Help guys ******Asset/Liabilities/Settlement Funds*******

[E01985337]

I need to fill in Assets, liabilities and settlement funds


I am planning to show fixed deposit as my settlement funds.

I also believe fixed deposit is also an asset. I have an exact fixed deposit of CAD 12000 which i need to show for immigration.

Now I also have a personal loan and car loan worth a total of CAD 8000 which is taken in instalments over a period of time and has nothing to do with my fixed deposit.

So do I really need to show my liabilities (ie personal loan and car loan)??? or can I just fill the details like this:-

Assets: 12000 (which is my fixed deposit)
Liabilities: 0
Settlement funds: 12000 (which again is the same as the assets)


because if I show the following i might get rejected

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 4000 (12000-8000=4000)


any suggestions????

 

[E01985337]

any suggestion guys?

 

[E01985337]

suggestion guys

 

[namaste]

I need to fill in Assets, liabilities and settlement funds


I am planning to show fixed deposit as my settlement funds.

I also believe fixed deposit is also an asset. I have an exact fixed deposit of CAD 12000 which i need to show for immigration.

Now I also have a personal loan and car loan worth a total of CAD 8000 which is taken in instalments over a period of time and has nothing to do with my fixed deposit.

So do I really need to show my liabilities (ie personal loan and car loan)??? or can I just fill the details like this:-

Assets: 12000 (which is my fixed deposit)
Liabilities: 0
Settlement funds: 12000 (which again is the same as the assets)


because if I show the following i might get rejected

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 4000 (12000-8000=4000)


any suggestions????

The second one is the right way to do it. It's not good to misrepresent. Also, you only need to show the loan amount that you actually have to pay back, not including the amount that you have already paid. Your liabilities will not impact your application as long as you can show sufficient settlement fund.

 

[E01985337]

The second one is the right way to do it. It's not good to misrepresent. Also, you only need to show the loan amount that you actually have to pay back, not including the amount that you have already paid. Your liabilities will not impact your application as long as you can show sufficient settlement fund.

but if i do the second one then my settlement funds is only CAD 4000, which can lead to refusal.

is settlement funds = assets - liabilities?? and will the visa officer calculate my settlement funds in this manner. Please remember the personal loan and the car loans are taken in instalments from my salary. However I do not have any savings. I just have CAD 12000 in my fixed deposit.

and even for example, i didnt pay my personal loan or car loan, it CAN NOT be taken from my fixed deposit

I think its better not to show my personal loan or car loan.

Any advice on this?

 

[E01985337]

any suggestion guys

 

[namaste]

any suggestion guys

Oh, I missed the part where you subtracted your liabilities from assets. You shouldn't do that. The amount you have in bank (that is $12,000) will be your settlement funds. So change your settlement funds to $12,000 and keep the rest same.

 

[E01985337]

Oh, I missed the part where you subtracted your liabilities from assets. You shouldn't do that. The amount you have in bank (that is $12,000) will be your settlement funds. So change your settlement funds to $12,000 and keep the rest same.

So basically you are saying that I should show it like this:

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 12000 ( which is the fixed deposit)

Instead of

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 4000 (12000-8000=4000)



Is this correct? i dont want the visa officer to deduct the liabilities from the assets and then calculate the settlement funds.

 

[E01985337]

any suggestion guys??

 

[dlasantha]

any suggestion guys??

yes. you are correct

 

[xceptional88]

I assume its correct logically.

Since you have 8000 loan outstanding, you must also have a car worth this amount?

So if you leave your job right now and go to Canada, you have your fixed deposit in your hand and you can sell the car to payoff the loan (obviously you are not taking your car along) so yes settlement funds are the funds you have

 

[namaste]

So basically you are saying that I should show it like this:

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 12000 ( which is the fixed deposit)

Instead of

Assets: 12000 (which is my fixed deposit)
Liabilities: 8000 (personal and car loan)
Settlement funds: 4000 (12000-8000=4000)



Is this correct? i dont want the visa officer to deduct the liabilities from the assets and then calculate the settlement funds.

Yes, the first one's right. BUT, why aren't you adding the value of your car to your asset? If 8000 includes the loan on car, then you must have a car that's worth something, right? Also, since you are including the car loan in liabilities, you can include the total value of the car (already paid+to be paid) in the asset.

 

[E01985337]

Yes, the first one's right. BUT, why aren't you adding the value of your car to your asset? If 8000 includes the loan on car, then you must have a car that's worth something, right? Also, since you are including the car loan in liabilities, you can include the total value of the car (already paid+to be paid) in the asset.

Thanks for your reply.

Ok I have a total loan of $8000= $5000 (car loan) + $3000 (personal loan)

If I sell my car today I can get upto $8000

In my fixed deposit I have $12000

so please tell me how do I now calculate and show on my application my

Assets

Liabilities and

settlement funds


Thanks

 

[namaste]

Thanks for your reply.

Ok I have a total loan of $8000= $5000 (car loan) + $3000 (personal loan)

If I sell my car today I can get upto $8000

In my fixed deposit I have $12000

so please tell me how do I now calculate and show on my application my

Assets

Liabilities and

settlement funds


Thanks

Your asset will be 12000+8000 = 20,000. Your liabilities and settlement funds will remain the same. You don't need to show proof of your asset, only for settlement fund which would be your fixed deposit.

 

[MedZed]

Seniors,
Can we write the fixed deposit + the value of other assets in assets field?