In urgent need of money - need suggestions

[ioums]

I'm hoping that someone here can offer some help for me.
I need to give a lawyer a certified cheque for $14000 tomorrow (can maybe be delayed until early next week, or at least I hope it can). Right now I have only $9000 in my chequing account (with PC financial). My wife has a credit card with a limit of about $7000, so I figure we could use that to put more money in our account and then get PC financial to send the certified cheque to our nearest CIBC. So my questions are:
1. How does one go about putting money from a credit card into their chequing account?
2. Will there be any kind of hold on that money?
3. Is there a better way to get the money we need? (We are in the process of getting a line of credit. It was supposed to be available for us last Tuesday, but apparently PC financial lies a lot to its customers...or at least to us).

[nogoro]

might as well go to the cibc branch and have them do a cash advance with the credit card, doubt there would be a hold... better yet, see if you can get a bridge loan which may have a lower interest rate, until the LOC is approved.

[CSK'sMom]

Sounds like it's for a downpayment for a house... If that's what it is you should have figured this out days ago. The lawyer is going to absolutely want that cheque tomorrow, most are pretty cranky about stuff like this. Get that cash advance asap.From previous postings here it takes a couple of days or more to get a certified cheque through PC... >:(

[mirek]

Go to the bank where you have the CC, and they will happily give you cash from your credit card.

[ioums]

Thanks for the responses everyone.

Sounds like it's for a downpayment for a house...

You are correct.

If that's what it is you should have figured this out days ago.

Right again, but there's not much we can do about that now.

The lawyer is going to absolutely want that cheque tomorrow, most are pretty cranky about stuff like this.

Fortunately it turns out that he doesn't mind getting it next week (I think the lawyer would have preferred it earlier, but our actual closing date isn't until next week) so we at least have a couple more days to get this done.

Go to the bank where you have the CC, and they will happily give you cash from your credit card.

The CC is with PC financial too. I don't think a bank machine is going to let us take out thousands of dollars.

[spf1971]

When I bought my house I had to prove I had the deposit and show where it was coming from. You didn't have to do that?

[ioums]

When I bought my house I had to prove I had the deposit and show where it was coming from. You didn't have to do that?

Yes, we did. We do actually have enough money for the deposit. When we decided to buy a house we went and put our money in a RRSP so that we could then take it out under the home buyers plan. We were told by someone at PC financial that there were no restrictions on how soon we could take that money out of the RRSP. More recently we found out that the money has to actually be in the RRSP for 90 days to avoid being taxed when it is taken out. To use the money under HBP it has to be taken out within 30 days of the closing date of the house, and we will reach the 90 day mark for the RRSP about 20 days after our closing date. So we can still take money out of the RRSP, but we will not be doing that until well after our closing date. That is why we are looking for another way to make our down payment.

[lor74]

Yes, we did. We do actually have enough money for the deposit. When we decided to buy a house we went and put our money in a RRSP so that we could then take it out under the home buyers plan. We were told by someone at PC financial that there were no restrictions on how soon we could take that money out of the RRSP. More recently we found out that the money has to actually be in the RRSP for 90 days to avoid being taxed when it is taken out. To use the money under HBP it has to be taken out within 30 days of the closing date of the house, and we will reach the 90 day mark for the RRSP about 20 days after our closing date. So we can still take money out of the RRSP, but we will not be doing that until well after our closing date. That is why we are looking for another way to make our down payment.

I was in a similar situation....was cashing out an investment to pay for the downpayment, but it got delayed and was not ready on the deadline day. I explained the situation to the person at the bank who took care of my mortgage account, and she was able to get me an extra LOC, approved on the spot for $28,000 (which was the max that I could be approved for). It was this situation which made me really happy that I stayed with the bank instead of going through one of those mortgage brokers who can give you a %1 less but not the same level of service!

[ullyeus]

I had a very similar situation awhile ago, I didn't find PCfinancial to be useful at all with helping me...had to end up opening an account at TD and getting a huge overdraft to help me out, course now they have my business...

[atb1o1]

I was in a similar situation....was cashing out an investment to pay for the downpayment, but it got delayed and was not ready on the deadline day. I explained the situation to the person at the bank who took care of my mortgage account, and she was able to get me an extra LOC, approved on the spot for $28,000 (which was the max that I could be approved for). It was this situation which made me really happy that I stayed with the bank instead of going through one of those mortgage brokers who can give you a %1 less but not the same level of service!

+1 its good to have a LOC for just this type of situation.

[BJBond]

Yes, we did. We do actually have enough money for the deposit. When we decided to buy a house we went and put our money in a RRSP so that we could then take it out under the home buyers plan. We were told by someone at PC financial that there were no restrictions on how soon we could take that money out of the RRSP. More recently we found out that the money has to actually be in the RRSP for 90 days to avoid being taxed when it is taken out. To use the money under HBP it has to be taken out within 30 days of the closing date of the house, and we will reach the 90 day mark for the RRSP about 20 days after our closing date. So we can still take money out of the RRSP, but we will not be doing that until well after our closing date. That is why we are looking for another way to make our down payment.

Congratulations on your new home-to-be!!! It's an exciting time and as we can see a great learning experience.

We are also in the process of buying our first house, and will be leveraging our RRSP's to make up part of our down payment. In your case, what's done is done, but just know, you max out the amount you can dip into you RRSP at $20,000.00 one time, under the HBP. We've been a bit more careful with our spending/saving for the last year and only put some of our saving into our RRSP's. And there by optimizing our d/p with savings and our RRSP's.

I didn't know about the "30 day day prior to closing clause", but that will not negatively impact our plans either way.

Still rate shopping,
//BJ

[gerbil]

congratulations on your new house!!

i recall having almost similar situations when we got ours 6 months ago.
the bank pretty much 'put a hold' on our funds when we're in the process on putting a down payment on our house.

they even put a hold on a Money Order when we sold our Car the same week we sold our car.

we had to call them and follow up on a day to day basis.