Cyclescheme - Final payment

[Downward]

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.

And my employer have handed over the bike to cyclescheme and now it belongs to them.

 

[lazyfatgit]

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.

Don't agree. I got a letter stating I had to pay a fee for transfer of ownership, or arrange for the bike to be collected by them.

Was a bit peeved at this, as my employer had paid in full for the bike, so my understanding was it belongs to them. As I have moved jobs I just paid up for an easy life.

 

[lazyfatgit]

And my employer have handed over the bike to cyclescheme and now it belongs to them.

That 's a bit poor. Is there no way of getting it back? Can you deal with them directly? Can't see a 2nd hand bike being much use to them.

 

[abchandler]

Don't agree. I got a letter stating I had to pay a fee for transfer of ownership, or arrange for the bike to be collected by them.

The terms I signed up to meant the transfer of ownership was from my employer to me, not cyclescheme to me. The company must have 'given' the bike to cyclescheme??

 

[Downward]

Trust me - I have an Invoice from Cyclescheme for payment to buy my bike and I have just sent them a cheque in the post. I can't start claiming expenses for my bike until I own it.



The bike is in my hands always has been. Cyclesheme don't have the manpower or ability to go round collecting bikes so they will either charge you 5% + Vat to buy it or 5% + Vat disposal fee.

 

[Typo]

From the cyclescheme employee FAQ page:-

The bike and goods remain the property of your employer until the hire period finishes, unless your employer uses finance; in this case the finance company will own the bikes during the hire period.

So maybe some employers have got finance from cyclescheme?

 

[Downward]

Ours is different. I shall get the exact wording at work where I have the PDF document saved.

 

[Downward]

Ownership
7. Is the bike mine straight away?​

No, the bike and goods remain the property of the Trust until the hire period
finishes but you are responsible for the bike during the hire period.. At this
point you may be given the opportunity to buy the bike at a fair market value.​

See Fair Market Value (FAQ no. 9) below for more details.

9. What happens if I don’t want the bike at the end of the loan period?​

The Trust wii transfer ownership of the bike to Cyclesceme at the end of te
Hire period. It is the Trust’s/Cyclescheme’s choice whether they opt to sell
you the bike at the end of the hire period. If you choose to become the owner
of the goods, you may be offered the opportunity to pay the Fair Market Value
for them from your net salary. If you choose not to buy the bike you will be
charged the equivalent of the Fair Market Value to dispose of the goods,
probably to a charity.
The fair market value cannot be stated before or during the scheme as this
could be considered a benefit in kind as hire-purchase does not warrant any​

tax-relief.