Cycle Scheme - Don't Bother

[annaspanna]

We've used this scheme at work and whilst HR were quick at approving the quote from LBS, we have waited nearly 3 weeks. Quick call to cycle scheme and found out that once HR approve they issue the full invoice to the company. Their terms say 30 days hence most companies won't pay up until this date. Ours were good enough to push the payment thro and now our vouchers are on the way. I know I certainly couldn't afford to buy a decent bike without cycle scheme, it's been a pain waiting but we are there now

 

[Darcy]

I applied using the cycle to work scheme through Halfords. Made my application on line, one day later the agreement was e-mailed to me in order that I sign and return, popped it back in the post and my letter of collection was e-mailed to me three days later. Quick, easy and will use again.

 

[DiddlyDodds]

I just went out and bought my bike cash as i am very rich ....yea right hahaha

 

[jamin100]

I actually did but not because I'm rich.

The bike I wanted through halfords is £1000

I worked out that on the cycle scheme it would cost be around £750 over the 4 years.

With online codes and vouchers I've managed to buy the bike for £730 outright. I've put that on an interest free credit card for a year and it's worked out that my monthly payment is only a few pounds more than the cycle2work scheme. But then I've got no final payment and I own the bike from day one.

It's worth shopping around as you can very easily get 20% off any bike at halfords.

 

[wiggydiggy]

For those of us that can't get/won't get In Free credit, and dont have a few hundred pounds lying around, without Cyclescheme I would have very poor bikes over the last 2 1/2 years as I couldn't have afforded to buy a good one.

Now on my 2nd bicycle, I've had one through Halfords and an LBS. Both experiences have been better than the negative responses here....

 

[dellzeqq]

we're just getting through the 2011 bike sale period, but there's still some bargains to be had. If you scour the sales you might well find the bike of your dreams (or something not so far away) for 25% to 35% off. And when you part with the sovs it's yours and not your employers.

 

[wiggydiggy]

Feel free to lend me £500, int free, and I only have to pay you back £450 then lol

 

[Bluenite]

What's wrong with saving and waiting for the sales. With cycle scheme you do not own the bike outright (i think that's right). I am not a lover of the scheme, if i want something i save up and buy it.

 

[jamin100]

Interest free credit cards for me.
I generally do all my expensive purchases this way. I limit myself to only paying for one thing at a time though and always have them paid off within 10 months

 

[wiggydiggy]

What's wrong with saving and waiting for the sales. With cycle scheme you do not own the bike outright (i think that's right). I am not a lover of the scheme, if i want something i save up and buy it.

Absolutely nothing and a lot of the time it makes sense, but just on a quick catch up (as posted elsewhere) I dont have a large budget each month to save for items and this way I can get the bike upfront and int free without using credit. Many people are in the same position.

I just think its a little unfair for a few people's bad experiences to come across so strongly when the scheme works very well for the vast majority of users.

 

[Norm]

I just think its a little unfair for a few people's bad experiences to come across so strongly when the scheme works very well for the vast majority of users.

I don't think that Cyclescheme works well for many people at all. Other than those who set up and benefit from the profits made by Cyclescheme, of course.

But that's just my opinion.

 

[2Loose]

This really does seem to be down to the Employer delaying the OP, rather than anything to do with Cyclescheme themselves. Also, the way in which the some employers transfer ownership to cyclescheme, rather than just using them to administer the scheme can result in far smaller savings over the year than they need to.

Although greater savings can normally be had by employer administrated schemes, Cyclescheme do occasionally get a perhaps unfairly bad rap due solely to the decisions of a lazy employer and how they publicise their implementation to to the employees. I have been through the scheme twice and have saved far more than 20% over the year each time, but not all companies handle it the same way as mine.

 

[wiggydiggy]

I don't think that Cyclescheme works well for many people at all. Other than those who set up and benefit from the profits made by Cyclescheme, of course.

But that's just my opinion.

I don't think that buying a bike yourself works well for many people at all. Other than those that sell such bikes and benefit from such profits, of course

But thats just my opinion.

Why don't you think it works well for many people? I have nothing to do with running the scheme at my company but everyone I speak to that goes onto the scheme, loves it.

 

[Norm]

I don't think that buying a bike yourself works well for many people at all. Other than those that sell such bikes and benefit from such profits, of course

But thats just my opinion.

Yeah, ok, let's tell people not to buy bikes.

Why don't you think it works well for many people? I have nothing to do with running the scheme at my company but everyone I speak to that goes onto the scheme, loves it.

Do your company use Cyclescheme?

 

[wiggydiggy]

Cycle2Work, administered by Halfords, using the P41 Tax Code method.

Why don't you think it works well for many people?