Assets, Liabilities and Settlement Funds. Help please

[Cool girl]

My husband is working full time as an Audiologist and is in a permanent position in the company. I am housewife.

We have about $15000CND in the savings account. This is our only asset.

We have a car loan and the outstanding amount in about $13500CND is being paid as EMIs (we have 20 months to finish this). This is the only liability that we have.

Now the settlement fund ($15K) in the savings account will be untouched. We will not use it to pay out the car loan.

In previous forums, I have read that the VO would calculate settlement funds as = assets-liabilities. If that's the case it will look like we only have $1500 as settlement funds. But that's not true as we are paying the car loan by EMIs and will eventually sell the car and pay out the loan with that fund before immigrating to Canada. Even at that stage we will have $15K in our savings account ready to use.

Will this pose a concern and grounds for rejection of our FSW application? Or will the visa officer understand this issue?

Can you please advise. Thank you.

 

[veri33]

My husband is working full time as an Audiologist and is in a permanent position in the company. I am housewife.

We have about $15000CND in the savings account. This is our only asset.

We have a car loan and the outstanding amount in about $13500CND is being paid as EMIs (we have 20 months to finish this). This is the only liability that we have.

Now the settlement fund ($15K) in the savings account will be untouched. We will not use it to pay out the car loan.

In previous forums, I have read that the VO would calculate settlement funds as = assets-liabilities. If that's the case it will look like we only have $1500 as settlement funds. But that's not true as we are paying the car loan by EMIs and will eventually sell the car and pay out the loan with that fund before immigrating to Canada. Even at that stage we will have $15K in our savings account ready to use.

Will this pose a concern and grounds for rejection of our FSW application? Or will the visa officer understand this issue?

Can you please advise. Thank you.

I'm not sure how they calculate the settlement funds, but I don't think they would as assets-liabilities. It makes no logical sense. That is because you have some equity in the value of the car which you can sell and cash it in, I would think anyway. I wish someone with experience in this would put their input.

 

[lovenish]

hi thr... i hv to fill this IMM008 form nd they hv asked for assets, liabilities and settlement funds..
i hv only liquid money..no property oe anything on my name or my spouse name...so cn i put assets ns settlement funds boxes with same value?? nd we don't hv any liabilities yes so 0 in liability box???

nd can i show mutal funds as POF rest liquid money in my account?? need help...