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You should get a letter from your parents, explaining that it was a gift...big, especially recent, deposits arise suspicion so it's in your best interests to explain that it's really your money.vs007 wrote:Hi All,
I have a question regarding EC fund requirement.
Since my bank balance does not have sufficient funds, thus I would be taking some funds from my parents. Now this will come as a big transaction in my bank statement. Can this big transaction be questioned, do I need to provide justification to this transaction.
Please advise
Regards
VS007
Victoria's right, your bank statements are important. I don't think the gift, in itself, is suspicious...you just need to show that the gift won't be taken backVictoriaS wrote:It won't matter, but you should also show the bank statements form your father to prove that he has transferred the money to you.
Victoria
So, by personal loan do you mean that the general consensus is that the ECOs would rather see a bank loan than money borrowed from a family member?push_hsmp wrote:I too took a loan from my parents (huge transaction just a few weeks before EC application). I however, included a Gift Deed on a stamp paper, a letter from my parents to HO, photocopies of the cheques used for transferring the amount and bank statements of my parents' account.
It worked for me. But even then my case can not be taken as an example as I already had a job in my hand, with a sign on bonus clause and a decent deposit in a UK bank.
I was reading on this forum elsewhere that someone's EC got rejected due to large recent transactions. Ppl say it is better to take a personal loan for showing funds in your account.
regards,
push_hsmp
Yes,thats one way of seeing things. But the ECOs suspect that the gifts would be returned back immediately after the receipt of the funds.This is based on their earlier experiences.apeterso925 wrote:So, by personal loan do you mean that the general consensus is that the ECOs would rather see a bank loan than money borrowed from a family member?push_hsmp wrote:I too took a loan from my parents (huge transaction just a few weeks before EC application). I however, included a Gift Deed on a stamp paper, a letter from my parents to HO, photocopies of the cheques used for transferring the amount and bank statements of my parents' account.
It worked for me. But even then my case can not be taken as an example as I already had a job in my hand, with a sign on bonus clause and a decent deposit in a UK bank.
I was reading on this forum elsewhere that someone's EC got rejected due to large recent transactions. Ppl say it is better to take a personal loan for showing funds in your account.
regards,
push_hsmp
That seems backwards, thinking from a financial stability standpoint. Given that the spirit of the funds requirement is to prove that you can support yourself, a bank loan would mean that almost immediately upon receipt of your funds, you're making payments back to the bank...and those payments are coming out of the money you need to feed and clothe yourself. So, in essence, I would imagine the ECO looks at a bank loan and mentally subtracts the relevant payments from the feasible amount of funds.
So, going on pure logic, I would think the ECOs are more satisfied to see a gift from a family member, as that doesn't need to be paid back. Or am I missing something?
(1) I do not have any documentary proof for the cash in GBP amount. I would be getting the asset evaluation report(for all my asset) from a CA in the same report can I mention this GBP amount also.push_hsmp wrote:Can you get some kind of a statement regarding availability of funds in your cards? May be an electronic print out or something?
You can obviously show these funds, provided you have some documentary proof of the same.
regards,
push_hsmp
push_hsmp wrote:I know it looks counter intuitive from a financial perspective but what rrst_101 has said is right (as in it seems to be the view subscribed by ECO in India).
In India, the Gifts received from relatives are not taxed and therefore, it is very easy for someone to opt for such a transaction. The transaction may be reveresed the day the EC is granted and ECO runs the risk of allowing a person to enter UK without sufficient funds.
push_hsmp
(1) I do not have any documentary proof for the cash in GBP amount. I would be getting the asset evaluation report(for all my asset) from a CA in the same report can I mention this GBP amount also.
(2) Regarding the big transaction i have an idea ....... can i say that i had sold my Car and this is the amount af my selling the car and i can attach the letter from my day as a buyer ... does it apper to be a good and safe idea
I did get EC approval But no, I did not get a loan...I had enough savings on my own, thankfully. Although just to be on the safe side, I included a printout of the market value of my car, along with a written explanation that I intended to sell it before I arrived in the UK.allgo wrote:hi apeterso925,
seems u too got ur EC approved...
did u take a personal loan then?
if u dont mind can u tell how much u took as loan....i hv 1.5 lakhs to my name across 2 bank acccts as liquid cash. i am planning to takw 2 lakh loan in case i go for that option.
can u suggest?