i know that this has probably already been discussed on the STW forum at some point but i'm thinking of getting a bike on this scheme so i can start commuting by bike again.
i've had a look at the scheme my workplace offers but i'm still struggling to fully understand how it works.
what my employer's scheme seems to suggest is that if for example i buy a bike plus kit for say £700 then they will take 1/12th of that amount out of my monthly salary (about £58) for 12 months.
at the end of this 12 month lease period i will then have the option to continue with the agreement or return the bike as it becomes the property of cyclescheme...but i will have the option to buy the bike off them at an agreed fair market value.
now the bit i dont get is i pay £700 over 12 months for a bike and kit worth £700 and at the end of the year it doesnt belong to me...and i'd have to give it back or pay more to own it outright....
is this true or have i missed something glaringly obvious?
i should contact whoever is in charge of the scheme here at work to get a better explanation but i thought i'd first consult the STW collective for some advice...