leaving a job and C2W payment

[ttcycle]

Hi guys

Just checking for those who would know.

If I was to leave an organisation that I have brought a C2W bike on before the repayments were due - I know that I have to pay off the outstanding amount.

I've had the bike stolen twice - it's not been replaced with a like for like bike and my insurance that I took out has paid for another bike.

Am I able to not pay the outstanding amount if I have no longer got the bike and would not want ownership of the bike through leaving the company.

How does it work?

 

[Norm]

The loan agreement which you signed is non-cancellable, you will be required to make any outstanding payments and failure to do so could result in your employers taking you to court to recover the outstanding payments, plus their costs, and will count against your credit history. It's not a good thing to break.

That is, of course, assuming that you work for ass-wipes. You might be able to come to an agreement about it but the law is on their side if they want to play dirty.

 

[addictfreak]

I would agree with Norm, and would expect you still owe them for the original bike. Im sure it states somewhere in the agreement that you are recommended to take out insurance incase of theft, to cover the outstanding balance

 

[XmisterIS]

Personally, if you do quit I would keep schtumm ... chances are they will never ask about the bike!

A friend of mine had a company car - when he quit the company they never asked for it back!

 

[addictfreak]

Some info here:

http://www.cyclescheme.co.uk/employee,faqs.htm

Obviously schemes will differ, but I would imagine general T&Cs will be the same

 

[In trouble]

I was under the impression if you came out of it early, you not only had to pay the outstanding amount, but also the tax and VAT that you would have otherwise have saved. could be wrong though, but well worth investigating.

 

[ttcycle]

Personally, if you do quit I would keep schtumm ... chances are they will never ask about the bike!

A friend of mine had a company car - when he quit the company they never asked for it back!

seriously- that is a lax company!

Thanks for the replies - I suspected as much - going to plan to negotiate it if I can (should I land this new job as got an interview-fingers crossed) as got a fair bit of leverage to negotiate with.

 

[Wigsie]

Good luck with the new job. I left a role in September with a few months left on the scheme, they can either keep the bike or you can pay the outstanding balance, I had around £220 come out of my final pay packet. You only pay the VAT/tax on remaining payments not the whole amount.

 

[fossyant]

You pay what's left without the tax benefit...ie full cost on balance

 

[Scratch]

I left a job while on the C2W scheme, they never asked for the money and I never mentioned it. I'd just leave and be prepared to pay if they ask you for it, otherwise its a Christmas bonus.

I've since rejoined the same company, I hope they don't realise what's happened if I ever get another bike on C2W in future

 

[ttcycle]

My company's not big enough for such a 'mistake' to be made...unfortunately!

 

[XmisterIS]

seriously- that is a lax company!

It was the MOD! (That's where your taxes are going, folks!). Anyway, if they have trouble keeping tabs on a car, God help us if anyone ever tries to invade ....

 

[bad boy]

Good luck for the job interview tt wish you all the best.

 

[ttcycle]

thanks badboy!