Can anyone tell me how much finance you need when applying for an operating licence i have been told that the traffic office will ask for £8100.00 financial standing over 3 months is this true.
if so dose the amount have to be cash or credit 
can be credit ie overraft facilty etc
as for the ammount cant quite remember
it’s £8100 for the first vehicle and £4500 for each additional one . The amounts have just been changed due to the weakness of the Pound against the Euro !!
as psv8 said this can be cash or a credit facility ( ie an unused loan facility or an unused credit limit on a credit card )
Denis F:
as psv8 said this can be cash or a credit facility ( ie an unused loan facility or an unused credit limit on a credit card )
But if it’s a credit card it needs to be in the company name, a credit card in a director’s name isn’t good enough (as I’ve just read on the form to my frustration).
Paul
Credit card has to be in company name if ltd company
if applying as sole trader then can be in your own name
I have a question as well please…
So the £8100 covers the vehicle, if you applied for 1 vehicle and two trailers how would that work out in money terms, are trailers gratis (doubtful) or does 1 trailer paired with the unit constitute 1 vehicle at £8100 and trailer 2 is separate then requires another £8100■■
Confused me bleeding self now 
It apply to vehicles not trailers
Thanks for clearing that up 
slightly off topic, but shouldn’t it be more flexible.
if you have a brand new motor on full R+M, then surely you shouldn’t need the full financial standing, like you would with a second hand motor.
limeyphil:
slightly off topic, but shouldn’t it be more flexible.
if you have a brand new motor on full R+M, then surely you shouldn’t need the full financial standing, like you would with a second hand motor.
That would be more form filling and investigation, one price keeps it simple.
Also you still need the financial standing to pay the R+M contract fees, Fuel etc until you get some money in.
muckles:
Also you still need the financial standing to pay the R+M contract fees, Fuel etc until you get some money in.
Don’t let them hear you say that! You’re supposed to keep the money available at all times, and if they ever checked and you had used it for things like fuel (or anything else really other than repairs to the vehicles) you would soon find your licence in trouble…
Paul
I find it quite hard to imagine Andrew Tinkler has got a million quid under his bed in a biscuit tin 
Wheel Nut:
I find it quite hard to imagine Andrew Tinkler has got a million quid under his bed in a biscuit tin
No Stobarts have an overdraft facility of 25millon. as per company accounts on their web site. And if he wants any private money then he will just sell some of his shares off.]
Probably a good time to chuck this little MMTM snippet in the ring;
Under the guise of “readily/easily liquifiable assets” would a wholly owned vehicle such as company car or even a truck, be acceptable
Goaty:
Probably a good time to chuck this little MMTM snippet in the ring;Under the guise of “readily/easily liquifiable assets” would a wholly owned vehicle such as company car or even a truck, be acceptable
Yes, as would gold teeth if you have any. The Traffic Commissioner removes them with her own pliers apparently… 
Goaty:
Probably a good time to chuck this little MMTM snippet in the ring;Under the guise of “readily/easily liquifiable assets” would a wholly owned vehicle such as company car or even a truck, be acceptable
no not from the explanation vosa helpline gives. it has to be access to cash i.e overdraft, savings or credit card in company name if your a ltd company.
the annoying part is the amount for extra vehicles. i have never heard of any company having all there vehicles breakdown at once!
even if they all did how is the amount required arrived at? (i know its based on euros, i mean that X amount is sufficient?)
yorkshireborn:
Goaty:
Probably a good time to chuck this little MMTM snippet in the ring;Under the guise of “readily/easily liquifiable assets” would a wholly owned vehicle such as company car or even a truck, be acceptable
no not from the explanation vosa helpline gives. it has to be access to cash i.e overdraft, savings or credit card in company name if your a ltd company.
the annoying part is the amount for extra vehicles. i have never heard of any company having all there vehicles breakdown at once!
even if they all did how is the amount required arrived at? (i know its based on euros, i mean that X amount is sufficient?)
The amount is not for breakdowns, that would be an extra cost, the amount needed is to prove “you have adequate financial resources to keep your vehicles fit and serviceable”.
However the RHA are most upset at the 30% rise especially with the rise of dealer maintenance and inspection agreements. I presume their toothless granny will write a strong letter and do no more.
yorkshireborn:
Goaty:
Probably a good time to chuck this little MMTM snippet in the ring;Under the guise of “readily/easily liquifiable assets” would a wholly owned vehicle such as company car or even a truck, be acceptable
no not from the explanation vosa helpline gives. it has to be access to cash i.e overdraft, savings or credit card in company name if your a ltd company.
the annoying part is the amount for extra vehicles. i have never heard of any company having all there vehicles breakdown at once!
even if they all did how is the amount required arrived at? (i know its based on euros, i mean that X amount is sufficient?)
This has intrigued me to the point that I spoke to a helpful lady at the TC’s office in Leeds today.
Her answer was; “A readily liquifiable asset is one that can be sold at short notice to generate cash.”
“Right, so the initial question holds true then ?”
“A readily liquifiable asset is one that can be sold at short notice to generate cash.”
Clear as mud.
the annoying part is the amount for extra vehicles. i have never heard of any company having all there vehicles breakdown at once!
R+M contract
Goaty:
R+M contract
hi mate it means
Repair and Maintenance
I know Del, I was pointing out (probably a bit too crypticlly) that an R+M would solve this problem.