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Proof of Funds/Mr Miller experts please

Proof of Funds/Mr Miller experts please

Old Nov 16th 2003, 8:41 am
  #1  
~- Alison -~
Guest
 
Posts: n/a
Default Proof of Funds/Mr Miller experts please

Hi Mr Miller/experts,

You recently answered my query concerning proof of funds and why I couldn't
use the equity in my property.

My apologies if you've already answered this question but I have another
query.

I have an endowment policy, I will sell it when I sell my house. The
insurance company I have the endowment with have given me a 'surrender
value' if I choose to sell it back to them now (I have included this in my
application for PR). I'm fairly sure that the surrender value does not
change, only in the sense that the longer I leave it the more it will be
worth as I keep paying it every month. The figure they have given me is the
least amount I would get from them. This amount nearly covers my 'sufficient
funds' needed and I could access these funds tomorrow! I don't want to right
now incase I don't get PR.

So my question is, does this count as readily available funds? Have you had
a case where somebody has used an investment/insurance policy as proof of
settlement funds?

Many Thanks,

Alison.
 
Old Nov 16th 2003, 12:16 pm
  #2  
Robert
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Hi Mr Miller/experts,
    > You recently answered my query concerning proof of funds and why I
couldn't
    > use the equity in my property.
    > My apologies if you've already answered this question but I have another
    > query.
    > I have an endowment policy, I will sell it when I sell my house. The
    > insurance company I have the endowment with have given me a 'surrender
    > value' if I choose to sell it back to them now (I have included this in my
    > application for PR). I'm fairly sure that the surrender value does not
    > change, only in the sense that the longer I leave it the more it will be
    > worth as I keep paying it every month. The figure they have given me is
the
    > least amount I would get from them. This amount nearly covers my
'sufficient
    > funds' needed and I could access these funds tomorrow! I don't want to
right
    > now incase I don't get PR.
    > So my question is, does this count as readily available funds? Have you
had
    > a case where somebody has used an investment/insurance policy as proof of
    > settlement funds?
    > Many Thanks,
    > Alison.
Whatever you do DON'T sell it back to the insurance company that sold you
it.
You will get lots more selling it to a company that specialises in buying
endowments. Insurance companies offer up to a third less than brokers that
deal in second hand endowments.

Not only will you get more but you will get it quicker in most cases.

The longer it has been in force then the better the profit for you over the
company that supplied it to you.

www.shepherds-group.co.uk
www.maxendowment.co.uk
www.endowment-policy-surrender.co.uk
www.leakingbucket.co.uk

are just a few, do a search for "sell endowment policy"
 
Old Nov 16th 2003, 2:59 pm
  #3  
Andrew Miller
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

Nope, it won't work. It doesn't matter what letter you have from insurance
company today as they may be out of business tomorrow.

You are required to:

----------------------------------------------------------------
Provide proof of unencumbered and readily transferable funds in a
convertible currency available for settlement in Canada (for you and your
family members):

• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.
----------------------------------------------------------------

Endowment policy is not a substitute for the above. Exactly as real estate
as well.

--

../..

Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________



"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Hi Mr Miller/experts,
    > You recently answered my query concerning proof of funds and why I
couldn't
    > use the equity in my property.
    > My apologies if you've already answered this question but I have another
    > query.
    > I have an endowment policy, I will sell it when I sell my house. The
    > insurance company I have the endowment with have given me a 'surrender
    > value' if I choose to sell it back to them now (I have included this in my
    > application for PR). I'm fairly sure that the surrender value does not
    > change, only in the sense that the longer I leave it the more it will be
    > worth as I keep paying it every month. The figure they have given me is
the
    > least amount I would get from them. This amount nearly covers my
'sufficient
    > funds' needed and I could access these funds tomorrow! I don't want to
right
    > now incase I don't get PR.
    > So my question is, does this count as readily available funds? Have you
had
    > a case where somebody has used an investment/insurance policy as proof of
    > settlement funds?
    > Many Thanks,
    > Alison.
 
Old Nov 16th 2003, 8:11 pm
  #4  
~- Alison -~
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

Thanks Mr Miller and Robert,

I understand. Thought it was worth a shot!

Alison.
"Andrew Miller" <[email protected]> wrote in message
news:mIXtb.62682$jy.10876@clgrps13...
Nope, it won't work. It doesn't matter what letter you have from insurance
company today as they may be out of business tomorrow.

You are required to:

----------------------------------------------------------------
Provide proof of unencumbered and readily transferable funds in a
convertible currency available for settlement in Canada (for you and your
family members):

• current bank certification letter; or
• evidence of savings balance; or
• fixed or time deposit statements.
----------------------------------------------------------------

Endowment policy is not a substitute for the above. Exactly as real estate
as well.

--

../..

Andrew Miller
Immigration Consultant
Vancouver, British Columbia
email: [email protected]
(delete REMOVE from the above address before sending email)
________________________________



"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Hi Mr Miller/experts,
    > You recently answered my query concerning proof of funds and why I
couldn't
    > use the equity in my property.
    > My apologies if you've already answered this question but I have another
    > query.
    > I have an endowment policy, I will sell it when I sell my house. The
    > insurance company I have the endowment with have given me a 'surrender
    > value' if I choose to sell it back to them now (I have included this in my
    > application for PR). I'm fairly sure that the surrender value does not
    > change, only in the sense that the longer I leave it the more it will be
    > worth as I keep paying it every month. The figure they have given me is
the
    > least amount I would get from them. This amount nearly covers my
'sufficient
    > funds' needed and I could access these funds tomorrow! I don't want to
right
    > now incase I don't get PR.
    > So my question is, does this count as readily available funds? Have you
had
    > a case where somebody has used an investment/insurance policy as proof of
    > settlement funds?
    > Many Thanks,
    > Alison.
 
Old Nov 18th 2003, 2:54 am
  #5  
Robert
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Thanks Mr Miller and Robert,
    > I understand. Thought it was worth a shot!
    > Alison.
    > "Andrew Miller" <[email protected]> wrote in message
    > news:mIXtb.62682$jy.10876@clgrps13...
    > Nope, it won't work. It doesn't matter what letter you have from insurance
    > company today as they may be out of business tomorrow.
    > You are required to:
    > ----------------------------------------------------------------
    > Provide proof of unencumbered and readily transferable funds in a
    > convertible currency available for settlement in Canada (for you and your
    > family members):
    > . current bank certification letter; or
    > . evidence of savings balance; or
    > . fixed or time deposit statements.
    > ----------------------------------------------------------------
    > Endowment policy is not a substitute for the above. Exactly as real estate
    > as well.
    > --
    > ../..
    > Andrew Miller
    > Immigration Consultant
    > Vancouver, British Columbia
    > email: [email protected]
    > (delete REMOVE from the above address before sending email)
    > ________________________________
<snip>
Not sure Andrew & Allison if endowments are protected in the UK (e.g. still
pay out if Co. goes bust) I think they are regulated (what isn't in the UK
!) If this IS the case you may still be able to declare it (we did !!)

Suggest you do a little homework or see if anyone in here comes back on this
issue ?
 
Old Nov 18th 2003, 10:44 am
  #6  
~- Alison -~
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

Thanks Robert,

How long ago did you apply?

Did you just use your endowment as proof of funds?

Alison.
"Robert" <[email protected]> wrote in message
news:[email protected]...

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Thanks Mr Miller and Robert,
    > I understand. Thought it was worth a shot!
    > Alison.
    > "Andrew Miller" <[email protected]> wrote in message
    > news:mIXtb.62682$jy.10876@clgrps13...
    > Nope, it won't work. It doesn't matter what letter you have from insurance
    > company today as they may be out of business tomorrow.
    > You are required to:
    > ----------------------------------------------------------------
    > Provide proof of unencumbered and readily transferable funds in a
    > convertible currency available for settlement in Canada (for you and your
    > family members):
    > . current bank certification letter; or
    > . evidence of savings balance; or
    > . fixed or time deposit statements.
    > ----------------------------------------------------------------
    > Endowment policy is not a substitute for the above. Exactly as real estate
    > as well.
    > --
    > ../..
    > Andrew Miller
    > Immigration Consultant
    > Vancouver, British Columbia
    > email: [email protected]
    > (delete REMOVE from the above address before sending email)
    > ________________________________
<snip>
Not sure Andrew & Allison if endowments are protected in the UK (e.g. still
pay out if Co. goes bust) I think they are regulated (what isn't in the UK
!) If this IS the case you may still be able to declare it (we did !!)

Suggest you do a little homework or see if anyone in here comes back on this
issue ?
 
Old Nov 18th 2003, 4:06 pm
  #7  
Robert
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Thanks Robert,
    > How long ago did you apply?
    > Did you just use your endowment as proof of funds?
    > Alison.
    > "Robert" <[email protected]> wrote in message
    > news:[email protected]...
    > "~- Alison -~" <[email protected]> wrote in message
    > news:[email protected]...
    > > Thanks Mr Miller and Robert,
    > >
    > > I understand. Thought it was worth a shot!
    > >
    > > Alison.
    > > "Andrew Miller" <[email protected]> wrote in message
    > > news:mIXtb.62682$jy.10876@clgrps13...
    > > Nope, it won't work. It doesn't matter what letter you have from
insurance
    > > company today as they may be out of business tomorrow.
    > >
    > > You are required to:
    > >
    > > ----------------------------------------------------------------
    > > Provide proof of unencumbered and readily transferable funds in a
    > > convertible currency available for settlement in Canada (for you and
your
    > > family members):
    > >
    > > . current bank certification letter; or
    > > . evidence of savings balance; or
    > > . fixed or time deposit statements.
    > > ----------------------------------------------------------------
    > >
    > > Endowment policy is not a substitute for the above. Exactly as real
estate
    > > as well.
    > >
    > > --
    > >
    > > ../..
    > >
    > > Andrew Miller
    > > Immigration Consultant
    > > Vancouver, British Columbia
    > > email: [email protected]
    > > (delete REMOVE from the above address before sending email)
    > > ________________________________
    > >
    > <snip>
    > Not sure Andrew & Allison if endowments are protected in the UK (e.g.
still
    > pay out if Co. goes bust) I think they are regulated (what isn't in the UK
    > !) If this IS the case you may still be able to declare it (we did !!)
    > Suggest you do a little homework or see if anyone in here comes back on
this
    > issue ?
We landed mid 2001 but didn't have req. funds in the bank.
We did however have plenty of equity in the house and some nice endowment
policy's.
Andrew will tell you that you cant use the house anymore, which I now
understand a little better. I supplied a sheet with details of all major
assets and all major debts. the bottom line showed approx how much cash
would be realised for landing in Canada. I also included a very recent
valuation for the house from a reputable estate agent. I have no idea if
they read it or not. We did NOT have the required amount in a bank account
as they "seem" to require today.
 
Old Nov 19th 2003, 9:13 am
  #8  
~- Alison -~
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

Thanks Robert,

Yes, Andrew Miller has told me that equity in our house is no longer
sufficient.

We have approx £100,000 equity in our house (bought at just the right time)
so it's SO frustrating!

I hired a lawyer before I came across this fantastic newsgroup, I now feel I
have probably wasted my money, as he says that the equity in our house IS
sufficient proof of funds! I'm much more inclined to go with Andrew Millers
advice, I trust his advice far more than the lawyer I'm paying.

I will wait and see what CHC London come back with, my application arrived 2
weeks ago so I guess I have a bit of time to get this sorted.

Thanks Again,

Alison.
"Robert" <[email protected]> wrote in message
news:[email protected]...

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Thanks Robert,
    > How long ago did you apply?
    > Did you just use your endowment as proof of funds?
    > Alison.
    > "Robert" <[email protected]> wrote in message
    > news:[email protected]...
    > "~- Alison -~" <[email protected]> wrote in message
    > news:[email protected]...
    > > Thanks Mr Miller and Robert,
    > >
    > > I understand. Thought it was worth a shot!
    > >
    > > Alison.
    > > "Andrew Miller" <[email protected]> wrote in message
    > > news:mIXtb.62682$jy.10876@clgrps13...
    > > Nope, it won't work. It doesn't matter what letter you have from
insurance
    > > company today as they may be out of business tomorrow.
    > >
    > > You are required to:
    > >
    > > ----------------------------------------------------------------
    > > Provide proof of unencumbered and readily transferable funds in a
    > > convertible currency available for settlement in Canada (for you and
your
    > > family members):
    > >
    > > . current bank certification letter; or
    > > . evidence of savings balance; or
    > > . fixed or time deposit statements.
    > > ----------------------------------------------------------------
    > >
    > > Endowment policy is not a substitute for the above. Exactly as real
estate
    > > as well.
    > >
    > > --
    > >
    > > ../..
    > >
    > > Andrew Miller
    > > Immigration Consultant
    > > Vancouver, British Columbia
    > > email: [email protected]
    > > (delete REMOVE from the above address before sending email)
    > > ________________________________
    > >
    > <snip>
    > Not sure Andrew & Allison if endowments are protected in the UK (e.g.
still
    > pay out if Co. goes bust) I think they are regulated (what isn't in the UK
    > !) If this IS the case you may still be able to declare it (we did !!)
    > Suggest you do a little homework or see if anyone in here comes back on
this
    > issue ?
We landed mid 2001 but didn't have req. funds in the bank.
We did however have plenty of equity in the house and some nice endowment
policy's.
Andrew will tell you that you cant use the house anymore, which I now
understand a little better. I supplied a sheet with details of all major
assets and all major debts. the bottom line showed approx how much cash
would be realised for landing in Canada. I also included a very recent
valuation for the house from a reputable estate agent. I have no idea if
they read it or not. We did NOT have the required amount in a bank account
as they "seem" to require today.
 
Old Nov 19th 2003, 2:31 pm
  #9  
Robert
Guest
 
Posts: n/a
Default Re: Proof of Funds/Mr Miller experts please

Best of luck with your APP.
It never does any harm to get a second opinion.
Lawyers sometimes know how to present information in a better light so don't
give up on yours yet.

There again I didn't use one.

"~- Alison -~" <[email protected]> wrote in message
news:[email protected]...
    > Thanks Robert,
    > Yes, Andrew Miller has told me that equity in our house is no longer
    > sufficient.
    > We have approx £100,000 equity in our house (bought at just the right
time)
    > so it's SO frustrating!
    > I hired a lawyer before I came across this fantastic newsgroup, I now feel
I
    > have probably wasted my money, as he says that the equity in our house IS
    > sufficient proof of funds! I'm much more inclined to go with Andrew
Millers
    > advice, I trust his advice far more than the lawyer I'm paying.
    > I will wait and see what CHC London come back with, my application arrived
2
    > weeks ago so I guess I have a bit of time to get this sorted.
    > Thanks Again,
    > Alison.
    > "Robert" <[email protected]> wrote in message
    > news:[email protected]...
    > "~- Alison -~" <[email protected]> wrote in message
    > news:[email protected]...
    > > Thanks Robert,
    > >
    > > How long ago did you apply?
    > >
    > > Did you just use your endowment as proof of funds?
    > >
    > > Alison.
    > > "Robert" <[email protected]> wrote in message
    > > news:[email protected]...
    > >
    > > "~- Alison -~" <[email protected]> wrote in message
    > > news:[email protected]...
    > > > Thanks Mr Miller and Robert,
    > > >
    > > > I understand. Thought it was worth a shot!
    > > >
    > > > Alison.
    > > > "Andrew Miller" <[email protected]> wrote in message
    > > > news:mIXtb.62682$jy.10876@clgrps13...
    > > > Nope, it won't work. It doesn't matter what letter you have from
    > insurance
    > > > company today as they may be out of business tomorrow.
    > > >
    > > > You are required to:
    > > >
    > > > ----------------------------------------------------------------
    > > > Provide proof of unencumbered and readily transferable funds in a
    > > > convertible currency available for settlement in Canada (for you and
    > your
    > > > family members):
    > > >
    > > > . current bank certification letter; or
    > > > . evidence of savings balance; or
    > > > . fixed or time deposit statements.
    > > > ----------------------------------------------------------------
    > > >
    > > > Endowment policy is not a substitute for the above. Exactly as real
    > estate
    > > > as well.
    > > >
    > > > --
    > > >
    > > > ../..
    > > >
    > > > Andrew Miller
    > > > Immigration Consultant
    > > > Vancouver, British Columbia
    > > > email: [email protected]
    > > > (delete REMOVE from the above address before sending email)
    > > > ________________________________
    > > >
    > > <snip>
    > > Not sure Andrew & Allison if endowments are protected in the UK (e.g.
    > still
    > > pay out if Co. goes bust) I think they are regulated (what isn't in the
UK
    > > !) If this IS the case you may still be able to declare it (we did !!)
    > >
    > > Suggest you do a little homework or see if anyone in here comes back on
    > this
    > > issue ?
    > >
    > We landed mid 2001 but didn't have req. funds in the bank.
    > We did however have plenty of equity in the house and some nice endowment
    > policy's.
    > Andrew will tell you that you cant use the house anymore, which I now
    > understand a little better. I supplied a sheet with details of all major
    > assets and all major debts. the bottom line showed approx how much cash
    > would be realised for landing in Canada. I also included a very recent
    > valuation for the house from a reputable estate agent. I have no idea if
    > they read it or not. We did NOT have the required amount in a bank account
    > as they "seem" to require today.
 

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