Just a question to everyone and all information greatly received!
Does anybody know if it is possible to have an insurance policy acceptable with the TC to cover your financial standing as they do in Bulgaria?
If this is the case and anybody has this could you point me in the right direction to get quotes?
Many thanks§
I can’t imagine the TC accepting an insurance policy as you need to have ready access to money, and Insurance companies are not quick to release funds ever.
You could always ring the TC’s office in Leeds and ask, they are quite helpful, but first you would need to find if such insurance existed in the first place.
If you don’t have the funds available yourself, it is quite normal to have agreed overdraft facilities in place which will satisfy the TC.
A bit of reading on Financial Standing is here:- gov.uk/government/uploads/s … inance.pdf
Just bear in mind when using bussiness banking you will pay a fee monthly to have the overdraft in place
I don’t think it’s an insurance product you need.
I had a meeting with a finance broker the other month and he was telling me about a product that you basically can have at the ready to draw down money from if you need it, it just costs a relatively small fee to set it up. As I looked at him blankly he explained that some companies use it to meet financial standing requirements as it’s cheaper than an overdraft. Just don’t draw down the money as the interest rate is high, but it meets financial standing requirements.
Not a product I would personally use, but it may be of use to someone else.
whats it called coiler, can you remember.
kitcat:
whats it called coiler, can you remember.
pm sent
Its called Invoice factoring. Its quite common in the haulage industry and others where payment terms are less than hasty.
Invoice factoring is fine if your client pays the bill on time if they don’t or go bust you still have to pay back what monies you have drawn down.
Its not used for financial standing it’s used for cash flow two completely different things
Invoice factoring can be used and is accepted for your financial standing
most credit cards will give you enough credit to satisfy the tc as you only need the facility not the readies.
re the factoring route, if who you sub for pays their bills bang on time you may get a rebate every few months i know silverburn do , on the other hand ALWAYS ask first if the company youre going to pull for will accept factored invoices , many wont , so draw your own conclusions , remember with factoring theyre only lending you the money and if you give them the wrong amount on your invoice to them or theres a ■■■■ up with the rates they may put a hold on your account AND beware you may be tied to them