I am wanting to do the bike to work scheme through my work this year, is this possible in an iva? I can afford the payments just dont know if it will effect me joining the scheme with work (i.e. will it be declined as in an iva) and dont want any embarrassment. Any advice appreciated.
Not sure about how this works - I think you need to speak to your IP or hopefully one of the experts can advise.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'd find out if the company does a credit check, if not I would think you'd be ok. get the OK from your IP but think how much you'd be saving by cycling to work rather than paying petrol or public transport.
Other benefits are exercise, and you get a tax allowance of the cost of the bike. No brainer, if you live closer to work. I live quite a distance away from work otherwise I would have looked into it too as my company does a similar scheme.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Twelve miles for me and a lot of it uphill! Don't think I'll be doing a bike anytime soon!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Foggy - I have to do uphill on the way home as well!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The scheme is ran by your employer so they hold the liability for the loan as it were, there is no finacial agreement as the payment comes out of your pay before tax just like a works pension etc..
The only thing your IP might question is how this will offset other expenditure, ie petrol expenses will be lower.
Its like we do the computers for everyone, i can get a laptop at massively discounted price through work, work own the laptop until the end of the 12 months then i pay a nominal fee to keep the laptop. The cycle to work scheme has adopted this approach this year and i think you have to pay from 5%-10% of the bikes value at the end of 12 months otherwise the bike stays with the company, if they sack or dismiss (sorry to think about it) normally the bike belongs to the company but ive heard of some cases its just been forgotten about.
Wish my company would do bike to work would love a new road bike!!
I wouldn't do that anyway - work shifts so have to either ride on a very fast road in the or through a forest.
Think I'll stick witht the car!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks for all your respnses. I spoke to my IP with Grant Thornton and are happy for us to do this as will reduce fuel costs, as long as we can afford monthly IVA repayments we dont have any cap on how much we can spend on a bike using the scheme. Excellent news cant wait to get my new wheels!
Great news whit - glad that you have been able to do this.
Happy cycling!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I did the cycle scheme last year. It surprised me that there were a few schemes to chose from. Halfords have their own as do some of the independent bike shops. I ended up going through Cyclescheme. Not had any issues so far, just about to pay the final payment on the bike now.
