Been reading up on the guidelines on this, can anyone give a rough figure of how much you need in your bank to satisfy the traffic commissioner?? Say you’ve already got a truck and trailer sorted, so what would suit them for running cost/servicing etc…
It’s not something I’ll be doing now, but it’s on the cards… I can learn a hell of a lot off my boss so I’m going to stay with him for a while.
Found a figure of £7,700 per truck can anyone confirm this??
£7,000 for the first one and £3,900 for each subsequent vehicle. It’s gone down because the actual amount is specified in euros and the exchange rate has changed.
The financial standing is set in Euro’s so it changes from time to time depending on the exchange rate, I believe at the moment its £7000 for the first vehicle and £3,900 for each subsequent vehicle on a standard licence.
Bit of bedtime reading for you.
Cheers pal
Doesn’t have to be physical cash either
Overdrafts credit cards all ok to
If limited company must be in company name
Thought you just had to show access to it, so couldn’t it be in your mothers account but show its there if needed?
tashlad666:
Thought you just had to show access to it, so couldn’t it be in your mothers account but show its there if needed?
I think it has to be a formal financial arrangement, with documentation to prove it.
Thanks for the information guys
muckles:
tashlad666:
Thought you just had to show access to it, so couldn’t it be in your mothers account but show its there if needed?I think it has to be a formal financial arrangement, with documentation to prove it.
You cannot use other peoples accounts. It has to be in the name of the operator to be accepted. In some cases TC’s will consider ‘Cross Company Guarantees’, but this is at the TC’s discretion.
Other methods that are accepted are:
Current Account (Main Source)
Savings Account (if funds can be pulled within a 24 hour period)
Factoring Agreements
Credit Card Facilities (Again, at the TC’s Discretion)
Overdraft Facilities
Hope this helps…
Do I have to show money in bank acc. If I not owned any truck unit. Like if I deside to rent one on companys name insteed of buying one??
Yes you need to show the money for the amount of vehicles on your licence, not how many you have in your possession. I believe the tc’s are relatively flexible with what they will accept.
I was in an RHA meeting the other week with a deputy TC present. The financial standing amounts are based on the euro exchange rates in October, and they change in January. This guy said that the financial standing rates are going down in January, but wouldn’t say by how much.