Bike scheme

[dunkynuts]

my work are running a scheme which you can buy a bike from Halfords and have the money taken out of wages each month. Is this allowed with a IVA?

[Niobe]

Hi,

I think it is allowed, especially if it will free up expenses with a car.

Speak to your IP though to make sure.

[luluj]

Can't see why not but your own IP should be contacted to assess the impact it will have on your level of disposable income.

[Shining]

Hope you get your new bike! I have a nice bike in the shed not been out for years and did think the other day I will get it serviced and possibly start using it!

[Kelly O]

At least we are having nice weather for it at the moment, I hope it lasts

[artemischild]

Hay

is it one type of bike? i only ask because a few freidns have done similar and the bikes they had were terrible and ended up costing more money on repairs! Buckled wheels, stiff gears etc

Maybe do some reviews on what you can choose before hand?!?!?

just a thought
Arty

[Niobe]

I think there is a figure set and you can pick which bike you want. Where I work I think they use Halfords.

[mattyboy]

I was allowed to do it and buy a bike worth £1000 which was the scheme maximum on cycle scheme. It is very tax efficient as you don't pay any tax or NI on the contributions and you used to be able to buy it VAT free.

[dunkynuts]

Been in touch with my IVA Company- told it isn't usually allowed in a IVA,but seeing I don't have a car at the moment it may be allowed -was told last Friday that the contact I spoke to was speaking to her Manager on Monday. Send a e-mail yesterday to see if I could proceed - no contact yet

[Shining]

Hope you hear soon x

[orchid5]

Fingers crossed that you hear something positive soon, good luck. xxxx

[MelanieGiles]

Dunkynuts - aren't you one of my clients? If so who did you speak to at the office please?

[dunkynuts]

Hi Mel


Thanks for posting,wasn't complaining,just me being impatient.
Had a e-mail off Claire today-ok to proceed monthly amount will be taken off How much I can retain of any overtime payments before I am required to pay additional to the IVA

sally

[Purple Butterfly]

Evening, I had a bike pre our IVA on the "Cycle to Work Scheme", the repayments were about £23 per month. It is a fantastic way of purchasing a brand new cycle & accessories and pay monthly before Tax & NI are deducted from your salary. I cycle to work most of the time (except in really bad weather), and also use my cycle for business use at work (for which I receive a £10 per month cycle maintenance allowance in my salary), so it's well used!!

Last year, when we were 2 years into our IVA, I had to replace my cycle, and I will be honest I did not request permission from our IP. The scheme is advertised as a "staff benefit" rather than a loan, so the thought never crossed my mind. The repayments for the new one were about £33 per month. The deduction was clearly shown on my payslips for 12 months and was never questioned when our review took place.

If I didn't cycle to work, the bus fares would be approx £80 per month for work alone, so it's certainly a good investment for me!!

[Niobe]

I'm afraid a car is the only way to work for me as a shift worker. I have to drive down dark, 60mph roads at night so a bike is not for me!