Car Loan affect on Settlement funds

[maverick-14]

Dear Seniors, i really need your expert advise on this issue.

Reference: Schedule 3 Economic Classes

My family size is 3 and i have the total amount required as settlement funds for this size.

If formula for this section is Assets-Liabilities = Settlement funds then i am in trouble.

I have a car loan and it is paid 40% till now. . However, if you deduct the remaining loan amount from my account balance, then my account is not enough to qualify as settlement funds required for the family of 3.

What to do now?

1. Can i add the amount paid against the car loan till now in Assets sections? (I have all the proofs) In this case i will be fine and i have already paid enough for this loan.

2. Can we show Gold as an asset? (i have heard that we can't, but just need your confirmation)

Please assist me.

Thank you.

 

[maverick-14]

Any one please?

 

[msaeed]

Dear Seniors, i really need your expert advise on this issue.

Reference: Schedule 3 Economic Classes

My family size is 3 and i have the total amount required as settlement funds for this size.

If formula for this section is Assets-Liabilities = Settlement funds then i am in trouble.

I have a car loan and it is paid 40% till now. . However, if you deduct the remaining loan amount from my account balance, then my account is not enough to qualify as settlement funds required for the family of 3.

What to do now?

1. Can i add the amount paid against the car loan till now in Assets sections? (I have all the proofs) In this case i will be fine and i have already paid enough for this loan.- Unless you clear full liability , asset is not yours , you cannot add any sum

2. Can we show Gold as an asset? (i have heard that we can't, but just need your confirmation) - NO

Please assist me.

Thank you.

Sir

Borrow money , put in your bank account for a single day , get statement of account , and mail this with your application package.

Only soulution

Next time do post your concerns on any active thread , to get valuable suggestions

Stay blessed

 

[maverick-14]

Thank you Mr. Saeed!

 

[future_canadian]

Sir

Borrow money , put in your bank account for a single day , get statement of account , and mail this with your application package.

Only soulution

Next time do post your concerns on any active thread , to get valuable suggestions

Stay blessed

Absolutely INCORRECT.

DO NOT DO THIS.

Settlement funds CANNOT BE BORROWED. Representing borrowed funds as your own is a misrepresentation that is illegal and will result in rejection of your application and a ban from Canada for a minimum of 2 years.

Fortunately maverick, the formula is NOT assets minus liabilities equals settlement funds.

A car loan does not reduce the amount of your settlement funds. Settlement funds must be liquid an unencumbered. A car loan does not encumber your cash. If you fail to pay your car loan, they can take back your car, but they can't take your cash. (In most countries I know of, anyway.)

Example: You can $50K cash, a car worth $20K, and a car loan of $10K.
Assets: $70K
Liabilities: $10K
Settlement funds: $50K

Good luck!

 

[future_canadian]

Sir

Borrow money , put in your bank account for a single day , get statement of account , and mail this with your application package.

Only soulution

Next time do post your concerns on any active thread , to get valuable suggestions

Stay blessed

-1 for incorrect information and encouraging other posters to break the law.

 

[maverick-14]

Absolutely INCORRECT.

DO NOT DO THIS.

Settlement funds CANNOT BE BORROWED. Representing borrowed funds as your own is a misrepresentation that is illegal and will result in rejection of your application and a ban from Canada for a minimum of 2 years.

Fortunately maverick, the formula is NOT assets minus liabilities equals settlement funds.

A car loan does not reduce the amount of your settlement funds. Settlement funds must be liquid an unencumbered. A car loan does not encumber your cash. If you fail to pay your car loan, they can take back your car, but they can't take your cash. (In most countries I know of, anyway.)

Example: You can $50K cash, a car worth $20K, and a car loan of $10K.
Assets: $70K
Liabilities: $10K
Settlement funds: $50K

Good luck!

Thank you, this makes sense now..!+1 for u
One more thing, i would explain with hypothetical values:

Minimum settlement funds required $50
I showed in application that i have $100
During the processing off application i spent $30 and now left with $70

When they will verify my statement, and it turns out to be less that what i mentioned in application but still more than the required, will there be any problem?

Basically what my concern is that should i mention all my cash as settlement fund or the amount that i can easily keep idle during the case processing? (In this case my bank statement will show that i have more funds but in application it will show less than that amount bt still as per their requirement)

I hope i have explained it well, it seems quite confusing now that i read it again ???

 

[future_canadian]

Thank you, this makes sense now..!+1 for u
One more thing, i would explain with hypothetical values:

Minimum settlement funds required $50
I showed in application that i have $100
During the processing off application i spent $30 and now left with $70

When they will verify my statement, and it turns out to be less that what i mentioned in application but still more than the required, will there be any problem?

Basically what my concern is that should i mention all my cash as settlement fund or the amount that i can easily keep idle during the case processing? (In this case my bank statement will show that i have more funds but in application it will show less than that amount bt still as per their requirement)

I hope i have explained it well, it seems quite confusing now that i read it again ???

I see what you're saying. It is at the reviewer's discretion. Nobody expects your cash to sit still for the whole process, they understand your life goes on. But if you have no income and your total bank balance goes down every month because of expenses and you only have the minimum left, that could be worrisome. Because the reviewer has some discretion to determine whether in their judgment you can economically establish yourself in Canada.

If nothing unusual happens during the application period and your financial situation does not become much worse during that time you should be fine.

 

[CanOl]

Absolutely INCORRECT.

DO NOT DO THIS.

Settlement funds CANNOT BE BORROWED. Representing borrowed funds as your own is a misrepresentation that is illegal and will result in rejection of your application and a ban from Canada for a minimum of 2 years.

Fortunately maverick, the formula is NOT assets minus liabilities equals settlement funds.

A car loan does not reduce the amount of your settlement funds. Settlement funds must be liquid an unencumbered. A car loan does not encumber your cash. If you fail to pay your car loan, they can take back your car, but they can't take your cash. (In most countries I know of, anyway.)

Example: You can $50K cash, a car worth $20K, and a car loan of $10K.
Assets: $70K
Liabilities: $10K
Settlement funds: $50K

Good luck!

+1 for the correct advice.

 

[msaeed]

-1 for incorrect information and encouraging other posters to break the law.

Sir

I do not want to enter in un-necessary debate

Stay Blessed

 

[future_canadian]

Sir

I do not want to enter in un-necessary debate

Stay Blessed

If I had encouraged someone to break the law and do something that would result in a guaranteed rejection, I wouldn't want to debate it either.

 

[msaeed]

If I had encouraged someone to break the law and do something that would result in a guaranteed rejection, I wouldn't want to debate it either.

Sir

Heart burn , if any is regretted

Stay Blessed

 

[Abu_Gee]

If I had encouraged someone to break the law and do something that would result in a guaranteed rejection, I wouldn't want to debate it either.

Very true

 

[Abu_Gee]

Sir

Heart burn , if any is regretted

Stay Blessed

LOL @ msaeed, Stupid person won't accept his mistake and keeps on arguing in his own version of English.

Heartburn ? take some antacid

 

[future_canadian]

LOL @ msaeed, Stupid person won't accept his mistake and keeps on arguing in his own version of English.

Heartburn ? take some antacid

There's no need to call people stupid.