Financial Standing

[bazstan009]

Greetings All
I had my operators licence revoked mid November, long and bitter tale that I will save till after the appeal. Traffic Commissioners office suggested that it may be quicker to apply for new licence than wait for the appeal, so submitted application in December. I presented bank statements for three months as requested, these from the two accounts held by my company
Account1 month end balance: Sep = £5006.20/ Oct = £5007.23/ Nov = £8108.29
Account2 month end balance: Sep = £2809.36/ Oct = £2539.88/ Nov = £4043.91
Now I make the total average balance to be £9171.62 but the commissioners calculator makes it £85.00 short of the required £8100.00, is it me?
Is any one aware of how they calculate the average?

Barry

[richmond]

Not exactly, but its like an average over a period of weeks , poss 3 weeks, at any time.any three weeks

[repton]

Apply again now then, as of 1st Jan the requirement dropped from £8100 to £7700 so you should be OK!

Paul

[bazstan009]

repton:
Apply again now then, as of 1st Jan the requirement dropped from £8100 to £7700 so you should be OK!

Paul

Yea that will be the conversation we have tomorrow but was hoping to speed things up not start again from scratch. I have asked them to explain the formula that the use though they have not responded. Point being that if they use some odd formula then they should make that public.

[puntabrava]

bazstan009:

repton:
Apply again now then, as of 1st Jan the requirement dropped from £8100 to £7700 so you should be OK!

Paul

Yea that will be the conversation we have tomorrow but was hoping to speed things up not start again from scratch. I have asked them to explain the formula that the use though they have not responded. Point being that if they use some odd formula then they should make that public.

Can you not secure an overdraft facility to pacify them fully?

[bazstan009]

puntabrava:

bazstan009:

repton:
Apply again now then, as of 1st Jan the requirement dropped from £8100 to £7700 so you should be OK!

Paul

Yea that will be the conversation we have tomorrow but was hoping to speed things up not start again from scratch. I have asked them to explain the formula that the use though they have not responded. Point being that if they use some odd formula then they should make that public.

Can you not secure an overdraft facility to pacify them fully?

Getting overdraft from bank seems to be like getting blood out of stone in current climate, have personal credit cards but they are not acceptable as not in company name.

[wheel_nut]

Financial Standing

The range of acceptable evidence provided to traffic commissioners for standard licences and applications will change. Further details on acceptable financial evidence will be provided in the form of new statutory directions and statutory guidance from the Senior Traffic Commissioner. Existing forms of evidence will continue to be accepted.

Further details on acceptable financial evidence will be provided in the form of new statutory directions and statutory guidance from the Senior Traffic Commissioner in due course. Existing forms of evidence will continue to be accepted.

Rates for your financial standing are currently calculated every 5 years using the pound/Euro exchange rate applying at that time. However, from 1 January 2012 rates for financial standing will be calculated on an annual basis to ensure that it keeps pace with the exchange rate. It will be up to you to ensure that you continue to meet the revised rate and demonstrate this when either a new application is made or when requested to do so by a traffic commissioner, for example at five year continuation intervals. You will not be expected to routinely re-submit financial evidence each year.

The questions on financial history have been revised, requesting more information about previous trading history. Standard national holders now have to confirm that at all times they have access to at least one vehicle and that they have premises at which are kept accounting and personal management documents and data on driving time and rest. This shows the increasing trend that VOSA and the Traffic Commissioners expect a professional approach to operating vehicles.