Proof of Fund (Urgent)
- Thread starter ruchirmrg
- Start date
POF is your funds you own as of now - mostly liquid funds. If you have an outstanding Car Loan, it brings down your actual funds in your account. Example:
Bank A/C : CAD 10,000
Outstanding Car Loan : CAD 2,000
So you funds in 'this' account is CD 8,000. You need to maintain your funds consistently in your account(s).
Bank A/C : CAD 10,000
Outstanding Car Loan : CAD 2,000
So you funds in 'this' account is CD 8,000. You need to maintain your funds consistently in your account(s).
I don't believe this is correct. The car itself has a value.POF is your funds you own as of now - mostly liquid funds. If you have an outstanding Car Loan, it brings down your actual funds in your account. Example:
Bank A/C : CAD 10,000
Outstanding Car Loan : CAD 2,000
So you funds in 'this' account is CD 8,000. You need to maintain your funds consistently in your account(s).
Exactly what I thought, so having a car loan should be ok?I don't believe this is correct. The car itself has a value.
Yes, car has value, Where did I say it doesn't? But it is not Liquid. You don't need to be a rocket scientist to figure this out really.I don't believe this is correct. The car itself has a value.
And, if I remember correctly, the requirement clearly states, you balance post all loans/credit cards (something like that). So, no, Car loan balance (if on your statement) will be excluded.
The answer in very simple terms is Yes.I have a car loan of CAD 20k, but still I have liquid cash of CAD 18k, I'm paying monthly installments, if they deduct my car loan from my funds, I'll never be able to show the POF?
>Untill and Unless you decide to sell your car and clear your loan (typically, the outstanding balance is always lesser than the value of the car) In that case you may very well show CAD 18K.
My car loan is not showing on my statement, I have sufficient funds according to my statement. But in a liability letter, it is written that I have a liability of car loan.Yes, car has value, Where did I say it doesn't? But it is not Liquid. You don't need to be a rocket scientist to figure this out really.
And, if I remember correctly, the requirement clearly states, you balance post all loans/credit cards (something like that). So, no, Car loan balance (if on your statement) will be excluded.
Haven't you answered your own question?My car loan is not showing on my statement, I have sufficient funds according to my statement. But in a liability letter, it is written that I have a liability of car loan.
My suggestion is to get rid of the liability - and have a clean case. You never know what a case officer thinks of such things.
So my actual situation is this .. I have cash of 27K and a car loan with balance of 22K .. so am I considered someone with insufficient fund for the post ITA process?
http://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-car-loan.430543/
In this thread people were suggesting the opposite actually.
In this thread people were suggesting the opposite actually.