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Hey all,
been thinking of getting in on the Bike to work scheme. However, there is a strong chance I will leave my current employer after 6 months of the 1 year lease period.
Does anyone have experience of this? In the official info pack it says I would be liable to pay the outstanding balance for the bike-does this mean I pay the full RRP minus what i have already had deducted from my salary OR do I pay half RRP (6 months worth) plus whatever I have already had deducted?
Will
you'd pay what is outstanding, probably out of your last pay cheque, and then, if you're lucky you'd get the opportunity buy the bike but that would be at the employers discretion as you would have been contracted to a HIRE agreement.
The opportunity to let you buy/or sell it to you at the end of the hire for "a fair market value" is down to your employer.
Yep, got made redundant, they took balance of payments from wages but never asked for a payoff to buy bike and never asked for it back.
What happens in this eventuality should be made clear when you sign up for the scheme.
FWIW, I left before the end of mine. Same result as chakaping, except I had to pay the nominal purchase amount (£35 I think).