question about statements, hope someone can help me out

[mmmab]

i have my money in premium bonds and also put my bank money into a stocks trading account, this is where my income comes from. i can show statements from my broker showing consistent profits and enough money to provide a good life for my wife here in england, also, i can withdraw that money at any time which should reach my bank within 3-5 business days.

my question is, would it be alright if i only show my premium bonds savings and 6 months statements from my broker, as i only withraw money from my broker and deposit to my bank when i need money to spend, most of the time, my bank statement only shows around £500 and everything else is put into savings...

i was thinking, as long as my statements from my broker can show and prove that i can support my wife here in england, it shouldn't be a problem that my bank account only has £500 in it right?

hope you guys can help me out, and thanks in advance

[Terpe]

mmmab,
From what you have said your wife is applying a spouse visa.
Two key issues are finances and accomodation.
Without getting into detail (your case doesn't need), you need to provide evidence that you can support your wife without recourse to public funds. In principle you need to clearly show the ECO that your income/cash flow is sufficient. The meaning of sufficient in numbers is approx £106 per week disposable income for a couple.(2011/2012)
Savings are certainly a good thing, but the real key is adequate cash flow to prove you are not living beyond your means.
The actual amount that will show in your current account is not critical, but please try to avoid submitting statements that are overdraw, as this will require detailed explanation to prove your position. Bear in mind the ECO is not aq qualified accountant, but does have enough experience and knowledge to know if the financial position is viable or not.

Any specific questions just fire away. There are many members all willing and able to advise.

[mmmab]

thanks terpe for answering my question, yes, you are correct, we will be applying for a spousal visa.

about the overdrawn bank account, i have never overdrawn from my bank account and always make sure there is at least £500, and when i do need to spend more, ie mortgage, other bills and food, i just withdraw from my broker and deposit that money into my bank account before i spend on anything...

but if it would help with the application, my wife is willing to wait 6 more months so i can deposit £500 every month from my broker account to my bank account just in case the ECO doesn't recognise my broker account as proof that i can support my wife and provide for her without resulting to public funds...

do you think that would help? what will happen is, i will show 6 months bank statements of £500 coming in every month, which should satisfy the £106 disposable income right? i will also show my premium bonds savings and also my broker statements, do you think that would be enough proof to show the ECO that i can support my wife when she does arrive here in the UK?

thanks again for all the help

[Bluebirdjones]

Your broker statement is basically "cash on hand", so of course you can submit that (6mnths' worth of statements), with a covering letter explaining that you use this far more actively than a regular/normal bank account.

Your premium bonds are savings which can be easily converted into cash ... so also include your most recent (and previous) statement of holdings.

Additionally, if you are long of stock, as opposed to running a flat position, you can also include that most up-to-date statement of these, and more importantly, the valuation.
Again... these are basically savings that you can easily convert into ready cash.

Also remember.... and it might not apply in your case yet.... if you are due a pension from a former company, also include the most recent valuation on this.
Granted it's not cash, or instantly cashable ...... but it is savings, and also show "sound" financial planning for the future.

[mmmab]

only reason i ask is because i keep seeing payslips on the requirements, but i don't have payslips as i live off the money i make on my brokers account and only withdraw from that when i need to, so i was kinda worried about that...

also a question about the covering letter, if i can get someone from the broker company to write up a letter stating that i actively trade and hold an account with them, plus i also write a covering letter explaining my financial status and how i use my account to support myself and my wife when she gets here, do you think that will cover the explanation for not having payslips?

it seems to me, the biggest part in the whole process is proving i can provide and support my wife when she gets here, am i correct in thinking so?

[Bluebirdjones]

What you are saying is that technically you are self-employed….. albeit trading the market as opposed to plumbing, painting & decorating etc etc.

So, just like someone who’s self employed, you need to produce a trading statement, a profit & loss statement.
If you already produce one for the Inland Revenue in regards to capital gains tax, then happy days.
If not, then a simple cash at broker at start of financial year, cash at broker at end of financial year, cash withdrawn (with print outs and evidence will suffice)

Eg cash with broker at start (1 Jan 2010) £250,000
Cash at broker at end of period (1 Jan 2011) £254,000
Cash withdrawn during period £42,000

However, the cash on deposit has to be reasonable and “acceptable”...
They (the visa people) are gonna be sceptical if you’ve only something like £5,000 in your brokerage account. Firstly, you’ve got to be one hell of a trader to generate a living income (for 2 people) on such a small amount.
Secondly, the amount must be sufficient to accept trading losses.

I’m assuming that you also own your house, or have a low mortgage ….. so definitely include that as an asset. (you mention occasionally transferring money from your brokerage account as/when necessary…. which seems to indicate that you have very, very low outgoings. You’ll want to explain this)

… and if you are already drawing a pension, obviously include this as another source of income.

[mmmab]

ok, i have "x" amount in my brokers account which on average makes me £3000-£4000 a month, will that be enough to show and prove to them that i can support my wife when she gets here?

because according to the ECO £106 disposable income a week for a couple is enough, a month that is £424 disposable income, my broker account grows on average £3000-£4000 a month, surely they will see that i can support my wife when she gets here, but then again, i don't know how they think and that's why i came here asking for help.

my problem is, i don't know if they will deny her based on the fact that i use my broker account more than i use my bank account, i just don't see the point in leaving my money in a bank account when i can reinvest it in something more useful, and i can easily withdraw it when i need to anyway.

and also, i have heard of people who got approved who only have around £2000-£3000 balance in their bank accounts, i'm only confused because i don't have payslips and i rarely use my bank account because i like to reinvest my money in something more rewarding.

[Bluebirdjones]

I think my last post covers all this..... just produce a trading statement, either signed off by the brokerage company, or accompanied by the relevant evidence.

If you are showing profits of +£3k per month, equating to +£36k per year, then you've no worries.
Just fully explain in the covering letter.

[mmmab]

Thanks bluebirdjones for all the help, I really appreciate it!

[Bluebirdjones]

No problem.
PM me if you need anything else.