CREDIT CARD Dues!!

[andycan]

Hey,

I have some issue with mt Credit Card Company. Basically I have Dues Nearly about $2000 USD. I didnt clear my credit card dues to as bcoz they didnt waived some late fine charges.

I called several times to CC Customer Card but they didnt

After that i purchased a Mobile Phone.... and in the last bill when i got the CC statement they include LATE FINE + Mobile Phones + Interest Charge.

When i Received the last statement i saw that they didnt waived my previous bill Late fine charges also. i called the customer care and told them i will not pay any single penny.

5 years gone i didn't pay. Every Month they called me to clear me the dues. but i didnt. Now its nearly $2000 + Dues.

Will it Effect me?? Will CIC by any chance ask me to clear the Credit Card Dues??

Please Confirm me Experts.

 

[kryt0n]

From what I can gather you are expected to produce a letter from your bank that states your average for last 6 months and declares all accounts/credit cards associated with that institution.

I have 2 UK accounts, a Canadian and New Zealand. Current UK CC is -$2000. I know I have to clear this AND be plus the minimum funds.

 

[andycan]

sorry my Credit Card is from a Different account!!

Last Six Month Balance... which i want to show to CIC that a different Bank

For example CREDIT CARD is From HSBC Bank

and the Fund i want to Show that is RBS Bank

 

[kryt0n]

I don't know how it works whether you have to declare ALL accounts you own.

In theory you could 'hide' it if your regular active (payroll/day to day) account is different to account with Credit cards.

Anyone else?

 

[Goku]

Hey,

I have some issue with mt Credit Card Company. Basically I have Dues Nearly about $2000 USD. I didnt clear my credit card dues to as bcoz they didnt waived some late fine charges.

I called several times to CC Customer Card but they didnt

After that i purchased a Mobile Phone.... and in the last bill when i got the CC statement they include LATE FINE + Mobile Phones + Interest Charge.

When i Received the last statement i saw that they didnt waived my previous bill Late fine charges also. i called the customer care and told them i will not pay any single penny.

5 years gone i didn't pay. Every Month they called me to clear me the dues. but i didnt. Now its nearly $2000 + Dues.

Will it Effect me?? Will CIC by any chance ask me to clear the Credit Card Dues??

Please Confirm me Experts.

Credit Card dues has nothing to do with your application. .

 

[kryt0n]

But if the account you are using to prove your funds has a card attached in debt, your financial letter will display this.

 

[andycan]

Credit Card dues has nothing to do with your application. .

Dear Goku,

Are you sure about it??

One more question... I didnt get ITA.

Dont know when i will get it or not.

As prrof Fund i have no money right now. after ITA (if i get) i can ask some money $10000 USD from my brother. but he wont give it to me now.

After ITA if i FIXED Deposit $10000 USD in my Name is it ok with CIC??

Please Help

 

[andycan]

But if the account you are using to prove your funds has a card attached in debt, your financial letter will display this.

No..... as i Said Credit CARD and Saving Account both are Different BANK

 

[Goku]

But if the account you are using to prove your funds has a card attached in debt, your financial letter will display this.

Doesn't matter. They have nothing to do with your Credit card dues.

 

[andycan]

Doesn't matter. They have nothing to do with your Credit card dues.

Thanks can you please Confirm me about PROOF of Funds

 

[bairn7]

We need to get some kind of sticky/FAQ on this. I encountered the same worries when I started looking at this.

Credit card debts do NOT count towards your POF. It doesn't matter if you have a credit card with the same bank that you have your main bank account with.

For POF, the only thing that matters is that you have the minimum level of funds, ready in your account to help you with your initial time in Canada. If you have credit card debts, this is irrelevant so long as you didn't use your credit card to transfer funds to your account.

For POF, you need to demonstrate that you have cash that you can use when you land in Canada. These funds can't be from a loan.

Following an ITA, you need to list all of your assets/debts, but a net debt situation will not negatively affect your application as long as you have enough liquid cash funds.

Hope this helps

 

[andycan]

We need to get some kind of sticky/FAQ on this. I encountered the same worries when I started looking at this.

Credit card debts do NOT count towards your POF. It doesn't matter if you have a credit card with the same bank that you have your main bank account with.

For POF, the only thing that matters is that you have the minimum level of funds, ready in your account to help you with your initial time in Canada. If you have credit card debts, this is irrelevant so long as you didn't use your credit card to transfer funds to your account.

For POF, you need to demonstrate that you have cash that you can use when you land in Canada. These funds can't be from a loan.

Following an ITA, you need to list all of your assets/debts, but a net debt situation will not negatively affect your application as long as you have enough liquid cash funds.

Hope this helps

But as i said now i have no money... After ITA if i make FDR (in my own name) is it ok with CIC??

 

[andycan]

Whats the minimum time duration required to keep the Funds in Account ?

I mean to say AFTER ITA.... if i make FDR is it ok with CIC

 

[Goku]

Dear Goku,

Are you sure about it??

One more question... I didnt get ITA.

Dont know when i will get it or not.

As prrof Fund i have no money right now. after ITA (if i get) i can ask some money $10000 USD from my brother. but he wont give it to me now.

After ITA if i FIXED Deposit $10000 USD in my Name is it ok with CIC??

Please Help

Yes. I am sure about it.


For POF, Yes Cashable FD can be used.

P.S. If you opt for cashable FD then it will have date on which you bought cashable FD. Now the question that CIC might raise is why did you bought cashable FD right before submitting your application (can be some other reason I understand). Also remember they might ask for your bank statement and if no $10000 USD is going out then they might ask you for source of money and that when you might have to provide the whole explanation stating that it was a gift from your xx person.

Not being pessimistic but just proving you with information on situation which might happen which might not happen, so that can help you with taking further steps.

 

[bairn7]

I don't know about FDR, sorry. Your initial question was about a credit card balance, which I answered.

Generally, you need to have readily available funds at the time that you respond to the ITA. If you have a large deposit at that time, it will probably raise flags with CIC. This isn't automatically a bad thing as long as you are able to demonstrate where the funds come from. Importantly, you need to convince CIC that the funds you are depositing do not come from a loan.

For example, I don't have the money yet either, but upon ITA, I plan to sell my car to deposit funds in my account. I intend to scan a copy of my receipt from the car sale as evidence that my deposit of £6k+ comes from a sale of my personal property and not a loan.

If you are receiving money from a relative/friend, it would be helpful to have something in writing that states that you are receiving the funds as a gift etc and not as a loan.