Canadian credit card debt and PR eligibility?

[chemEmanju]

hello guys,
I lived in Canada for 7 years (did my engineering masters and worked in unskilled jobs under PGWP)

I have 3 credit cards, maxed out $18500 + $3500 + $1500 = $23500
I always paid the minimum balance without fail while I was in Canada

got ITA in April and I completed my application in mid-May.
While the application was in progress, I visited India to look after my sick mom.

while I was in India my PR got rejected in September (reason - POF not submitted, visa officer didn't consider my Canadian pay stubs and offer letter as an alternative to POF)

Now I couldn't able to pay the minimum balance, already missed 2 of them on all 3 cards.

I am sure it will go to the collection agency very soon.

Just wondering whether my credit card debt reported by collection agency gonna sabotage my PR eligibility in future?

please help me out

 

[sam_dawkins]

hello guys,
I lived in Canada for 7 years (did my engineering masters and worked in unskilled jobs under PGWP)

I have 3 credit cards, maxed out $18500 + $3500 + $1500 = $23500
I always paid the minimum balance without fail while I was in Canada

got ITA in April and I completed my application in mid-May.
While the application was in progress, I visited India to look after my sick mom.

while I was in India my PR got rejected in September (reason - POF not submitted, visa officer didn't consider my Canadian pay stubs and offer letter as an alternative to POF)

Now I couldn't able to pay the minimum balance, already missed 2 of them on all 3 cards.

I am sure it will go to the collection agency very soon.

Just wondering whether my credit card debt reported by collection agency gonna sabotage my PR eligibility in future?

please help me out

For PR only POF is valid statement from a financial institute which is clearly written in CIC website. Paystub is not a valid or alternative to POF. In my opinion if you clear out all of your credit card debt that you should be fine, as far as I know CIC can not access your credit information directly without your permission. So, if CIC have any doubt they will ask you to resubmit your bank statements.
BTW if you were a CEC applicant then you only needed to submit your bank statements, you do not need to meet minimum fund.

 

[best500]

As mentioned above, if you are a CEC applicant then you don't need to meet minimum fund requirement.
Otherwise, as per CIC minimum funds has to be net of any debt. So, if any of your credit cards are from your bank, the summary of net assets provided by your bank may include the credit card debt as well, lowering your total worth. I know the format that TD bank provides their bank statements for PR includes any associated credit card debt as well.