Funds
May 14th 2009, 2:52 pm
#1
Just Joined
Thread Starter
Joined: May 2009
Posts: 10
Funds
Hi I know this is yet another thread regarding funds 
I am just wondering on the position regarding debt ???
We are currently in debt to the tune of around £15,000 in the form of a personal loan. I have roughly 20 grand in the house most prob more just looking on down side. I have enough in investments to cover the $23000 require as landing funds for a family of 5 and obviously the equity would probably clear off the loan. I 'll get to the point eventually
My question is that is it ok to still run a loan from Canada through a UK bank account or still have credit card debts or do you have to be entirely debt free before you travel ????
Obviously I would rather tie up all my loose ends before going and in an ideal world would be able to, just wondering if anyone else was in a similar situation ???
Sorry for the waffle guys
Jo
I am just wondering on the position regarding debt ???
We are currently in debt to the tune of around £15,000 in the form of a personal loan. I have roughly 20 grand in the house most prob more just looking on down side. I have enough in investments to cover the $23000 require as landing funds for a family of 5 and obviously the equity would probably clear off the loan. I 'll get to the point eventually
My question is that is it ok to still run a loan from Canada through a UK bank account or still have credit card debts or do you have to be entirely debt free before you travel ????
Obviously I would rather tie up all my loose ends before going and in an ideal world would be able to, just wondering if anyone else was in a similar situation ???
Sorry for the waffle guys
Jo
May 15th 2009, 7:12 am
#2
SUPER MODERATOR
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,066
Re: Funds
Hi I know this is yet another thread regarding funds
I am just wondering on the position regarding debt ???
We are currently in debt to the tune of around £15,000 in the form of a personal loan. I have roughly 20 grand in the house most prob more just looking on down side. I have enough in investments to cover the $23000 require as landing funds for a family of 5 and obviously the equity would probably clear off the loan. I 'll get to the point eventually
My question is that is it ok to still run a loan from Canada through a UK bank account or still have credit card debts or do you have to be entirely debt free before you travel ????
Obviously I would rather tie up all my loose ends before going and in an ideal world would be able to, just wondering if anyone else was in a similar situation ???
Sorry for the waffle guys
Jo
I am just wondering on the position regarding debt ???
We are currently in debt to the tune of around £15,000 in the form of a personal loan. I have roughly 20 grand in the house most prob more just looking on down side. I have enough in investments to cover the $23000 require as landing funds for a family of 5 and obviously the equity would probably clear off the loan. I 'll get to the point eventually
My question is that is it ok to still run a loan from Canada through a UK bank account or still have credit card debts or do you have to be entirely debt free before you travel ????
Obviously I would rather tie up all my loose ends before going and in an ideal world would be able to, just wondering if anyone else was in a similar situation ???
Sorry for the waffle guys
Jo
It's absolutely fine to have debts so don't worry about that. You can just continue to pay off the loan & credit cards from Canada, no issues. We've got a personal loan and will be doing just that.
And it won't make any difference to CIC as long as you've got the proof of funds in ready cash.
May 15th 2009, 11:30 am
#3
Just Joined
Thread Starter
Joined: May 2009
Posts: 10
Re: Funds
Cheers for that buddy it has made my life so much easier
WE own a business you see that is a limited company, and to be honest in today's current economic situation we really are not making our millions
So obviously we would have to pay off the business debts firstly so would not have enough left over to satisfy my personal loan as well
I can get the proof of funds but was just worried that they would be digging into my debt situation !!!
Just out of interest how might this affect getting credit once in Canada ???
Many thanks for your reply I am a happy bunny today now
Jo x
WE own a business you see that is a limited company, and to be honest in today's current economic situation we really are not making our millions
So obviously we would have to pay off the business debts firstly so would not have enough left over to satisfy my personal loan as well
I can get the proof of funds but was just worried that they would be digging into my debt situation !!!
Just out of interest how might this affect getting credit once in Canada ???
Many thanks for your reply I am a happy bunny today now
Jo x
May 15th 2009, 11:33 am
#4
SUPER MODERATOR
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,066
Re: Funds
Cheers for that buddy it has made my life so much easier
WE own a business you see that is a limited company, and to be honest in today's current economic situation we really are not making our millions
So obviously we would have to pay off the business debts firstly so would not have enough left over to satisfy my personal loan as well
I can get the proof of funds but was just worried that they would be digging into my debt situation !!!
Just out of interest how might this affect getting credit once in Canada ???
Many thanks for your reply I am a happy bunny today now
Jo x
WE own a business you see that is a limited company, and to be honest in today's current economic situation we really are not making our millions
So obviously we would have to pay off the business debts firstly so would not have enough left over to satisfy my personal loan as well
I can get the proof of funds but was just worried that they would be digging into my debt situation !!!
Just out of interest how might this affect getting credit once in Canada ???
Many thanks for your reply I am a happy bunny today now
Jo x
CIC won't know about your debt situation so don't worry about that, they do not do credit checks as part of the process.
As for credit in Canada, you'll have to start from scratch anyway. Some company's will consider your credit report from the UK but it's fairly rare. Have a read of the Wiki section on banking which has stuff on getting set up financially out there including info on credit.
