Collateral Questions - Demand Guarantee (anfordringsgaranti) vs Escrow Account (deponeringskonto)

[OhKae]

@Da3Li4

Kan I ikke spare 10000 op og så lave garantien om til den deponeringskonto? Det er da tosset I skal betale kr. 300 i kvartalet for at have en anfordringskonto på 10000.

Can we speak in English please so I still know what’s going on? hahah

[Da3Li4]

@Da3Li4

Kan I ikke spare 10000 op og så lave garantien om til den deponeringskonto? Det er da tosset I skal betale kr. 300 i kvartalet for at have en anfordringskonto på 10000.

Hi Dorthe, since this is an English forum, I would reply in English. If you have read some of my previous comments, you would see that me and my husband have the saving for the guarantee, but he thought it would be better to just pay the bank. If we are planning to stay in Denmark, I would probably think about using my own saving as the guarantee, but as of now, we are moving to Sweden soon, so it doesn't really matter much. We will stop paying for the bank fee once we are moving out of Denmark. But, yes, I agree, it's crazy to pay 300kr per 3 months when you only have 10.000 deman guarantee left.

[OhKae]

Hi Dorthe, since this is an English forum, I would reply in English. If you have read some of my previous comments, you would see that me and my husband have the saving for the guarantee, but he thought it would be better to just pay the bank. If we are planning to stay in Denmark, I would probably think about using my own saving as the guarantee, but as of now, we are moving to Sweden soon, so it doesn't really matter much. We will stop paying for the bank fee once we are moving out of Denmark. But, yes, I agree, it's crazy to pay 300kr per 3 months when you only have 10.000 deman guarantee left.

Thank you!

Okay, you just brought something up that I asked earlier. Apparently once you choose either the Demand Guarentee or the Escrow Account, you can’t switch to the other, correct? You said, “If we are planning to stay in Denmark, I would probably think about using my own saving as the guarantee..” which looked like you would switch. My idea was that since either way you still have DKK 100,000 (or whatever the collateral is at the time someone applies) you could start off with the Demand Guarantee but once you earn up your own DKK 100,000, you could go to the bank (or call the immigration?) and say you would like to use your own money now as proof of the collateral. I know you need to make sure the collateral is valid (or whatever the word was) for 10 years but you should be able to use your own money and stop paying the fees now that you’ve shown you’re able to afford it yourself. Does that make sense? In your situation, let’s say you still have the DKK 10,000, you should be able to go to the bank like, “I would like to give my DKK 10,000 as my own collateral.” and then no more fees.

Also, if you know, can you explain how much of a benefit the tax deduction is? My fiancé said he thinks it’s a better deduction if you make a lot of money at your job.

Oh and the main question I was going to ask.. if you pay 300 kr ever 3 months for 8 years, how much would that total after 8 years? Sometimes I’m really bad at math and this seems too easy to figure out but I can’t. how many years have you been paying off so far and how much in fees have you already had to pay?

[Da3Li4]

Hi Kae,

Honestly we never really do our research if we can switch or not, because our plan was to get PR for me through higher education, but the government changed the rule few years back, which crushed our plan. I haven't followed the new regulations closely, since as I said before I am not interested continuing the maze of regulations of family reunification in Denmark. When we applied the first time, both of us can pay the deposit from our own saving, we just chose to take the other option. About how much tax deduction we received from the loan, I really haven't look in to it.
300kr * 4 = 1200kr per year times how many years I have been here. Then you get the number.

[OhKae]

Hi Kae,

Honestly we never really do our research if we can switch or not, because our plan was to get PR for me through higher education, but the government changed the rule few years back, which crushed our plan. I haven't followed the new regulations closely, since as I said before I am not interested continuing the maze of regulations of family reunification in Denmark. When we applied the first time, both of us can pay the deposit from our own saving, we just chose to take the other option. About how much tax deduction we received from the loan, I really haven't look in to it. My husband is a professor in economy, so I expect he knows what he's doing. LOL.
300kr * 4 = 1200kr per year times how many years I have been here. Then you get the number.

Makes sense! The Family Reunification rules have definitely gotten more.. interesting. I’m actually excited to see what happens when we apply! Our only problem is the collateral. I’ll probably try to call the immigration people to get specifics about if we can switch or not but I’m hoping someone can say also. Hahah I’ll add whatever I find out, of course.

Okay, let me think about what you just said..
300 kr (fee) * 4 (4 Months? Should it be 3 months?) = 1,200 kr

1. If it is a 3, wouldn’t it be 300kr * 3 = 900 kr?
2. Then times it by 8 years to see the total that my fiancé and I would pay?

1,200 kr * 8 = 9,600 kr for 8 years
or
900 kr * 8 = 7,200 kr for 8 years

That seems too good to be true. I mean sure that’s still a lot, of course, but it’s not 110,000+ kr like I thought! Are you telling me that in 8 years, we would pay a total of either 9,600 kr or 7,200 kr in bank fees?!

Lolol I’m sooo sorry if I’m being slow!
I’m just excited and confused!

[Da3Li4]

Based on Danish website on kvartal: https://www.regneregler.dk/kvartal-ordbog

Et kvartal er det samme som en fjerdedel (1:4) af et år.

Da der er 12 måneder på et år, svarer det til 4 kvartaler med hver 3 måneder.

1. kvartal: Januar, februar og marts.

2. kvartal: April, maj og juni.

3. kvartal: Juli, august og september.

4. kvartal: Oktober, november og december.

so, it's 300*4=1200kr

[OhKae]

Based on Danish website on kvartal: https://www.regneregler.dk/kvartal-ordbog

Et kvartal er det samme som en fjerdedel (1:4) af et år.

Da der er 12 måneder på et år, svarer det til 4 kvartaler med hver 3 måneder.

1. kvartal: Januar, februar og marts.

2. kvartal: April, maj og juni.

3. kvartal: Juli, august og september.

4. kvartal: Oktober, november og december.

so, it's 300*4=1200kr

I considered that but I wasn’t sure. Thank you for the URL!

300 kr * 4 = 1,200 kr per 4 months
1,200 kr * 8 = 9,600 kr for 8 years

Got it! Thank you for clarifying. I really appreciate it!
This changes a lot. I’ll have to reapproach my “Collateral” document and do some thinking.

[Da3Li4]

Glad I can be of help. Good luck with the whole process It is worth it to be with your loved one, just need an extra strength to deal with the regulations.

[OhKae]

Glad I can be of help. Good luck with the whole process It is worth it to be with your loved one, just need an extra strength to deal with the regulations.

Thank you! Yes, I understand that. The changes makes it kind of hectic.

Wait, wait.. I’m confused again.
The total for 8 years can’t be 9,600.
In 1 year, after paying every 4 months, the total is already 4,800 kr. That means it would be 4,800kr *8 = 38,400kr for 8 years.
Good thing I went back to my collateral document and did the long math. This is what I was looking for but I couldn’t focus and do the math. Hahah

[DortheM]

They are only paying 300 kr. every 3 months (100 a month)
300 x 4 x 8 = 9600

"Et kvartal" i a quarter of a year.

[OhKae]

They are only paying 300 kr. every 3 months (100 a month)
300 x 4 x 8 = 9600

"Et kvartal" i a quarter of a year.

Ohhh! Ugh, that 1,200 kr threw me off for a second!
Thanks for helping.