Let's Connect Loan-ish - financial hardship

almghtysrlc

...so I signed away 3 years of salary exchange to receive a new laptop, as part of the Lets-connect workplace salary sacrifice scheme. (google lets-connect)

I have paid this for 12 months but will be leaving employment in a months time; this will leave a HEFTY amount still owed as part of this arrangement - circa 2k.

My question is as follows:
Any amount still owed for the laptop will be deducted from my last payslip (my last payslip won't cover this) and any leftovers are to be paid within 30 days of my last day of employment. Although I knew this was the case going into it, losing a full months salary will put me in severe hardship. Can I ask to arrange a payment plan in order to avoid this? Would it be reasonable for them to say no to this?

(Yes, I should never have signed the contract but the laptop has enabled me to do the work I love and get a better paid job elsewhere - I just worry I will have to live in a tent for a month if I can't organise a payment plan).

Thanks to anyone that can lend some advice.

Sam

Arleen

You can ask, though I doubt that they will grant it. To understand why, you are, in essence, asking for a payment plan o pay the, already existing, payment plan. As you say you knew that this was going to come, why didn't you live off instant noodles and saves up for it?

almghtysrlc

Sorry king-of-commas, I thought I was asking the question? Admittedly, you are right, but I would like to properly explore my options before just allowing my employer to put me into hardship; the judgement is rather unnecessary.

Anyhow...

If anyone has an eye for spotting holes in contracts, I am happy to post my agreement for you to scrutinise.

It does appear to me, to be a slightly odd contract, given that nowhere does it state the full amount I would be expected to pay...but I don't really have the expertise.

Similarly, if anyone has experience of convincing their employer to enable a payment plan...please give me some tips.

Cheers!

Arleen

I did answer your question in the very first sentence, but boy that attitude. Good luck getting people to sacrifice their time to help you. Btw it's not your employer putting you into hardships, your financial choices are. GL.

StopIt

You still owe 2k for a laptop?


What?


Anyway, we can't answer your question, the credit provider can. They can refuse anything outside of their T&Cs that you agreed to. If they do, they'll assign the debt to a DCA, who will likely accept a payment plan, or obtain a CCJ.


Remember your employer is not administering this scheme, but that Let-Connect firm is. They'll be the ones to deal with.


Either way, you can't pay what you don't have, so don't worry too much.

Herzlos

That's some laptop. I'm assuming it's a Macbook of some sorts.

Anyway, your best bet is to take out a loan to cover the outstanding balance and then clear the old loan/salary sacrifice when you leave.

Or you can try to sell the laptop to recoup some of the money.

ReadingTim

Check through the information you were provided with at the time, as this will be a frequently asked question. Unfortunately, the lets-connect website doesn't seem to have this info, but it does provide contact details.

Worryingly though, the 'End of scheme process' page states "The Scheme in which you particapted has now come to an end and Lets Connect are now the owners of the equipment.", suggesting you've paid three grand to lease a laptop for 3 years....:eek:

RichL74

I've had stuff via salary sacrifice via lets connect for several years, the equipment has always been mine at the end of the scheme, they have never asked for it back.

However whether the poster has paid £3k for a laptop or £300, its irrelevant as is asking if its a Mac, I'm surprised nobody has listed 10 alternative machines the user could have had effectively Mac bashing but still...

Kinda like my predicament, when the poster took out the salary sacrifice scheme, they probably didnt know that in 12 months time they would be out of a job.

If we could all predict the future I dont think half of us would do what we have done.

StopIt

RichL74 wrote: »

I've had stuff via salary sacrifice via lets connect for several years, the equipment has always been mine at the end of the scheme, they have never asked for it back.

However whether the poster has paid £3k for a laptop or £300, its irrelevant as is asking if its a Mac, I'm surprised nobody has listed 10 alternative machines the user could have had effectively Mac bashing but still...

Kinda like my predicament, when the poster took out the salary sacrifice scheme, they probably didnt know that in 12 months time they would be out of a job.

If we could all predict the future I dont think half of us would do what we have done.

Bully for you I suppose?


How much mark-up does this company charge? After all Apple routinely offer 0% APR credit for their products and doesn't need a scheme like this.


The last bit is why people need to save emergency funds or alternative sources of money to cover these sorts of things. If you take out long term credit agreements you must have contingency for change of circumstances.

27cool

Is this a gold plated laptop by any chance?

bolder

Can you not get a normal loan to pay it off or a credit card, iv got a 1000 overdraft if it came to it, you said your leaving for a better paid job so youv done this to yourself not been given the boot