- rob jacksonMember
Can you have anew bike every year or is it every 3 years
The most attractive option for employees will be to pay a small, refundable deposit (3% or 7% of the equipment value*) and continue to use the bicycle or safety equipment for an extended period of up to 36 months.
At the end of this period, if the employee does not wish to keep the bicycle or safety equipment, then Cyclescheme will refund the deposit in full. Alternatively, Cyclescheme may at its discretion, offer ownership of the bicycle or safety equipment to the employee at this point, and no further action or payment will be required if they wish to keep the bicycle or safety equipment.Posted 3 years agoriddochSubscriber
It will depend on how your company sets up it’s loan period. Mine used to be 18 month but is now 12 month. In the case of the 18 month scheme though scheme ran every year you couldn’t have 2 concurrent loans. Our new scheme seems fine with every year, though you can get “safety equipment” only if you have ran out of variations.Posted 3 years agosangobeggerMember
I spent £1000 on a hardtail. Paid it up in 12 months, and now I have “options”
I can hand it back (you are joking)
I can pay £70 hold onto it for three years with nothing else to pay
I can start another scheme right away
Now for me cycle scheme is fine if you want the latest and greatest with a bit of cash off. But if you go to your LBS, they will almost certainly be able to sort you out with a cracking last years model, for a third off and on a 0% finance as well. That way you miss out on all the cycle scheme crap, which is really not suitable for purpose any more.Posted 3 years ago
In my humble(very) opinion.scotroutesSubscriberWillEJ wrote:
Bit of a thread resurrection but can someone tell me if the £1000 limit is the retail price or the voucher price, plus VAT but minus tax and NI? If it’s the latter the maximum retail price would be around £1400?
Unless your company has a suitable credit agreement (most don’t) £1,000 is the maximum voucher price and this includes VAT etc – i.e. it’s the most you can spend on the bike, and you end up paying back less than £1,000.Posted 3 years agodunmailMember
As Scotroutes has mentioned, the limit is £1000 because that’s the limit a company can offer “credit” without requiring a FSA license (or whatever the legal documentation is actually called). Obviously fine however many years ago when the Cyclescheme was set up but inflation has eroded in to that grand’s purchasing power.
Maybe write to your MP suggesting that the chancellor increase this limit in the next budget.Posted 3 years ago
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