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Haulier advised 'cash in number of policies'

21st April 1988, Page 3
21st April 1988
Page 3
Page 3, 21st April 1988 — Haulier advised 'cash in number of policies'
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Keywords : Business / Finance

Islwyn Westcott, of Port Talbot

• Port Talbot haulier Islwyn Westcott was advised to consider surrendering a number of insurance and endowment policies in order to reduce his financial burden, when South Wales LA John Mervyn Pugh decided to take no action against his licence. The LA had been considering whether Westcott still met the requirement of having sufficient financial resources, when he appeared at a public inquiry.

For Westcott, Norman Lloyd Edwards said it was accepted that he had been convicted of two offences of using vehicles without excise licences and that on four occasions payment had been delayed when cheques were not met. There had been cash-flow problems.

In 1987 the profit and loss account had been substantially down, said Lloyd Edwards, main ly because one vehicle was off the road through accident damage. Since the beginning of 1988, however, there had been a remarkable turn around. Westcott had purchased the freehold of land and had built a garage and workshop. Two old vehicles had been replaced with two new ones.

Taking no action on this occasion, the LA said he never liked taking anyone off the road, but should another cheque "bounce," or excise duty not be paid when due, Westcott would be off the road. Westcott could not expect him to be so lenient again.

The l_LA advised Westcott to surrender some of his insurance policies, as bank loan and hire-purchase charges were currently exceeding £10,000 a year.