Lion Heart

Hey guys

Need some practical thought on this...

We've been invited to make a full application to CIC on Express Entry and are in the process of doing so.

With foresight, we set aside the required settlement funds (£8,000 odd) over 6 months ago and have left that alone, so all good there.

HOWEVER, in the section where you provide the details (proof) of settlement funds, you must also list any debts...

We only have a couple of credit card (small) debts, plus our student loan debt which we've had for almost 20 years and is not liable to be repaid.

These two debts pretty much cancel out the settlement funds in the account, even though that money WON'T be used to clear the cards, and the student loan is not due to be repaid at all.

Thankfully we do not have a mortgage - but most applicants will. So if you have £8,000 in an account, and a £100,000 mortage, then your figure would be -£92,000.

We're concerned that they'll see the £8,000 exists, but then see £7,000ish in debts, and say we only have £1,000 and refuse us.

But with this logic in mind, anyone with a mortgage would be totally screwed!?!?!?!??!

As usual, they give you very little information.

Does anyone have any information on this subject?

Thanks guys!

Sian22040

I'm no expert but logically thinking if the equity in the house is worth more than the mortgage then that should cancel the debt out, I think?
Im not sure about the credit cards I also have credit card debts and was wondering the same

Lion Heart

Yes, logic would say so. However, the forms DO NOT ask for you net worth or value of your home or your assets etc - they only ask for proof of settlement funds and details of any debts (they also do not mention mortgages at all).

Hmmm...