Cyclescheme?

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  • Cyclescheme?
  • Premier Icon grtdkad
    Subscriber

    Every year if you really needed to do the n+1 thing!

    damascus
    Member

    The scheme doesn’t seem as good as it used to be.

    Premier Icon MoreCashThanDash
    Subscriber

    As I understand it, once you’ve made the end of loan lump sum payment – whichever option you go for, then you can have another one.

    But I’m no expert, just on Month 11 of my first purchase

    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.

    Premier Icon riddoch
    Subscriber

    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.

    Premier Icon tomaso
    Subscriber

    I’ve had 3 in 4 years…

    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.
    In my humble(very) opinion.

    willej
    Member

    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?

    Premier Icon scotroutes
    Subscriber

    WillEJ 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.

    Premier Icon mikewsmith
    Subscriber

    Check your rules but AFAIK the voucher is what you spend in the shop. You then pay back the money before tax from your salary so your tax bill is reduced.

    dunmail
    Member

    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.

    J273
    Member

    I’ve just come to the end of a 1 year scheme. Bought a road bike for £1000 and it cost me about £50 a month and I’ve had a final value fee to take ownership of £250.

    Doubt I’ll be getting another through the scheme. Not worth it.

    Premier Icon mikewsmith
    Subscriber

    Maybe write to your MP suggesting that the chancellor increase this limit in the next budget.

    £5k tax free sounds good 🙂

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