Hello
Guest

Sponsored Links


Topic: Spouse Visa - Cash Savings Outstanding Loan Question  (Read 225 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • *
  • Posts: 3

  • Liked: 0
  • Joined: Nov 2020
Spouse Visa - Cash Savings Outstanding Loan Question
« on: November 30, 2020, 06:11:48 PM »
Hi all, hope you are all keeping well as can be during  this hectic year!

Getting ready to apply for my spouse visa through the cash savings route and are mostly there with all the paper work. This forum has been great and we are very grateful to have found you =)

We believe that we have passed the required £62500 savings requirement since June this year and will be providing bank statements (in the name of myself and husband solely) covering  June 1st to December(end) 2020 for an application hopefully around the 10th of January 2021.

However there's a point of concern that we kindly seek clarity on;

My husband took out a loan to help pay for our wedding back in May 2018 (the  funds were effected to his account on the 27th of April 2018). 

He has since paid off the full outstanding amount on the 28th October 2020  and received a letter confirming full settlement from the bank. We have still remained above the necessary savings requirement since June 2020.

Will the ECO deduct the outstanding loan amount from June from our total savings at that time? My husband is able to provide bank statements from April/May 2018 showing the full loan sum being paid out to our wedding venue and suppliers; all dated within 8 days of receiving the loan (funds received 27/04/18 followed by full loan sum leaving account by 05/05/18) 

Would this be enough to justify that the loan was not borrowed in an attempt to meet the savings requirement?

Sincerely appreciate any insights you have.

 

With gratitude,
Brenda


  • *
  • *
  • *
  • Posts: 25130

  • Liked: 3190
  • Joined: Jan 2007
Re: Spouse Visa - Cash Savings Outstanding Loan Question
« Reply #1 on: November 30, 2020, 06:25:05 PM »
Welcome to the forum :).

We believe that we have passed the required £62500 savings requirement since June this year and will be providing bank statements (in the name of myself and husband solely) covering  June 1st to December(end) 2020 for an application hopefully around the 10th of January 2021.

Just to note here that the bank statement will need to cover the day of January 1st 2021 as well, otherwise you will be 1 day short of 6 months (which will be 1st June 2020 to 1st January 2021)

We usually recommend sending 7 months of statements to show your savings cover every single day of the 6 months.

Quote
Will the ECO deduct the outstanding loan amount from June from our total savings at that time? My husband is able to provide bank statements from April/May 2018 showing the full loan sum being paid out to our wedding venue and suppliers; all dated within 8 days of receiving the loan (funds received 27/04/18 followed by full loan sum leaving account by 05/05/18) 

The ONLY thing that matters is that the balance in your savings account did NOT dip below £62,500 for even 1 day during the 6-month period.

Any other money going in or out of the account on top of the £62,500 will ignored.

Therefore, your loan is completely irrelevant to your application and will not even be looked at. He does not need to provide any statements or paperwork relating to the loan.


  • *
  • *
  • Posts: 3

  • Liked: 0
  • Joined: Nov 2020
Re: Spouse Visa - Cash Savings Outstanding Loan Question
« Reply #2 on: December 01, 2020, 07:13:15 AM »
Many thanks for the prompt reply ksand! 

Duly noted regarding the 7 months of statements and we will supply this as you suggested.

What you've said re the loan really helps ease our worries too. 

If I may; on my husband's bank statements (which is a current account), there is a monthly direct debit which says "Personal Loan" in the description. These are debited on the 27th of each month and are shown in the bank statements we are providing (until 28th October when he paid off the loan in full i.e. no more "Personal Loan" debits on the 27th November).

Will the ECO not query details of the "Personal Loan" as they can see it reflected in the statements?

Thanks again for your help!

Brenda


  • *
  • *
  • *
  • Posts: 25130

  • Liked: 3190
  • Joined: Jan 2007
Re: Spouse Visa - Cash Savings Outstanding Loan Question
« Reply #3 on: December 01, 2020, 07:48:00 AM »
Nope.

As long as the total balance doesn’t drop below £62,500 on any day, they don’t care about the actual transactions on the statements.

Literally all they will look at is the total balance on each day and then tick a box to say that you meet the requirement.


Sent from my iPhone using Tapatalk


  • *
  • *
  • Posts: 3

  • Liked: 0
  • Joined: Nov 2020
Re: Spouse Visa - Cash Savings Outstanding Loan Question
« Reply #4 on: December 01, 2020, 04:28:40 PM »
Thank you very much ksand; that's great to hear!

Will keep y'all updated on how our financial, accommodation and relationship document collation goes and will no doubt seek your guidance if there's any other questions.

Hope everyone enjoys the run up to Christmas!

 

Sincerely,

Brenda


  • *
  • Posts: 16972

  • Liked: 4223
  • Joined: Jun 2012
  • Location: Wokingham
Re: Spouse Visa - Cash Savings Outstanding Loan Question
« Reply #5 on: December 01, 2020, 05:26:07 PM »
You can earn £18,600 a year and have a mortgage repayment of £100,000 per year and you still qualify for the visa.  It’s not a wholly logical process.   ;D


Sponsored Links