Hi to all …
Im a hgv driver looking to get my own olicence i have the work and can get evrey thing else ie truck insurance yard the only thing i am struggeling with is this £8000 upfront to show .i am in full time employmeny and as we all know day to day living dosnt alow me to save for it .
So dose any one know were or how i can get help with this funding to get me started pls help if you can many thanks mr marsden e m a i l …glynne 66@ gmail.com
You can use agreed forms of credit as evidence of financial standing.
Overdraft.
Credit card.
Revolving cash flow facility.
Get a bank to back you, but use a form which doesn’t charge if you don’t use it. Don’t go getting an 8k loan because you have to pay it back no matter how much it returns to you!
Banks hate providing the type of business credit and over draft type facilities which it takes as a new start in road transport if you don’t have sufficient funds of your own.
Like you I had everything in place except the required capital to cover the purchase costs of the truck and the type of financial standing needed to back an O licence application.That was back in the days when a truck with plenty of life left in it didn’t cost and arm and a leg to buy and could be fixed with a hammer and a screwdriver and some decent spanners when it broke. 
nsmith1180:
You can use agreed forms of credit as evidence of financial standing.Overdraft.
Credit card.
Revolving cash flow facility.Get a bank to back you, but use a form which doesn’t charge if you don’t use it. Don’t go getting an 8k loan because you have to pay it back no matter how much it returns to you!
thanks for that info but my credit is quite bad no cards and bank wont touch me
Volvogee:
nsmith1180:
You can use agreed forms of credit as evidence of financial standing.Overdraft.
Credit card.
Revolving cash flow facility.Get a bank to back you, but use a form which doesn’t charge if you don’t use it. Don’t go getting an 8k loan because you have to pay it back no matter how much it returns to you!
thanks for that info but my credit is quite bad no cards and bank wont touch me
You haven’t got a hope in hell then, its either start saving and use your own money or shelve the idea completely …
The banks wont help nowadays, as they are now not top dog` at the table anymore, they have been replaced by HMRC 
It ain`t easy this game, and its getting harder… 
Stanley Mitchell:
Volvogee:
nsmith1180:
You can use agreed forms of credit as evidence of financial standing.Overdraft.
Credit card.
Revolving cash flow facility.Get a bank to back you, but use a form which doesn’t charge if you don’t use it. Don’t go getting an 8k loan because you have to pay it back no matter how much it returns to you!
thanks for that info but my credit is quite bad no cards and bank wont touch me
You haven’t got a hope in hell then, its either start saving and use your own money or shelve the idea completely …
The banks won
t help nowadays, as they are now nottop dog` at the table anymore, they have been replaced by HMRCIt ain`t easy this game, and its getting harder…
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best advice you will get on your op. take it and move on… 
Op seems to think he only needs 8k to start, surely more like 20k by the time you account for fuel etc until you actually see some money coming in
chaversdad:
Op seems to think he only needs 8k to start, surely more like 20k by the time you account for fuel etc until you actually see some money coming in
Well for the original question he does. Thatll get him his o-license for one truck. But he cant spend that.
Then hell need a truck, insurance and depending on who hes pulling for 2 months running money.
Worst case id say more like 40k.
Bank wouldnt consider even giving me an agreed overdraft for 17.5k when i explained what it was for so i just have that in the bank at all times.
Concretejim:
Well for the original question he does. Thatll get him his o-license for one truck. But he cant spend that..
That’s not strictly true as they will use a rolling average if he (or she) ever comes to renew, or is naughty 
The Upper Tribunal has approved the practice of requesting statements covering a period of time, namely 3 months
for existing licences. Bank statements or equivalent should be up to date when submitted.
16 A traffic commissioner is justified in rejecting summaries or highlights.
17 Whilst the assessment of financial standing has to be made at the time of a hearing the requirement is not limited to that day. Financial resources must be sufficient to ensure the requirement for financial standing with the need for continuing availability.
18 Traffic commissioners accept that the amount of money available may fluctuate and therefore will ask existing operators to provide financial evidence covering a period, normally of 3 months, and then consider the average figure over the whole period
i know ppl who started with credit cards, some of them doing well, some dont…you need to have strong discipline…
Ive saved 20k and still did not pull the trigger…driving as ltd, then can use them money tax free as expense…
Do you need some chrome wheel-trims and tweed curtains?
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