CREDIT CARD Dues!!

[andycan]

I can ask to brother $10000 EE purpose & I will return it after two years. Now my main intention is to make a FDR (My own name).

Is it essential to prove that how can achieve this money? Than what can I do?

As asking you Bcoz as i said After ITA i will take the Money from my brother and then i will make FDR.. Please Guide me what should i do...

 

[gecordon]

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.

Couple of observations:

- Amount of money available is net of debts, that is how CIC states it. I don´t CIC will be running a financial search of all your accounts. But just in case, you have to have 2,000 uSD more than the 10,000 usd to be show net money.

- When you apply for PR to CIC, they ask for previous 6 months of bank statements from the date you apply. You will have barely 1 bank statement fullfilling requirement !!!!

So make your decisions

 

[andycan]

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.

Thanks for your Reply.

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.


in that case..... as can my Father give money to me.

My Father and Mother have Fixed Deposit... but that is not in my Name... Father n Mother Jointly

If My Father Transfer the FD in my Name is it possible?? will CIC accept it??

 

[andycan]

Couple of observations:

- When you apply for PR to CIC, they ask for previous 6 months of bank statements from the date you apply. You will have barely 1 bank statement fullfilling requirement !!!!

So make your decisions

As i said i dont have money right now...

My Father and Mother have FDR.

Can my Father Transfer it to my after ITA??

 

[bairn7]

Couple of observations:

- Amount of money available is net of debts, that is how CIC states it. I don´t CIC will be running a financial search of all your accounts. But just in case, you have to have 2,000 uSD more than the 10,000 usd to be show net money.

- When you apply for PR to CIC, they ask for previous 6 months of bank statements from the date you apply. You will have barely 1 bank statement fullfilling requirement !!!!

So make your decisions

I don't agree. For Proof of funds purposes, you only need 1) to show that you have the minimum funds requirement as liquid funds and 2) to show that this balance is not from a loan. Otherwise only people in a net asset position would be able to apply.

There is a difference between having liquid funds to help support you when you land and being in a net asset position. Please be careful before giving advice.

 

[bairn7]

OK...bottom line...you need to have enough funds to support you when you land in Canada. CIC have stated the level of funds you require.

These funds CANNOT come from a loan. You cannot borrow money to meet the minimum fund requirements.

There is nothing to stop family members from gifting money to you. The problem with this is that you need to prove that the money is a gift. You can get some kind of document stating that the money is a gift but at the end of the day it is down to CIC to decide whether to believe this or not. I'm pretty sure that this type of scenario is common and that CIC will be cautious when there is a big deposit in an account just before responding to ITA.

That said, no-one knows for sure. This is still all very new. So if you have a genuine gift from a family member, I would encourage you to get them to write a letter saying that they are making a gift to you and include it with your application. Hopefully CIC will accept this.

Hope this helps

 

[andycan]

I don't agree. For Proof of funds purposes, you only need 1) to show that you have the minimum funds requirement as liquid funds and 2) to show that this balance is not from a loan. Otherwise only people in a net asset position would be able to apply.

There is a difference between having liquid funds to help support you when you land and being in a net asset position. Please be careful before giving advice.

i am not taking Loans from any one.

This is my money only. i agve to brother for his Flat. Now i m asking my money back. But i dont know when i will get ITA.

Thats why i said my brother return $10000.

If then (after ITA) i make FDR will CIC accept it?? this is my simple question.

else

My Father n Mother Jointly having FDR. After ITA if they Transfer it to my name is it Ok with CIC?

 

[andycan]

OK...bottom line...you need to have enough funds to support you when you land in Canada. CIC have stated the level of funds you require.

These funds CANNOT come from a loan. You cannot borrow money to meet the minimum fund requirements.

There is nothing to stop family members from gifting money to you. The problem with this is that you need to prove that the money is a gift. You can get some kind of document stating that the money is a gift but at the end of the day it is down to CIC to decide whether to believe this or not. I'm pretty sure that this type of scenario is common and that CIC will be cautious when there is a big deposit in an account just before responding to ITA.

That said, no-one knows for sure. This is still all very new. So if you have a genuine gift from a family member, I would encourage you to get them to write a letter saying that they are making a gift to you and include it with your application. Hopefully CIC will accept this.

Hope this helps

As you Know GIFT from Family member is very easy.

But i dint understand "WRITE a LETTER" is it in sample white paper or in a STAMP Paper or notarized....

 

[bairn7]

Sorry, I'm struggling to help you here. There is not black and white here. No-one knows for sure. You just need to be as cautious as possible with your application.

To be safe, you need to do everything you can to show that any large deposits are not from a loan. In terms of your brother, have him give you a note saying that he is now returning $10000 that he previously borrowed from you. For your parents, have them write a note saying that they wish to gift you money to help you with your move to Canada.

Nobody will be able to give you a definitive answer to your questions. Because we don't know how CIC view these situations. Trust me, I've searched for hours for answers to these questions! I'm in a similar situation. All I know is that 1) We need to meet the minimum funds amount at the time of responding to the ITA and 2) This balance can't be from a loan. I will be providing all the evidence I can to prove that I have not taken out a loan to meet the minimum funds requirement. I'd urge you to do the same.

Good luck!

 

[andycan]

Sorry, I'm struggling to help you here. There is not black and white here. No-one knows for sure. You just need to be as cautious as possible with your application.

To be safe, you need to do everything you can to show that any large deposits are not from a loan. In terms of your brother, have him give you a note saying that he is now returning $10000 that he previously borrowed from you. For your parents, have them write a note saying that they wish to gift you money to help you with your move to Canada.

Nobody will be able to give you a definitive answer to your questions. Because we don't know how CIC view these situations. Trust me, I've searched for hours for answers to these questions! I'm in a similar situation. All I know is that 1) We need to meet the minimum funds amount at the time of responding to the ITA and 2) This balance can't be from a loan. I will be providing all the evidence I can to prove that I have not taken out a loan to meet the minimum funds requirement. I'd urge you to do the same.

Good luck!

Dont Know what to do

 

[Pippin]

An issue that keeps Sliding under the carpet is the fact that you have to have sufficient funds in order to satisfy FSW BEFORE you enter EE pool. Everyone is worried about the ITA. When you get ITA you have to provide 6 months of bank statements to show you have the funds. I have had no experience with this, but my question is whether or not CIC will enforce having those funds at the start of the application process and revoke ITA if people cannot prove they had the funds they said were theirs when they first applied.

 

[andycan]

When you get ITA you have to provide 6 months of bank statements to show you have the funds..

but i dont any money with me for the last 6 month.

i mean to say if i give last six month bank statement there would be below $100 (one hundred) per month...

as i said..... i can take money from my father... i can fixed deposit $10000 (ten thousand)... but right now he wont give me a single money... after i ITA i can tell him to give me money..... i will fixed it in my name

please advice me seniors.......

 

[gecordon]

I don't agree. For Proof of funds purposes, you only need 1) to show that you have the minimum funds requirement as liquid funds and 2) to show that this balance is not from a loan. Otherwise only people in a net asset position would be able to apply.

There is a difference between having liquid funds to help support you when you land and being in a net asset position. Please be careful before giving advice.

bairn7 you also have to be careful when giving advice !!! My opinion is as good as yours

Why do you think that CIC requires to declare outstanding debts: credit cards and loans, just because CIC likes to play games???.
You have to have a net assess position !!!!
What happens if in your first 6 months in Canada you need to pay what is due in a credit card ????? Your money to be in Canada would be insufficient then !!!!

Check:

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Extract: The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans

 

[andycan]

bairn7 you also have to be careful when giving advice !!! My opinion is as good as yours

Why do you think that CIC requires to declare outstanding debts: credit cards and loans, just because CIC likes to play games???.
You have to have a net assess position !!!!
What happens if in your first 6 months in Canada you need to pay what is due in a credit card ????? Your money to be in Canada would be insufficient then !!!!

Check:

http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

Extract: The applicant should provide official letter(s) from financial institution(s) which list all current bank and investment accounts, as well as outstanding debts such as credit cards and loans

where it is written?? please tell me

 

[kryt0n]

An issue that keeps Sliding under the carpet is the fact that you have to have sufficient funds in order to satisfy FSW BEFORE you enter EE pool. Everyone is worried about the ITA. When you get ITA you have to provide 6 months of bank statements to show you have the funds. I have had no experience with this, but my question is whether or not CIC will enforce having those funds at the start of the application process and revoke ITA if people cannot prove they had the funds they said were theirs when they first applied.

Best answer so far. Actually hadn't even crossed my mind. Crap. A lot of people would be screwed if this is the case.