Post ITA Proof of Funds - Lending Money To Friend

[Islam.Shahin]

Dear All,

I got my ITA last week and I have 3 questions about the proof of funds.

I lent money to my friend 2 months ago which caused my balance to drop below the proof of funds requirement. The transaction is clearly shown on my account statement with my friend's name on it. My friend returned back the amount to me exactly two weeks later and my balance was back to normal.

My question is, do I need to explain this transaction in the proof of funds in LOE? Do I need a affidavit from my friend or no?

My second question is, do we need to submit bank statements together with the bank letter for POF or the bank's letter is sufficient? Are bank statements only sufficient?

Last question is, I have an outstanding loan that I will settle next week fully, however the loan amount is shown on my statement when it was credited to me. Do I need to explain this as well in the LOE?

Thank you all in advance and I appreciate all your inputs.

 

[Peacekeeper87]

Dear All,

I got my ITA last week and I have 3 questions about the proof of funds.

I lent money to my friend 2 months ago which caused my balance to drop below the proof of funds requirement. The transaction is clearly shown on my account statement with my friend's name on it. My friend returned back the amount to me exactly two weeks later and my balance was back to normal.

My question is, do I need to explain this transaction in the proof of funds in LOE? Do I need a affidavit from my friend or no?

My second question is, do we need to submit bank statements together with the bank letter for POF or the bank's letter is sufficient? Are bank statements only sufficient?

Last question is, I have an outstanding loan that I will settle next week fully, however the loan amount is shown on my statement when it was credited to me. Do I need to explain this as well in the LOE?

Thank you all in advance and I appreciate all your inputs.

-To be safe, if it's a large amount, you can explain the fact that you lent money to your friend and he paid you back. Better safe than sorry. If it's just a small amount, don't worry about it.
-Yes, Bank statements along with bank letter. Bank statements only, is a risky move, as it's a required document.
-Yes, do explain the loan. If you're paying it off next week, wait till then before getting bank documents, that way you can ask your bank to give you documents showing your loan is paid off.

 

[Islam.Shahin]

-To be safe, if it's a large amount, you can explain the fact that you lent money to your friend and he paid you back. Better safe than sorry. If it's just a small amount, don't worry about it.
-Yes, Bank statements along with bank letter. Bank statements only, is a risky move, as it's a required document.
-Yes, do explain the loan. If you're paying it off next week, wait till then before getting bank documents, that way you can ask your bank to give you documents showing your loan is paid off.

Thank you for your quick reply @Peacekeeper87.

It is a large amount so I will explain it in an LOE. But do I have to get an affidavit for that?

 

[Peacekeeper87]

Thank you for your quick reply @Peacekeeper87.

It is a large amount so I will explain it in an LOE. But do I have to get an affidavit for that?

I don't think you need an affidavit. It's not as if it was a gift from someone.
You lent money to someone, and that person paid you back. Just point the transactions out in LOE.