Dubai unpaid debt
- Thread starter Indulgemee
- Start date
dadofethan
Full Member
- Oct 6, 2020
- 33
- 10
- Category........
- PNP
- NOC Code......
- 2171
- AOR Received.
- 26-11-2020
- Med's Done....
- 06-01-2021
Hi you seem well-versed so I would like your opinion please.
How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house. Will they hold the entire remaining house loan amount against my funds? Please explain formula if you know it.
Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ? In my country credit card debt is not a criminal offense so criminality clearance is not an issue.
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019
but if you don't declare, how will IRCC find out?
For instance, I have a debt of $370 on my credit card which is meagre.
If I don't declare this, how will they find out that A. I have a credit card B. There is some debt on it
For instance, I have a debt of $370 on my credit card which is meagre.
If I don't declare this, how will they find out that A. I have a credit card B. There is some debt on it
A small debt like that will make no difference assuming you have more than enough to show PoF.
They can find out by looking at your bank statements - presumably you make credit card payments from your bank account, right?
Having debt is not a big deal if your general financial situation is alright. All IRCC wants to know that you actually have the PoF and can spend it freely in Canada.
Hi. I don't know if there's any formula, however just state it as clearly as possible that your POF is independent of the monthly mortgage you're paying. Again in my opinion, credit card debt should be declared and shown to be separate from the POF. Meaning that you can easily pay off the debt without it affecting your POF. That's the worry CIC has with debts/loans. Hope this helps
Hey. Please am in the same situation and the bank refusing an instalment paiement and also they refuses to pay 40% from the dettes. I understood that you applied on 2019. But dis you got your PR
I know its part of the requirements to disclose your assets and liabilities, I did that in my application. A visa officer is trying to assess how you handle finances, a good debt is one thats backed up by an asset. For e.g, if you had mortgage, which is over and above what your showing for PoF, it's fine as you will be able to sell the house and pay the debt (provided you own equity in this home).
Anything like high interest debts are usually not appreciated by visa officers. They are literally trying to understand that you won't have to use your settlement funds for any reason, when you move to Canada. There's chance they may or may not find out about this debt, but not disclosing it opens room for risk of them finding out, if they had the ability to do credit checks outside of Canada.
Anything like high interest debts are usually not appreciated by visa officers. They are literally trying to understand that you won't have to use your settlement funds for any reason, when you move to Canada. There's chance they may or may not find out about this debt, but not disclosing it opens room for risk of them finding out, if they had the ability to do credit checks outside of Canada.
