FUNDING IMPLICATIONS FOR EC APPLICATION

[Bako]

Please could somebody tell me the implications of my available funds for EC application.

I have about £3,320 available funds in Naira equivalent ie £1,320 in savings account and £2,000 deposit (saving) with a Building/Mortgage institution. I also have an empty plot of land within a chioce area in Lagos Nigeria. The current market value of the land is about =N=3,000,000** ie £12,000**

Can i use the land to support my prove of funds as i intend to sale the land if the EC is approved?

The size of my family is 4 (four) myself, wife and two children who are below four years.

Your kind response will be appreciated.

God bless.

Bako

[John]

Bako, the problem is that the value of the land will not, realistically, be available to you to help feed and house you and your family. It is your asset but I suspect you cannot count it unless a sale contract has already been signed and you are simply awaiting completion of the sale deal.

The cash funds you mention are on the light side. Do you have a confirmed job to go to? In other words, will you be in receipt of income as soon as you get to the UK? Or alternatively will you be needing to search for and obtain employment before that income starts to roll in in the UK?

[Bako]

Thanks John,

I do not have a confirmed job yet although i am working seriously on that.

As per the land, if i ask my estate agent to sale he will surely get buyers who will be ready to sign the deal and make payments immediately.

However, i also have a number of other little assets, car etc that can readly fatch up to £3,000.

More suggestions on a way out will be appreciated.

Thanks

Bako

[Chess]

cant you borrow a bit of money to 'big up' your account - though dont put in too much as this again will raise issues with BHC - ECO

read previous postings on EC applications...

good luck

[buntosanya]

Bako

I will suggest you go first and apply for your family when you must have settled down. This will make your application requirements less demanding.

On borrowing money to beef up your account, i don't think this might be a good idea. The ECO will want to see evidence of source of funds and i don't think borrowed funds will be counted for you as money available for your use in UK.

Check out Yinkuze's posts on EC.

Wishing you best of luck as you apply for your EC.

[Bako]

Chess/buntosanya

Thank so much for your responses.

I just realised that expected gratuity/end of service payment from my present job can fetch me up to £3,000 in naira equivalent. Will this count as available funds if supported with a letter from the HR unit of my present employer?

Your kind comments will be appreciated.

Bako

[buntosanya]

Bako

It should definitely since it is the HR of your workplace that is given you that.

I guess you already gave them your resignation notice.