The practical answer
A write-off does not automatically clear the finance balance. The agreement and insurance settlement determine what remains payable.
Notify the insurer and lender promptly and follow their instructions about payments. The insurer’s valuation may be lower than the settlement amount, leaving a shortfall for the business.
Check existing policy terms, any gap cover and exclusions rather than assuming replacement transport or the whole debt is covered. Funding another van is a separate application and may need evidence of the claim and settlement.
Commercial finance is subject to status, lender approval and the specific asset and transaction. The right structure depends on the complete circumstances of the business.
What should I do next?
Have the asset details, supplier information and an outline of what the business needs ready. DCF can then discuss the requirement and identify which lenders may be suitable.
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