Siouxie

When in doubt, consult the 'mandatory documents' for EE!

If the car loan isn't through a bank, it probably won't show. Do bear in mind though, that you are required to give contact details of your bank(s)..
...and CIC may contact them to ascertain whether you have been honest. If you pay off your credit card at the end of each month, get the letter written the first week of the month, so there is the least amount showing.

If you have equity in your house, you should also get a valuation done to show that you have more funds available over and above the mortgage.

What CIC are trying to ascertain is your nett worth and whether it meets the minimum requirements. So if you have £280,000 of assets/cash/equity but have to pay off your car loan, mortgage, visa bill, various other debts or costs then you might not have the required sum. This is what they need to know - if you don't supply the information and they discover that you didn't, you could potentially have your PR application rejected for misrepresentation.

You could add a letter of explanation, if necessary.

kryt0n

Thank you for the information here. I have a similar query regarding student loan disclosure going on.

So are you implying that as I have a student loan of £11,000 that I have to show the lico (£9500)+£11,000 = £20,500?

Do they deduct the student loan owing?

Former Lancastrian

From the CIC website
In addition to the selection criteria stated in subsection R87.2(3), the applicant must also have sufficient funds available for settlement in Canada pursuant to subsection R87.2(5). This requirement is waived if the applicant has a qualifying offer of arranged employment under Express Entry or an offer of employment as defined in subparagraphs R87.2(3)(d)(ii), (iii) and (v).

The funds must be

available and transferable;
unencumbered by debts or other obligations; and
sufficient to support the initial establishment in Canada.
Sufficient funds are determined according to the applicant's family size (including both accompanying and non-accompanying dependents), using 50% of the current low income cut-off (LICO) for urban areas with populations of 500,000 or more.

If the applicant is unable to demonstrate that they have sufficient funds to meet the requirements, refuse the application.

Also read this link
Proof of funds – Skilled immigrants (Express Entry)

Rather than asking this question in multiple threads ask it in the most appropriate thread as you might forget which thread you asked in and therefore miss a reply.

kryt0n

Thank you. I appreciate your response. I'll stick to my other thread then and hopefully get a response. Your links don't explicitly state how cic regard a £200,000 mortgage against someone pof of £15,000. However indicates that someone must prove that the funds are unencumbered, so present a house valuation with the mortgage statement to offset it.

In the case of a student loan i am hoping that SLC instructions that the loan is income dependant prove that it is an unencumbered value, however until I can find someone who has declared and been approved, I'm going to continue to have sleepless nights over this.

Shakyuk

I think you're probably not going to get the absolute clarification you want as every ones situation is different. Express entry is a relatively new method of immigration to Canada; many on the board either emigrated prior to EE, got intra company transfers (no proof of funds required) or did a temporary permit then moved up to PR (again most would have been employed for their permit and so not required proof of funds.


There's no point in having sleepless nights over something you're unable to change. You should just make your open and honest application and let CIC make their judgement. If you stress so much over something like this then I dread to think how you'll deal with the stress of changing country, house, friends, job, environment, time zone whilst simultaneously losing your support network and financial security.


TLDR Chill out mon...