Long story short, I have $8,000 USD in credit card debt from being unemployed several years ago and I'm taking out a personal loan through my credit union to finally pay it off. My financial position has improved exponentially over the last two years and it will only increase once I finish grad school. The only reason they haven't been paid off is because I've been paying the minimum monthly payment in order to focus on saving and this move will actually save me a lot of money.
If I go through express entry, how can I satisfy IRCC that the loan is for debt consolidation and debt consolidation only? I'm worried that if they see this on the bank letter, they will assume that the money is in my savings account- which it won't be because my credit union is directly transferring it to the banks.
If I go through express entry, how can I satisfy IRCC that the loan is for debt consolidation and debt consolidation only? I'm worried that if they see this on the bank letter, they will assume that the money is in my savings account- which it won't be because my credit union is directly transferring it to the banks.
