Proof Of Funds! PLEASE HELP !!!!!

[lbfrancois]

How can you proof your funds?
I'm asking that because only my last (current) bank statement shows the money (5000 GBP) I intend to bring to the UK. Am I supposed to have this money sitting on my bank account for a longer period of time?

I will provide proof of work experience (letters of recomendations, business cards, contract with the company I'm currently employed) and proof of earnings (income tax, bank statements, payment slips)

Would that be enough for proof of funds?

I also would like to know how difficult it is to do the process on your own, without the help of immigration agents.

Thanks.

[bani]

Hi. I think you should send 3 bank statements (last 3 months). If the past statements weren't much less than 4000, then you are ok, otherwise, let the money sit there for a while before applying. And yes, I think this is sufficient funds to bring to the UK for 1 person.

Good luck.

I prepared my own application, it isn't hard to do, but does take a lot of time and information - follow the guidance notes carefully.

[lbfrancois]

Hi!

Thank for the reply. I want to apply as soon as possible, because I'm afraid of the changes that might occur on the next few months... I dont want to wait for three more months to apply...

I cannot provide 3 bank statement with 4k or 5k now, I only have one...
Is anything else I can do to prove that I have this money now?

Thanks,
Lu.

[lbfrancois]

What if I transfer the money to my savings account and provide one bank statement of it instead of my current account? Is it better? Would it work?

[ford]

AFAIK submit 3 bank statements, and it should be sufficient that ur last statement shows 4 or 5 K.

[deborahCO]

I don't know if it's sufficient, but (as a suggestion), I provided a current statement of my 401K (pension) account, which has the funds I intend to use to live on while job hunting. It's not my regular account, but I will have access to the money once I leave my current employer (after taxes, of course).

[Ali_Sch]

//I prepared my own application, it isn't hard to do, but does take a lot of time and information - follow the guidance notes carefully.//

Which Guidance notes you r refering to. I cant find any.

Thanks Ali

[bani]

the files named below are downloadable from this site -
http://www.workingintheuk.gov.uk/workin ... forms.html

New - Highly Skilled Migrant Programme under 28 (366 Kb)
New - Highly Skilled Migrant Programme over 28 (365 Kb)
New - Highly Skilled Migrant Programme Guidance (431 Kb)

//I prepared my own application, it isn't hard to do, but does take a lot of time and information - follow the guidance notes carefully.//

Which Guidance notes you r refering to. I cant find any.

Thanks Ali

[Ali_Sch]

Thanks Bani,

Is there any guidance note for EC application in particular.

Regards, Ali

[bani]

None that I know of. Best to read the sticky thread on Entry Clearance. Or call the British Consulate you are applying to.

Thanks Bani,

Is there any guidance note for EC application in particular.

Regards, Ali

[Sher]

U cld show other 'liquid' asset classes (like mutual funds, investments in gold/ bonds/ equities, etc.) in support if yr application.

[lynn132]

For what it's worth, in my HSMP application I included an investment account statement (quarterly, but it has a graph that tracks the balance over time back for a couple of years) and the proof of equity in my home, which I am now going to sell (I sent in the County Tax Assessor's valuation and a copy of my last mortgage statement).
Other have also used cars to show assets, such as a title and a current Kelly blue book value.
If you use these kinds of assets though, you should state very clearly that they will be liquidated upon your application's approval.

[desiguy]

I don't know if it's sufficient, but (as a suggestion), I provided a current statement of my 401K (pension) account, which has the funds I intend to use to live on while job hunting. It's not my regular account, but I will have access to the money once I leave my current employer (after taxes, of course).

debbie,

did they accept funds in your 401k as sufficient evidence.

i don't have much money in my checking account since i wasn't expecting approval so soon. but i can show 401k and home equity line of credit. i am planning to show that, so pls reply.

thanks

[lynn132]

They accepted mine for the HSMP application and I assume they will for entry clearance, since I'll be cashing it out when I leave. But the line of credit is more problematic. They might frown on you going into debt to relocate.

[desiguy]

For what it's worth, in my HSMP application I included an investment account statement (quarterly, but it has a graph that tracks the balance over time back for a couple of years) and the proof of equity in my home, which I am now going to sell (I sent in the County Tax Assessor's valuation and a copy of my last mortgage statement).
Other have also used cars to show assets, such as a title and a current Kelly blue book value.
If you use these kinds of assets though, you should state very clearly that they will be liquidated upon your application's approval.

lynn,

i just got my house appraised by a certified appraiser. i am planning to contact a realtor and get a letter stating market conditions and evaluating my property.
will show that along with my 401k. i.e. i will tell them that i will raise X amount by selling the house, but if i can't sell the house, i still have Y amount available in the equity for immediate access to support myself.

am i making sense?

[lynn132]

Yep. I was just concerned that you might be trying to keep the house and still use the HELOC. I don't think they'd like that very much, since the criteria says "savings or potentail income." I'm fortunately in a position that it will be very easy to sell my house - my realtor has even suggested postponing putting it on the market so that it doesn't sell too soon.

[desiguy]

same with me with fast selling. looks like u r living in a hot market. plus i am waiting for the spring market to pick up steam.

how about i transfer money from HELOC to checking now and have a statement showing the money. Will also add 401k statement which allows upto 50% of the balance as immediate loan disbursement in case needed.

thanks

[lynn132]

You know, I was just looking on the LA Consulate page about entry clearance for HSMP and it didn't say anything about proof of funds. This may be because under HSMP we have to demonstrate that in the HSMP application. Unfortunately, you can't email the LA consulate, but you could e-mail the New York consulate and ask them. For some reason they have email and LA doesn't. Weird.

[deborahCO]

I hope it's not an issue. My funds for living will be coming directly from my 401K account. Having to pay the penalties for an early withdrawal will be a nightmare, but worth it. I know for HSMP application, I submitted internet printouts of my account balance as proof of funds, and that seemed acceptable.

[desiguy]

ok, now i am now feeling more optimistic.
planning to apply aometime in april. will share my experience

[lynn132]

Deborah and desiguy,
the three of us are a financial planner's nightmare - all three cashing in our sacrosanct "retirement" funds!

[rella]

You know, I was just looking on the LA Consulate page about entry clearance for HSMP and it didn't say anything about proof of funds. This may be because under HSMP we have to demonstrate that in the HSMP application. Unfortunately, you can't email the LA consulate, but you could e-mail the New York consulate and ask them. For some reason they have email and LA doesn't. Weird.

Ok... you guys are completely confusing me. Where in the HSMP application does it require proof of funds? When we sent in hubby's first application, there was no requirement. We sent no proof of funds and it was approved. I looked through the new HSMP application and I don't see anything about proof of funds either -- but I'm really tired... so maybe I'm missing something?

I thought proof of funds was for EC. And in a weird case like ours, where we are already living here, but have to apply for EC and we have a rented house, have a car, have a job, etc, how much do we have to show in the way of cash?

[deborahCO]

There was a portion of the application where you have to show your plans for making a living (no public funds) and I had read it suggested you show current bank account statements and a proposed living budget. As you're already in-country, maybe they didn't require it from you?

[lynn132]

This is on the britainusa.com website:

Suitable evidence for demonstrating that you will be able to support yourself and your family could include:


UK bank statements in your name
Overseas bank statements (with confirmation of transferability to UK if appropriate)
Personal assets in UK and Overseas generating an income disposable in the United Kingdom
A firm job offer
Confirmed job interviews or acceptance onto Employment agency books
Prospective contracts of employment or accepted freelance bids
Breakdown of projected expenditure and income in first 12 months in United Kingdom
Evidence of appropriate accommodation


Here's the complete link.
http://www.britainusa.com/visas/other_s ... her_ID=324

Maybe I didn't need to show it, but I decided to err on the side of caution.

[rella]

The application is the same for everyone, whether in or out-of-country.

I guess we took it all less seriously and didn't provide nearly as much documentation as all of you did.

So, you're taking about where it asks how much money you expect to earn the first 12 months in the UK?

Does anyone know if you HAVE to go to the consulate assigned to you by your home state? We would really prefer to go to NYC and not and LA. We feel like we have to go in person, because we don't want to risk not getting our passports back in time and missing our flight, if we apply by mail. Of course... this is assuming the second app gets approved... I guess a person shouldn't assume anything anymore...