Does outstanding loans and credit card balances effect the PR application via express entry

[ash21]

Hello Everyone,

I am currently showing a bank balance of 19K CAD all from my paychecks. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? Any information regarding this is truly appreciated.

Thanks.

 

[ClassicCause]

This is such a good question, I am looking for this info as well.

 

[Glaber]

For proof, you must get official letters from any banks or financial institutions where you’re keeping money.

Letter(s) must

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account, the
  • account numbers
  • date each account was opened
  • current balance of each account
  • average balance for the past 6 months​

Official info: https://www.canada.ca/en/immigratio...nada/express-entry/documents/proof-funds.html

 

[ash21]

Thanks for the reply. I'm aware that I need to show my loans and credit card debts but will the CIC take the loans, debts into consideration against the Proof of funds. I am currently showing a bank balance of 19K CAD all from my paychecks for Proof of funds. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? do they calculate like (POF - Credit card debts - loans) ?

 

[Glaber]

Thanks for the reply. I'm aware that I need to show my loans and credit card debts but will the CIC take the loans, debts into consideration against the Proof of funds. I am currently showing a bank balance of 19K CAD all from my paychecks for Proof of funds. However I do have an outstanding credit card bills of 10K USD and personal loans of 10K USD. Does showing these outstanding balances effect the decision made for PR ? do they calculate like (POF - Credit card debts - loans) ?

Yes, they do consider your debts against your assets. That's why they're not only asking your assets but debts as well.

Also watch this from 12:40

 

[ash21]

Thank you so much for the clarification.

 

[ClassicCause]

So, just to clarify, in the OP's situation, would she be considered to not have adequate funds for PR or would they take into account that she is making monthly payments on her debts and has the necessary liquid cash saved up for relocation?

 

[ClassicCause]

Also, do debts such as cars, count as well?

 

[ash21]

So, just to clarify, in the OP's situation, would she be considered to not have adequate funds for PR or would they take into account that she is making monthly payments on her debts and has the necessary liquid cash saved up for relocation?

Interesting question. I wish somebody can clarify this as well.

 

[ash21]

Also, do debts such as cars, count as well?

I believe Car is considered as an asset as you can sell it any time and pay off the auto loan.

 

[trollposter]

According to their language, if the credit card is with an institution where you are not keeping money, it would not need to be reported.

 

[trollposter]

Yes, they do consider your debts against your assets. That's why they're not only asking your assets but debts as well.

Also watch this from 12:40

Wow, the guy that that video is so verbose.