Signed for Commitment Bonus

#1
I signed for my 5 year commitment bonus in February, as I joined in 2004 it is a 2 year return of service, long story short I need to leave. I am wondering if I sign off now will I have to repay the money (5500) right away or before my last day in the army? An would i be required to pay the full 5500 or the 4300 that i actually received after tax etc?
 
#2
Not sure when you would have to pay it off, but the sooner the better I would say. You will be debited the full £5500 from your pay, but be credited with the Tax & NI that you paid on it. So net effect is the same as you paying back exactly what you received.

You can opt to pay it back in 1 lump sum as well if you choose to, so don't spend any of it if you plan to pay it back !!

Speak to your FSA and he/she should be able to advise accordingly
 
#3
Cheers mate. Was planning on doing the time but due to changes with family circumstances so already used the money on a car which i can't sell till april so my hopes were that i could pay it back then. Will speak to the FSA Tuesday and find out exactly what my options are.
 

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