Hi everyone, just got this question in my mind. As we all know everyone of us has to have a financial standing of £9k for first vehicle and £4,5k per other. Question is after all this complicated stuff with O licence and successful finish can I actually use the money for specific stuff? I am about to buy a truck, I have enough money for it but I would like to have a bigger amount ready for some parts or etc. Can I take some funds out of that “financial standing” and use them for buying a truck and then get the money back to the account? Or they have to be untouched for the whole time. In what cases can I actually use them? Thanks for answers.
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.
I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains. 
Seasick Steve Transport
Wheel Nut:
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains.
Seasick Steve Transport
I have got those money on my business account anyway. What I just want to make sure is that if I borrow from those money lets say £4000 for getting that truck and then next week or month I will get those £4k back on the account to level financial standing would that be a problem or I can actually do that legaly?
When I applied for an O’licence for the company I was working for and had to give them the 3 months of bank statements as our proof of financial standing, (I know there are other methods, but that what we were using) obviously the amount in the account would fluctuate and at one point in the 3 months it went below the figure required, I discussed this with the person dealing with our application and she said it was ok as long as it was briefly and generally it showed the company had good finances.
I was also told the same at a new operator seminar, so I think if your company is generally in good financial health and they have no reason to believe you are struggling with maintenance and compliance it should be ok, but it might be worth a quick call to clarify the position.
Trust:
Wheel Nut:
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains.
Seasick Steve Transport
I have got those money on my business account anyway. What I just want to make sure is that if I borrow from those money lets say £4000 for getting that truck and then next week or month I will get those £4k back on the account to level financial standing would that be a problem or I can actually do that legaly?
Things have changed since my day and it appears that 3 month statements may be asked for, so money in, money out is good, assetts can be counted so if you bought a Moffett Mounty or Hiab and then find the job has changed, you can still use them as assets, I suppose, vans, trailers and fork lifts can be counted the same. Having a full set of winter tyres in the store or a full tank of diesel in the yard is a valuable asset.
Wheel Nut:
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains.
Seasick Steve Transport
From my experience they don’t visit anymore unless they feel there is good reason to do so, but you get “invited” to attend a New Operators Seminar where they tell you what is expected and you can ask questions, obviously a cheaper solution than sending inspectors out. Of course if you don’t attend then you might get on the top of the list for a visit.
muckles:
From my experience they don’t visit anymore unless they feel there is good reason to do so, but you get “invited” to attend a New Operators Seminar where they tell you what is expected and you can ask questions, obviously a cheaper solution than sending inspectors out. Of course if you don’t attend then you might get on the top of the list for a visit.
Thats probably a good thing, they told me they were coming, but they didn’t tell anyone else, it was a shared yard and they had a field day with other owner operators much to the chagrin of them. 
They put my unit over the pit, checked the inspection sheets against work done and then went round the yard looking at the fitters van and trailers.
muckles:
Wheel Nut:
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains.
Seasick Steve Transport
From my experience they don’t visit anymore unless they feel there is good reason to do so, but you get “invited” to attend a New Operators Seminar where they tell you what is expected and you can ask questions, obviously a cheaper solution than sending inspectors out. Of course if you don’t attend then you might get on the top of the list for a visit.
Just a minute ago I recieved an email from DVSA that they are inviting me to Online (Virtual) New Operator Licence Seminar. What is it actually about? I was never a type of person for stuff like this and I have no idea what to expect from it. Could you open my eyes a little bit please about what will happen in that seminar?
Trust:
muckles:
Wheel Nut:
You dont need physical cash under the bed, a bank facility like an overdraft and a pair of credit cards will suffice, you have got your money in the bank now, get a statement now, and use all four, don’t use the main credit card until you need it, hopefully only for fuel.I sold my car to the dealer I bought it from, refinanced it on a monthly agreement and had a cheque off the dealer. Most operators will get a visit (Fleet Check) within 6 months, they don’t want to see all your credit cards maxed out on Duralloys and Velvet Curtains.
Seasick Steve Transport
From my experience they don’t visit anymore unless they feel there is good reason to do so, but you get “invited” to attend a New Operators Seminar where they tell you what is expected and you can ask questions, obviously a cheaper solution than sending inspectors out. Of course if you don’t attend then you might get on the top of the list for a visit.
Just a minute ago I recieved an email from DVSA that they are inviting me to Online (Virtual) New Operator Licence Seminar. What is it actually about? I was never a type of person for stuff like this and I have no idea what to expect from it. Could you open my eyes a little bit please about what will happen in that seminar?
I’ve not done a virtual one normally it a group of new operators and a couple of DVSA inspectors, in a meeting room at a test centre, all very informal. They’ll be less free tea and biscuits in a virtual one, than the normal one anyway, but they’ve been getting stingy on them in recent years. 
They basically cover what their job is, what’s expected of you as an operator, on things like maintenance, drivers hours etc, how you should keep the information, such as maintenance records, tacho downloads, maintenance planning. They also take questions, on anything you’re not sure about.
Both of the ones I’ve attended, have been done by old school inspectors and haven’t held back on their criticism of how the DVSA is managed. In fact first one I went to was just after they announced DSA and VOSA were merging, so they weren’t overly happy about that.
And if you don’t get any benefit from it, at least attendance should keep them from deciding to visit you in person, as happened to a friend of mine who decided not to bother going.
Cheers guys, thanks alot… bringed some light into my mind. 
Have a nice rest of the day