Cycle to work scheme?

davidsilva

Hi all, hope you are well.
The company i presentley work for has recentley introduced a cycle to work scheme,which i think was initiated by the government.I want to apply for this however i fear it entails credit checks/credit agreement so this to me is a no no as im in an IVA.How would the IVA practitioner/creditors view this do you think ? Without asking them first.

Many thanks,all wisdom is welcome.;)

recoverydust

It looks like they deduct the amount from your wages, but you get the bike tax free. Would you be any better off if you used a bike?

davidsilva

hi Recoverydust,thanks for the reply.
I wouldnt be financially better off,but physically i would be:D.

Max_Maxwell

The bike is funded by your employer and you repay the loan over 12 months with the option to buy the bike outright at the end of the period. It's tax free so you get a bike and kit for a lot less than on the hight street.

Your employer isn't going to do a credit check as the repayments are coming out of your salary at source.

davethefish

davidsilva wrote: »

...How would the IVA practitioner/creditors view this do you think ? Without asking them first.)

Hi pal. I've got a bike on that scheme, no credit check involved.

The payment comes out of your wage before tax, so it does obviously affect your bring home money. It may also show up on your wage slip and if you need to complete a financial review during your IVA, may cause an issue.

Oh and as for cheaper... I'm not so sure. I've not quite worked out the saving but I've paid near enough the full price of the 'F'ing bike, as per the quote before ordering it! Go figure?

You could run it past your IVA people, at the end of the day, they can't stop you buying anything!