URGENT: Cash Saving (Investments)

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URGENT: Cash Saving (Investments)


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Old 21st November 2019, 08:48 PM
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Default URGENT: Cash Saving (Investments)

Hello all,
I am asking for a friend. His wife's Leave to Enter expires on the 25 Jan 2020 and my wife is helping out with all the details. She has explained everything to them for over a year now.

Recently, my wife found out that they haven't been maintaining the 62,500 needed for the Cash Saving route.

So, he has investment portfolio that could be liquidated for the Visa Financial requirement but seeing that it's from a few different companies, it will take time to get the funds transfered into their UK account.

My question is: Does the investment need to be liquidated? Portfolio Report alone is not suffiecient? I just have to let him know.

Thank you. by the way, where is Joppa? Haven't seen him online.

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Old 21st November 2019, 10:00 PM
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For the first application and second we applied under the 62,500 cash savings route. Now thankfully at SET M we are applying by salary

But, I read during my research that this has changed to 16,000 for the cash savings route.

I could be wrong because I didn't spend long looking at it, so sincere apologies if this is the case. Go check it out.

Sorry, I think I am wrong (editing now). It seems that this 16,000 is only to be used to reduce the income requirement and not as savings alone.


Last edited by kokosama1; 21st November 2019 at 10:12 PM.
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Old 21st November 2019, 11:19 PM
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Presuming they are applying for FLR(M) which requires 62,500 GBP for savings alone.

If the investment portfolio is any way complicated, and the money not immediately available for use, then yes, liquidate it. Don't expect the ECO to work out if each account in total has remained at 62,500GP during the required time period.

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Old 22nd November 2019, 08:17 AM
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Yes thank you Crawford. My wife thought as much, she just need confirming this so that she can let them know.

My friend was thinking of using his salary for the FLR (M). But he had a gap in his overseas work. He worked in Tunisia up till August (final invoice) and paid on the 30 Oct. Started a new contract in Albania on November 4th. So, my wife said there is a gap in his employment. She couldnt get an invoice for September, which is the problem.
so, now only way to go is via Cash Savings through their investment. Hope it works out for them.

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Old 22nd November 2019, 05:48 PM
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Quote:
Originally Posted by keithryan View Post
Yes thank you Crawford. My wife thought as much, she just need confirming this so that she can let them know.

My friend was thinking of using his salary for the FLR (M). But he had a gap in his overseas work. He worked in Tunisia up till August (final invoice) and paid on the 30 Oct. Started a new contract in Albania on November 4th. So, my wife said there is a gap in his employment. She couldnt get an invoice for September, which is the problem.
so, now only way to go is via Cash Savings through their investment. Hope it works out for them.
Is this guy self employed? Does he work continuously overseas?

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Old 22nd November 2019, 05:55 PM
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Crawford, he is in Oil and Gas. Was in Tunisia March-Spetember (Last paycheck 30/10).
He then left to take on a different Project in Albania and it starts on November 4th.

Is there anything they can do? I doubt he can get the Unit trust out from Singapore in time.

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Old 22nd November 2019, 06:14 PM
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Quote:
Originally Posted by keithryan View Post
Crawford, he is in Oil and Gas. Was in Tunisia March-Spetember (Last paycheck 30/10).
He then left to take on a different Project in Albania and it starts on November 4th.

Is there anything they can do? I doubt he can get the Unit trust out from Singapore in time.
Is he self employed or with same employer for these different projects?

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Old 22nd November 2019, 06:25 PM
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My wife just passed me his pay packets and it goes like this.
as a contractor in the Oil and Gas industry, we usually get contracts through agencies. In his case CCL is his employer/agent. We write invoices to the project and we get paid usually within 2-4 weeks. My friend had his pay paid into Caxton offshore account. here is the breakdown.

invoice date - amount - paid into Caxton
21/4/2019 - 10,241.00 - 15/5/2019
10/5/2019 - 13991.00 - 14/6/2019
16/6/2019 - 13991.00 - 12/7/2019
16/7/2019 - 10241.00 - 15/8/2019
19/8/2019 - 18491.00 - 13/9/2019
13/9/2019 - 13500.00 - 30/10/2019

Looking at the pay flow, Is there anything we can help them with you think? My wife thinks they can apply now and use these paychecks.

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Old 22nd November 2019, 06:57 PM
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Crawford, it's 2 different employers. the new contract in Albania starts on November 4th. He is there now.

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Old 22nd November 2019, 07:16 PM
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Quote:
Originally Posted by keithryan View Post
Crawford, it's 2 different employers. the new contract in Albania starts on November 4th. He is there now.
Sounds like he is self employed - providing invoices for his work, different projects and employers.

He should apply under self employment Cat B

Read the following document to verify how he could qualify:

https://assets.publishing.service.go...ment-ext_1.pdf

He can't apply now if the visa does not expire until 25 Jan 2020. The earliest he can apply is 28 days prior to that date

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