PoF question

[chauhanbikramjeet]

Is showing Credit card debt and Student loan mandatory? I mean if you have $12,500 in your savings account but your credit card debt is $40,000, then whats the point of showing everything because your net is negative i.e. $12,500 - $40,000= -$27,500. Any advice?

 

[kynno]

I don't believe you have to. I have a few different credit card debts. In my proof of fund, I only disclosed 2 of them because they were linked to the bank account that held my savings as they showed up on all the statements. It would have been stupid to not disclosed them when they are clearly on the bank statements...same for my car loan. Other than those, I did not mentioned the others.

 

[chauhanbikramjeet]

But what your credit card balance > savings? Does CIC calculate it that way?

 

[kynno]

But what your credit card balance > savings? Does CIC calculate it that way?

With the 2 credit cards debt that I disclosed, combined they were a little over $2000 so definitely much less than my saving. Even if CIC did look at it that way, the difference was more than enough to meet the amount required for POF. My advice would be to not mentioned them if you think they will put you in the negative.

I may be wrong so don't quote me on that but I don't think CIC cares about your debt as long as you did not get into those debts because of the minimum required for POF (by that i mean you went and asked someone or a bank to lend you the money) you should be in the clear.

 

[mgnlky]

Is showing Credit card debt and Student loan mandatory? I mean if you have $12,500 in your savings account but your credit card debt is $40,000, then whats the point of showing everything because your net is negative i.e. $12,500 - $40,000= -$27,500. Any advice?

No, it's not mandatory. Most people don't disclose debt or loans because those will be paid from future income. CIC is only concerned about how much cash you have on hand (or able to liquidate) to support yourself.

 

[smcan2014]

No, it's not mandatory. Most people don't disclose debt or loans because those will be paid from future income. CIC is only concerned about how much cash you have on hand (or able to liquidate) to support yourself.

Would a printout of bank statement demonstrating pof suffice or do I need an actual letter from bank? Why do even have to disclose any loan? I always thought it the cash in your account that you have to show.

 

[mgnlky]

Would a printout of bank statement demonstrating pof suffice or do I need an actual letter from bank? Why do even have to disclose any loan? I always thought it the cash in your account that you have to show.

You don't have to disclose loans.

 

[smcan2014]

You don't have to disclose loans.

Thank you for your response. How about the proof of available funds. Can it be a printout of bank statements or does it have to be a letter from the bank?

 

[mgnlky]

Thank you for your response. How about the proof of available funds. Can it be a printout of bank statements or does it have to be a letter from the bank?

If you can get a letter from the bank with your balance, go that route. If you can't, then try to get them to give you a letter with your account info listed and that the account is in "good standing." Then attach your bank statements.

 

[smcan2014]

If you can get a letter from the bank with your balance, go that route. If you can't, then try to get them to give you a letter with your account info listed and that the account is in "good standing." Then attach your bank statements.

Thank you. It helps. Also can I request my bank for the letter now? I have got another 33 days to submit my profile. Just wondering if I get it now and then wait another 32 days to submit my profile, will they disregard the letter as at that time it would be well over 30 days old.

 

[mgnlky]

Thank you. It helps. Also can I request my bank for the letter now? I have got another 33 days to submit my profile. Just wondering if I get it now and then wait another 32 days to submit my profile, will they disregard the letter as at that time it would be well over 30 days old.

Go ahead and get it. I used a bank letter that was 2 months old with no issue.

 

[smcan2014]

Go ahead and get it. I used a bank letter that was 2 months old with no issue.

Thank you so much.