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Ok, so I took out a £1000 cycle to work scheme, and left the employer after only 2 months, having paid off £80 or something.
They took the remaining value of the bike from my final pay, so I had around £900 deducted, at which point I understood the contract to have ended and the bike to become mine.
I now receive an email saying I'm now due to pay the final value payment of £210.
What's the deal? Did I break and the contract and the bike became mine upon leaving or am I ultimately going to have to pay £1200 for a £1000 bike?
What if an Employee leaves early or is made redundant?
If you leave before the end of the hire period, you must pay your employer the balance of the amount still to pay and this will deducted from your final net pay. You may then have continued use of the equipment without further payment until the hire period expires, when you may be offered the opportunity to purchase the equipment for its then fair market value. However this transfer of ownership is the subject of a separate agreement and is not governed or influenced by the Hire Agreement you sign for this scheme.
Basically yes they've got you by the curlies or you'll have to give them the bike back!
Hmmm. It's not clear in my contract that I signed though, it states this about a termination fee to be payable within 14days. This was 18 months ago.
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Yeah what we are saying is they allowed you to retain the bikes use but it still remains their property until you pay their purchase outright price, so you will be buying the bike from them......or you are obliged in law to return it in whatever state its in ( but still has to be a rideable bike).
Your bike to work scheme bikes only normally an interest free way to getting a bike, not necessarily cheaper and its up to the company to charge you what they like, the police charged me £128 for my bike to work bike but some firms will actually only charge £1 !!!!!!
Mmmm, do you have all the proof of final payments etc that you can email them back and say nope, I paid in full and you're out of the 14 days to take it any further?
Well, I could probably dig out the payslip that had the final payment. There's no reference to any other payment on the contract that I signed other than a termination fee within 14 days.
It may not be contractual, more a HMRC requirement (or the company's interpretation of a HMRC requirement)