Police clearance Canada - car loan debt
Hello guyz,
I have a car loan of $15000 in Canada. I have returned the car to the bank and moved back to my country. But, the bank wants me pay the money back. I said I will pay it. I am again going back to Canada through PR application process. I will need to get PCC ( police clearance certificate) from Canada. Will, it be effected due to bad financial credit I had with one bank. Will it be considered as criminal offence. Please advice! |
Re: HELP - Left my PR card back in Canada when travelling to US
Originally Posted by Robben
(Post 12380248)
Hello guyz,
I have a car loan of $15000 in Canada. I have returned the car to the bank and moved back to my country. But, the bank wants me pay the money back. I said I will pay it. I am again going back to Canada through PR application process. I will need to get PCC ( police clearance certificate) from Canada. Will, it be effected due to bad financial credit I had with one bank. Will it be considered as criminal offence. Please advice! Now depending which route you are applying for PR under this may pose a problem regarding proof of funds if required The funds must be available and transferable; unencumbered by debts or other obligations; and sufficient to support initial establishment in Canada. |
Re: Police clearance Canada - car loan debt
A loan, from Bank or otherwise, is a civil matter and police would only be involved if criminal action occurred such as fraud or theft. Dropping the vehicle off at the Bank does not excuse you of the debt. The Bank would be looking for any shortfall between what it realized from sale of vehicle and balance of your loan. It will also be looking to recover any expenses it occurred in the sale of the vehicle, such as storage and auction fees.
Without clearing this matter up your credit rating upon your return to Canada will be severely impacted. |
Re: Police clearance Canada - car loan debt
If I understand correctly It will not be a problem to process the application?. As I am in stage of applying for PR Card. Yes, matter of fact my credit history will be impacted. Will bad credit history impact my PR application. Please advice
|
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12381464)
If I understand correctly It will not be a problem to process the application?. As I am in stage of applying for PR Card. Yes, matter of fact my credit history will be impacted. Will bad credit history impact my PR application. Please advice
Which stream did you apply for PR under or applying? Are you already a PR as in one sentence you say applying for PR card but then talk about PR application. More info required to give you a better answer. |
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12381464)
If I understand correctly It will not be a problem to process the application?. As I am in stage of applying for PR Card. Yes, matter of fact my credit history will be impacted. Will bad credit history impact my PR application. Please advice
|
Re: Police clearance Canada - car loan debt
Thank you for the advice. The application processing name for PR is Immigration, Refugee & Canada Citizenship. Will it require me to demonstrate “debt free in Canada” for applying.
|
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12381716)
Thank you for the advice. The application processing name for PR is Immigration, Refugee & Canada Citizenship.
|
Re: Police clearance Canada - car loan debt
I am in process of filling my PR application. Could you please let me know which visa application has a requirement to be “debt free in Canada” ?
|
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12381725)
I am in process of filling my PR application. Could you please let me know which visa application has a requirement to be “debt free in Canada” ?
|
Re: Police clearance Canada - car loan debt
Thank you for the advice. Will get back to you with more information. Once again Thanks a lot :)
|
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12381747)
Thank you for the advice. Will get back to you with more information. Once again Thanks a lot :)
Some routes require you to show proof of funds, like Express Entry. Some routes do not require any proof of funds, like Spousal Sponsorship. This is why the stream under which you are applying matters for giving you an accurate answer. |
Re: Police clearance Canada - car loan debt
For example:
Proof of funds: skilled immigrants (Express Entry) For 1 person you need to show you have $12300 unencumbered funds. If one had debts of $15000 and $20000 in the bank, nett worth is $5000. Not sure how it would go if a creditor were to start debt recovery proceedings for any debts in default. |
Re: Police clearance Canada - car loan debt
The route I am applying is express entry. I can show funds of 13000 CAD. But, not sure if my Canadian debt will be counted. As in CIC states, it is to support ourselves while settling in Canada. Any advice! If my debt in Canada will be considered or not please. If it is, is it wise to go ahead with my PR application.
|
Re: Police clearance Canada - car loan debt
Originally Posted by Robben
(Post 12382149)
The route I am applying is express entry. I can show funds of 13000 CAD. But, not sure if my Canadian debt will be counted. As in CIC states, it is to support ourselves while settling in Canada. Any advice! If my debt in Canada will be considered or not please. If it is, is it wise to go ahead with my PR application.
So if there is $15k in your bank account, but you have $5k in outstanding debt, then you only have $10k of unencumbered funds, and thus not enough. So the debt doesn't necessarily stop you from entering Canada, but you need to ensure that you can show the adequate proof of funds despite the outstanding loan. Make sense? |
All times are GMT. The time now is 7:25 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.