Cyclescheme - Final payment

[2Loose]

Any idea why they'd do three years? We are allowed to go for up to £3000 if we want, does that affect it?

I know that there are some financial regs which mean that it can normally only be upto £1000 per year...so doing it over 3 years would (I presume) allow them to offer upto 3k instead, without breaking those rules.

 

[addictfreak]

I know that there are some financial regs which mean that it can normally only be upto £1000 per year...so doing it over 3 years would (I presume) allow them to offer upto 3k instead, without breaking those rules.

I believe that if you want more than £1000, then your employer has to have a credit license, which costs around £750.

 

[Downward]

Really your employer could be real nasty about it all and keep the bikes and sell them theirselves for way more than the 5% they charge us. This is my worry.

 

[addictfreak]

Really your employer could be real nasty about it all and keep the bikes and sell them theirselves for way more than the 5% they charge us. This is my worry.

Clearly I cant speak for all employers, and as you have seen there are quite a few variations between schemes/employers.
But I think on the whole its a good way to buy a bike and personally I have not hard of any problems.
If its available to you, go for it.

 

[BilboSmeggins]

I'm waiting my Cycle2Work to be finalised. Problem is - I work for Royal Mail who have set a ceiling of £500, and hamstrung us with having to go through Halfords!! There is one other outlet (LeisureLakes), who supply Halford's who we can apparently use. But they are absolutely adamant that I cannot go above £500, which is a little miffing as all the bikes I'm interested in start at the £550 mark.

Really peeved. The way it's going I can see myself coming away with a Raleigh Chipper!!

 

[addictfreak]

I'm waiting my Cycle2Work to be finalised. Problem is - I work for Royal Mail who have set a ceiling of £500, and hamstrung us with having to go through Halfords!! There is one other outlet (LeisureLakes), who supply Halford's who we can apparently use. But they are absolutely adamant that I cannot go above £500, which is a little miffing as all the bikes I'm interested in start at the £550 mark.

Really peeved. The way it's going I can see myself coming away with a Raleigh Chipper!!

Lets hope they dont deliver your bike, you might get it in time for christmas

 

[BilboSmeggins]

Oooh, below the belt

But oh so true.............

 

[Downward]

Pay the extra £ It's what most of us do.

 

[BilboSmeggins]

Pay the extra £ It's what most of us do.

They will not allow me to top up. Unless you are implying that I've got in excess of £500 lying around. In which case I refer you to the part where I said "I work for Royal Mail", not for Royal Mint.....

 

[addictfreak]

They will not allow me to top up. Unless you are implying that I've got in excess of £500 lying around. In which case I refer you to the part where I said "I work for Royal Mail", not for Royal Mint.....

Although not everyone agrees with topping up, it is possible and totally above board. You need to speak your LBS most (not all) will allow you to pay the extra up front. Not suggesting you throw in £500. But its a good way of getting a slightly better bike.

 

[BilboSmeggins]

No, as I said earlier, the only bike shop the scheme will allow me to use (outside of Halford's) have stated quite categorically that they will not allow any sort of "top-up".

It's all the more annoying that they run a "VIP" scheme ( http://www.leisurelakesbikes.com/VIPClub/ ) that would enable me to grab the bike I wanted at a price of less than £500, were I to subscribe to it. However, upon ringing them they said that the Cycle2Work cannot be used in conjunction with any of their offers, VIP scheme included...... Job's worth or what

So, I've a voucher turning up next week that shall have to sit on the shelf until the january sales................

 

[Paul_iow]

When I received my cyclescheme voucher it said it had to be used within 60 days, not sure if it is the same as cycle 2 work, but just making you aware you may need to use it before the sales.

 

[BilboSmeggins]

Hi Paul

I did ring the C2W hotline, and they said that they will just re-issue the vouchers until I find a bike, or I die. Whichever comes first. With the current dearth of affordable bikes it shall probably be the later

 

[Downward]

Intresting Cyclescheme want the 5% + Vat. So they are making 15% + VAT from the scheme on the whole.
Nice little earner there.

 

[abchandler]

I bought a bike through cyclescheme. They don't have anything to do with the end of term payment, they are only involved in providing the voucher and receiving payment from your company for it. Anything that happens during the term or at the end is between you and your employer.