some assets or like mortgages are clearn and can be cleared anytime by selling considerations. I am talking about those debts which come under unsecured term. e.g. personal loans, credit cards etc...
I am not sure about your case but declaration should be like this (below);

Example:
Force sale value of mortgaged property                $200,000
Less: Outstanding balance (from institution name)  $150,000
                                                                    ------------
Differnce (unencumbered portion of my asset                                       $50,000
.
.
an so on with each type of debit
.

.
finally grand total                                                                            $xxxxxxx
Hope this is more understandable. I am not sure about your case but usually applicant should disclose debit/credits of balances like this way.

[sterion75]

I am only delaying so that I have the liquid funds in my account at the beginning of the process

Robbie

[amerzd]

I am only delaying so that I have the liquid funds in my account at the beginning of the process

Robbie

If you are damn sure that it will take one month to mobilize cash in your saving account then you may forward your application now to avoid any delay. Because, when you will apply at CIU, Nova Scotia, CA, you journey will start by getting AOR alongwith 120 days letter which is 45-50 days (currently). So, 45 days + 120 days (165 days) are more enogh to arrange everything at place including collection of funds into your account.... How sounds this to you?

[JOLTBOLT]

amerzd

I am not sure where you got this information, You could be right. In my case and in the case of two on friends, we had personal loans as well as  credit cards.( In my case I had as much as £25K in personal loans when  I purchased my house to pay for the miscellaneous stuff )but I did not have issues with it and neither did my friends.

As far as I know the Embassy is only worried that you may seek government funds initially if you don't have liquid funds for yourself. If you satisfy them that you do have enough funds to sustain yourself until you settle down they don't care about nothing more.

[amerzd]

As i said in my earlier posts in this thread that credit checking varies country to country. So you may also be right.

[Gregor]

So should we really show that we have for exp. car loans etc.
Or just submit statements from saving account.
Thanks,
Gregor

[sterion75]

I am only delaying so that I have the liquid funds in my account at the beginning of the process

Robbie

If you are damn sure that it will take one month to mobilize cash in your saving account then you may forward your application now to avoid any delay. Because, when you will apply at CIU, Nova Scotia, CA, you journey will start by getting AOR alongwith 120 days letter which is 45-50 days (currently). So, 45 days + 120 days (165 days) are more enogh to arrange everything at place including collection of funds into your account.... How sounds this to you?

CIU? and AOR? I am based in the UK what office should I put down to be processed at? The reason I was waiting as it isnt set in stone. Relies on me selling my Motorbike and I wanted to have 3 months worth of statements at least