ChatterBank6 mins ago
home computing initiative
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i hired a computer through my company 1 year ago through hci,i am now going to be made redundant,apparently i have to pay the remainder of 2 years out of redundancy money.
is this correct,and how much would i have to pay.
also,the contract says that it is a hire aggreement not a hire purchase aggreement.
is this correct,and how much would i have to pay.
also,the contract says that it is a hire aggreement not a hire purchase aggreement.
Answers
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Is the hire agreement for a fixed term? Is there no way to terminate it early - assuming you wish to?
If it is fixed and you can't exit early, then I can see the company would want to get the remainder of the 'rent' while they can. Does the agreement specify that they can/will do this?
I would estimate the outstanding payment will be around 24 x the monthly payment, or 104 x the weekly.
But it does seem a bit odd. So after 3 years of payments, you have to give it back?! I hope it was a lot cheaper than buying one then.
My company has a 'computers for home scheme' and it's hire-purchase, not hire. Interest free over a year.
If it is fixed and you can't exit early, then I can see the company would want to get the remainder of the 'rent' while they can. Does the agreement specify that they can/will do this?
I would estimate the outstanding payment will be around 24 x the monthly payment, or 104 x the weekly.
But it does seem a bit odd. So after 3 years of payments, you have to give it back?! I hope it was a lot cheaper than buying one then.
My company has a 'computers for home scheme' and it's hire-purchase, not hire. Interest free over a year.
Our company runs the same scheme (Government Initiative) You pay for the computer out of your wages BEFORE you are taxed...this is the benefit. You do not own the computer at the end. You have the option to give it back or buy it at it's current market value. You will have to pay 24 times the monthly amount out of your redundancy if that is the outstanding term.
As the others have said, you will have to pay 24 x the monthly payment (I bought one this year just before our wonderful government axed the scheme). However, you should then be able to BUY the computer for a vastly reduced price (between 5% and 10% of the original price). Contact HCI - they are still dealing with customers.
What a wonderful money-maker this was for Elonex and the like with their exorbitant profits being funded by the taxpayer.
Offer PCs and Laptops at grossly inflated prices which, with all the tax benefits, still ended up costlier than a comparable piece of kit from other reputable dealers.
And, to add insult to injury, offer to sell it to you for an indeterminate price after three years when it will be obsolete anyway.
The whole scheme,in practice, betrayed the governments idea of cheap PCs for all, which is probably why they ended it anyway.
Offer PCs and Laptops at grossly inflated prices which, with all the tax benefits, still ended up costlier than a comparable piece of kit from other reputable dealers.
And, to add insult to injury, offer to sell it to you for an indeterminate price after three years when it will be obsolete anyway.
The whole scheme,in practice, betrayed the governments idea of cheap PCs for all, which is probably why they ended it anyway.
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