Credit card debt and POF confusion!

[sam3218]

Hi all. I got ITA few days ago and now arranging the documents for application. I have a situation regarding my POF.
My current balance in bank account is C$14,000 approximately which is more than the minimum required for me, all of this has built up gradually from my salaries.

But I also have a credit card debt of around C$2,500 with the same bank. This would take my net financial position slightly below the minimum requirement.

My initial plan was to pay off the entire credit card debt with some funds from my dad and cancel the credit card completely, but after reading several threads on similar issues I am second guessing this. Currently I do pay some amount towards credit card debt so credit card payments are reflected in my bank statement.

So would paying it off completely through cash be a good idea? Subsequently I can also get a no liability letter from bank if it helps once I have paid off.

Or is there any other possibility? What should be done?
Thanks

 

[everbliss]

Have you already requested a proof of funds from your bank?

If not, apply now itself so as to see if they do include your credit card debt. As far as I've read, any credit debt does not affect your Proof of Funds statement, preferably if it is not included along with your account statement.

 

[sam3218]

They don't include the credit and debit cards in the same statement even.

 

[Wolverine17]

They don't include the credit and debit cards in the same statement even.

If its not mentioned in your letter then there is nothing to worry about

 

[sam3218]

If its not mentioned in your letter then there is nothing to worry about

But CIC asks you to submit credit card details as well, right?

 

[Wolverine17]

But CIC asks you to submit credit card details as well, right?

No

 

[sam3218]

No

Because I read this on the website

Letter(s) must:

be printed on the financial institution’s letterhead
include their contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account:
account numbers
the date each account was opened
the current balance of each account
the average balance for the past six months


Further, wouldn't they know I've got the credit card when they see payments being made from my bank account to credit card?

 

[sam3218]

Anyone else with an opinion or experience on this?

 

[sam3218]

If anyone can please guide, I'll really appreciate

 

[DelPiero07]

Yes, it's irrelevant, do not bother with it.

 

[sam3218]

Yes, it's irrelevant, do not bother with it.

Thanks a lot. So you mean I shouldn't include credit card statements? But, in my bank statement there are transactions indicating payments made to credit card.

I do have the option to pay off all the credit card debt through some cash that I got from my dad though. This would bring down the liability to zero.

 

[Bobbieleigh]

If anyone can please guide, I'll really appreciate

Hi, I had Credit Card debt of about £4000 when I applied for PR and it was included in my PoF letter. My funds was about $2000 more then the minimum. I'm a PR now so I don't think you have anything to worry about. Good luck.

 

[sam3218]

Hi, I had Credit Card debt of about £4000 when I applied for PR and it was included in my PoF letter. My funds was about $2000 more then the minimum. I'm a PR now so I don't think you have anything to worry about. Good luck.

Thank you. When you say funds, do you mean just bank balance itself or net financial position (bank balance minus debt)?

 

[DelPiero07]

Thanks a lot. So you mean I shouldn't include credit card statements? But, in my bank statement there are transactions indicating payments made to credit card.

I do have the option to pay off all the credit card debt through some cash that I got from my dad though. This would bring down the liability to zero.

You can pay it off, include credit card statements or do nothing whatsoever - again, your credit card debt is irrelevant.

 

[Bobbieleigh]

Thank you. When you say funds, do you mean just bank balance itself or net financial position (bank balance minus debt)?

When I say funds I mean the amount of money I declared in my PR application I will bring to Canada.