It's been leaked there are going to be redundancies at work

[Tharg2007]

ah, just found this
http://www.manchestervelodrome.com/static_info/cancellations.htm

Accredited riders and £100 per year

 

[mr_cellophane]

My understanding is that if you leave for what ever reason the balance is taken from your nett pay - ie not as salary sacrifice.

What happens if I leave my job or I'm made redundant?
The agreement to pay your loan is non-cancellable, so you will be obliged to pay the remaining amount in full, without any tax exemptions. If you opt to take ownership of the bike you may have to pay an increased fair market value.

The cycle2work web site also only talks about the hire period being "typically 12 months" so I suppose you could try and get it for a shorter period, but once you have set that time you can't change it.

 

[Stig-OT-Dump]

Like Mr C says, if you leave or get pushed early, you have to pay teh outstanding amount, in full, after tax. You can't be let off, you can't leave it behind.

If you're going to buy a bike anyway (Norman Tebbit recommends it to the unemployed) you may have a notice period that is 3 months long and therefore still get a bit of a discount. If you've been there a while and get a decent leaving package, maybe it won't affect you. If you don't get punted, you get the full saving. Me? I'd hang fire for a bit.

 

[Fab Foodie]

Sound` s like our place , guess where i work ...........


TOYOTA


WE either get 750 redundancies or we lose another 15 % on top of the 30 % we have already lost in pay , house already on the market as we cannot afford it .

Oh that's a bummer... Hope things improve.

 

[Norm]

Like Mr C says, if you leave or get pushed early, you have to pay teh outstanding amount, in full, after tax. You can't be let off, you can't leave it behind.

Straight line thinking, there.

Just to make it clear what I meant about flexibility, if it's a small company who want to do right by those it is letting go, they might recognise that their actions are having an unintended impact on your tax position and add to the amount of redundancy.

You might be effectively let off if you can negotiate for them to include an amount in your redundancy to cover the outstanding payments.

If it's a big company, that is unlikely to happen.

As for "you can't leave it behind", that is incorrect. It is true that you can't walk away without making all of the payments but the C2W scheme is a rental scheme, so you have no rights to the bike at the end of the scheme. If you can negotiate a second hand price, then you may be able to buy it.

 

[Crankarm]

Trying to take advantage of C2W scheme because you might lose your job seems to be missing the point . The whole point of C2W is that you have a job to cycle to. If you lose it, it is not going to be C2W but C2? I think it would be better to wait and take advantage of it when you know your work situation is a little more secure. Otherwise tail wagging the donkey comes to mind. If you do unfortunately lose your job, the Revenue might sting you for the tax you saved buying it as well as your company wanting you to pay off the balance you owe on it.

 

[Rhythm Thief]

If you're potentially going to be made redundant, the last thing you need if it happens three months down the road is worry about where you're going to find the repayments for a bike you no longer need and couldn't really afford. I'd say it was time to try and save a bit and not a great idea to go out shopping for a new bike.

 

[ttcycle]

If you're potentially going to be made redundant, the last thing you need if it happens three months down the road is worry about where you're going to fing the repayments for a bike you no longer need and couldn't really afford. I'd say it was time to try and save a bit and not a great idea to go out shopping for a new bike.

+1

hold fire DJ. Wait until things are clearer, last thing you want if you're in that situation is to be worrying over repayments etc- it is not pleasant.

 

[bauldbairn]

Should I go ahead and do it anyway and hopefully spread some positive karma around the office?

Sorry to here about the poss..redundancies - went through it last year, only just working now! Good luck.

....but have the same issues about potential redundancies....

Also sorry to here that.....good luck!

I really hope you dont get made redundant but honestly if it were me I wouldnt IMHO unless its something you could afford regardless, as thats how I would look at it.

+1

We are expecting an announcement tomorrow about our lay-off's,union meeting been called for the morning,fingers crossed again,3rd time this in 18 months

Again, hope it all works out ok....all the best!

WE either get 750 redundancies or we lose another 15 % on top of the 30 % we have already lost in pay , house already on the market as we cannot afford it .

Sorry to hear that, hang on to your job it's tough out there at the moment - keep looking for something else.....good luck!

If you're potentially going to be made redundant, the last thing you need if it happens three months down the road is worry about where you're going to find the repayments for a bike you no longer need and couldn't really afford. I'd say it was time to try and save a bit and not a great idea to go out shopping for a new bike.

+1, what RT say's makes sense.

+1

hold fire DJ. Wait until things are clearer, last thing you want if you're in that situation is to be worrying over repayments etc- it is not pleasant.

+1, I agree with ttcycle - there's alway's next year!

 

[DJ]

Thanks all, I have slept on it and although I really would like a new bike, reading your posts have made me see sence! I will hold off until the redundancy issue has been cleared up.

I am fairly hopefull that I will be ok as we know for a fact that the administrator is going to go, so that will make room for a restructure we just are not sure at the moment who else will be axed in this "restructure"!?
Thanks for talking some sence in to me! DJ

 

[bauldbairn]

I think you've made the right choice - good luck in the restructuring.

 

[HobbesChoice]

Good luck in your job DJ. I hope it all works out as well as possible and you don't have that cloud hanging over you for very long.

 

[potsy]

Well our meeting turned out to be more of a general looking to the future type talk,so redundancies on hold for now.
Better news today in that all of my department that had been put on the day shift are back on shifts from monday.Means money worries have gone away for a bit,no more cycling home in 'rush hour',although I now have to start getting up at 4.15am again
Hope everyone else who's under job threats gets good news too.

 

[fossyant]

Good news Potsy, not so good with the 4:15am starts

 

[potsy]

Good news Potsy, not so good with the 4:15am starts

Cheers pal,it's great once I'm actually out of bed no motons to worry about plus 2pm finish.Following week get a lie in every day
Had a car day today,7 days on the run of cycling in has knackered me out,but I'm doing another bonus commute tomorrow on the road about 4.45am