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assets, liability and settlement funds

assets, liability and settlement funds

Old Jun 20th 2012, 11:28 am
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Default assets, liability and settlement funds

Hi,

Can those who are filling or have filled out the form IM0008 tell me what info you have included in section 10 - assets, liabilities andsettlement funds?

Do you need to declare credit card/loans etc...

Thanks
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Old Jun 20th 2012, 11:47 am
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Default Re: assets, liability and settlement funds

We declared credit card debt (don't have loans), and mortgage.

Assets were car values, house value etc.

No idea if they can trace loans etc, but not worth the risk of telling fibs.

And realistically, they are doing it for your own benifit. If you can't afford to live in your own country they you'll have no chance in Canada, lol.

I'm not having a dig, just pounting that out to anyone else that might have the same question
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Old Jun 20th 2012, 11:59 am
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Default Re: assets, liability and settlement funds

fair point.

We have a credit card (no loans either just putting that down for others to relate to if they read this).

So If I put our 2 cars and our equity in our house as assets that will be good?

In terms of liability did you also put the outstanding amount on your mortgage?
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Old Jun 20th 2012, 12:00 pm
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Default Re: assets, liability and settlement funds

out of interest how did you value your car?
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Old Jun 20th 2012, 2:14 pm
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Default Re: assets, liability and settlement funds

Yeah, we put how much we still owed on the house. It was on our last mortgage statement. But that is offset by the valuations we got. We got three valuations. I can't remember having a place to input what WE thought the house was worth, but even the lowest valuation was more than enough to cover the funds required after subtracting the debt owed.

Car values were lowest market value I think.
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Old Jun 20th 2012, 2:51 pm
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Default Re: assets, liability and settlement funds

Think we are screwed then because we owe far more to our mortgage than what we have in equity!.

Anyone know how others have managed when they still have a mortgage? We can't be the only young family with a large mortgage :-/
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Old Jun 20th 2012, 3:24 pm
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Default Re: assets, liability and settlement funds

Originally Posted by the blairs
Think we are screwed then because we owe far more to our mortgage than what we have in equity!.

Anyone know how others have managed when they still have a mortgage? We can't be the only young family with a large mortgage :-/
We're a family of five filling out the forms at the moment.

We're just fortunate that our house is worth more than the outstanding mortgage. I'm afraid CIC are quite strict on funds, and the money must be freely available (well, equity in a house isn't, but they allow that for people processed through the London VO).

You'll have to think of a way to show you have the money without it being a debt - you can't even borrow it from parents. No solutions in this post I'm afraid, sorry about that :|
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Old Jun 20th 2012, 3:31 pm
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Default Re: assets, liability and settlement funds

Originally Posted by the blairs
Think we are screwed then because we owe far more to our mortgage than what we have in equity!.

Anyone know how others have managed when they still have a mortgage? We can't be the only young family with a large mortgage :-/
Savings?
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Old Jun 20th 2012, 3:34 pm
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Default Re: assets, liability and settlement funds

ignore that last post! I have been on the computer for far too long and my mind is completely boggled !!!

Of course after i get the valuation and deduct the outstanding balance I will be left with the equity which will be fine

I am a fool.
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Old Jun 20th 2012, 3:48 pm
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Default Re: assets, liability and settlement funds

Originally Posted by the blairs
ignore that last post! I have been on the computer for far too long and my mind is completely boggled !!!

Of course after i get the valuation and deduct the outstanding balance I will be left with the equity which will be fine

I am a fool.
It is a simple nett worth calculation:

Sum of:
How much your house is realistically valued at and that you can prove if asked to do so.
Net realizable value on any vehicles
Investments or valuable property (paintings, savings, stocks, cash in the bank etc).

=A

On the other side, sum of :

Debts
Car loans
Credit card debt
Mortgage balance
Bank loans

=B

A-B= Nett Worth. If it is a negative figure then this is not good.
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Old Jun 20th 2012, 4:44 pm
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Default Re: assets, liability and settlement funds

Originally Posted by the blairs
ignore that last post! I have been on the computer for far too long and my mind is completely boggled !!!

Of course after i get the valuation and deduct the outstanding balance I will be left with the equity which will be fine

I am a fool.
LOL, we're all fools for putting ourselves through this

Remember though, you could/will be asked for proof of funds at port of entry when landing, and you'll NOT be able to use the house equity at that point, you will need cash or bank statements.

We don't plan to move till the house is sold anyway.
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Old Jul 1st 2012, 10:16 pm
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Default Re: assets, liability and settlement funds

Many peeps worry about this too much. I simply sent one bank statement with 10k balance on it as proof of funds. Obviously net worth including house equity far more but why should you need to show them more than the minimum requirement in order to satisfy their tick box? We too ideally plan to sell house before going but worst case scenario will rent it out and take what money we have.
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Old Jul 2nd 2012, 8:21 am
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Default Re: assets, liability and settlement funds

well I don't think I put anything in the assets and liability part as we could show our settlement funds and wouldn't be leaving any assets or liabilities behind!

As we thought it meant what we would be leaving behind when we would be due to leave to emigrate ie our house etc

by the time we ready to leave our credit card, mortgage and loan would be settled so we didn't bother putting them in!!

Oops worried now and we were under the impression that as long as you can prove your funds when you send you application and can prove you funds when you land that's all the needed

Well back to stressing ourselves silly until we get our medical requests if we do that is lol



Originally Posted by 99problems
Many peeps worry about this too much. I simply sent one bank statement with 10k balance on it as proof of funds. Obviously net worth including house equity far more but why should you need to show them more than the minimum requirement in order to satisfy their tick box? We too ideally plan to sell house before going but worst case scenario will rent it out and take what money we have.
I hope you right and we worrying too much about this now!!
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