Proof of Funds - Money Lent To Friends

[Islam.Shahin]

Dear All,

I am currently finalizing my last documentation of my PR application, which is the proof of funds.

I have 3 accounts with my bank and in total, I have all the required funds and more. I have attached 6 months bank statements for all the 3 accounts. However, there are some suspicious transactions in my statements that the officer might question and I need your help in justifying those.

I used to lend money to my friends a lot when they need long and I have 4 instances in my accounts where it shows a signification deposit to my account because my friends were giving me back my money. However, the money I lent to them is not shown on my statement since it was a while ago.

I already explained this in my LOE, but my question is, do I need to get an affidavit from all my friends whom I lent money to? Or an explanation will be enough?

I appreciate your quick response on this matter and thank you all.

 

[tobs]

Dear All,

I am currently finalizing my last documentation of my PR application, which is the proof of funds.

I have 3 accounts with my bank and in total, I have all the required funds and more. I have attached 6 months bank statements for all the 3 accounts. However, there are some suspicious transactions in my statements that the officer might question and I need your help in justifying those.

I used to lend money to my friends a lot when they need long and I have 4 instances in my accounts where it shows a signification deposit to my account because my friends were giving me back my money. However, the money I lent to them is not shown on my statement since it was a while ago.

I already explained this in my LOE, but my question is, do I need to get an affidavit from all my friends whom I lent money to? Or an explanation will be enough?

I appreciate your quick response on this matter and thank you all.

An affidavit is not necessary and may even seem like you have something to hide.
Your LOE will suffice. You are also not restricted to 6 months statements and you can decide to get longer (older) statements if you think the loan will be reflected there.

 

[Islam.Shahin]

An affidavit is not necessary and may even seem like you have something to hide.
Your LOE will suffice. You are also not restricted to 6 months statements and you can decide to get longer (older) statements if you think the loan will be reflected there.

Thank you @tobs for your quick reply. Actually I am very skeptical about this since I am worried about concerns that will be raised by the officer.

Just to explain my situation in details, the requirement is CAD 12,669 and I have a total of CAD 13,907.85. The transactions I am skeptical of are:

- AED 25,000 (equivalent of CAD 9140) were deposited to my account by my friend using an ATM. However, I have the statement and the transaction proving that I lent the money to him through online banking.

- AED 10,000 (equivalent of CAD 3655) were transferred by my brother through online banking since I lent him that amount a while back. However, I do not have anything to prove I lent him the money.

- AED 6,000 (equivalent of CAD 2195) were transferred by my brother through online banking as well since I lent him that amount a while back. However, I do not have anything to prove I lent him the money.


What do you think, is it sufficient just to provide LOE? I am worried about refusal?

Thank you and apologies for the long reply.

 

[tobs]

Thank you @tobs for your quick reply. Actually I am very skeptical about this since I am worried about concerns that will be raised by the officer.

Just to explain my situation in details, the requirement is CAD 12,669 and I have a total of CAD 13,907.85. The transactions I am skeptical of are:

- AED 25,000 (equivalent of CAD 9140) were deposited to my account by my friend using an ATM. However, I have the statement and the transaction proving that I lent the money to him through online banking.

- AED 10,000 (equivalent of CAD 3655) were transferred by my brother through online banking since I lent him that amount a while back. However, I do not have anything to prove I lent him the money.

- AED 6,000 (equivalent of CAD 2195) were transferred by my brother through online banking as well since I lent him that amount a while back. However, I do not have anything to prove I lent him the money.


What do you think, is it sufficient just to provide LOE? I am worried about refusal?

Thank you and apologies for the long reply.

Maybe you can use a gift deed to explain why the huge funds were sent to you. Research gift deeds on this forum.

 

[Islam.Shahin]

Maybe you can use a gift deed to explain why the huge funds were sent to you. Research gift deeds on this forum.

But they are not gifts, they are actually my money.
I can get a gift deed from my brother regarding his money transfers.

Thank you very much for your help