Simon
Member
Registered: 24th Apr 03
Location: Oxfordshire
User status: Offline
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quote:
Originally posted by Jules S
quote:
Originally posted by Ste W
50% of commuting. Or part commuting.
They can't really check it. I'm not even sure if they want proof you still have the bike and not sold it!
Read the small print.....if the scheme is anything like the ones I looked into you will find it to be a bit of a shocker.
Ie, you never actually own the bike...if it gets nicked you refund 100% of value etc
Not sure what you were reading, but like said, most schemes have a 12month 'hire period' in which you pay off the bike and then it's officially yours after that
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Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
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quote:
Originally posted by Simon
quote:
Originally posted by Jules S
quote:
Originally posted by Ste W
50% of commuting. Or part commuting.
They can't really check it. I'm not even sure if they want proof you still have the bike and not sold it!
Read the small print.....if the scheme is anything like the ones I looked into you will find it to be a bit of a shocker.
Ie, you never actually own the bike...if it gets nicked you refund 100% of value etc
Not sure what you were reading, but like said, most schemes have a 12month 'hire period' in which you pay off the bike and then it's officially yours after that
'what happens at the end of the hire period'
http://www.cyclescheme.co.uk/employee,faqs.htm
So the employer, at the end of the hire period, has the option to sell you the bike at a 'fair and reasonable market value'
Now call me a cynic, but If you had a £500ish bike for 12 months what would you think it was worth?
£300 maybe?
That's probably more than you save in the NI and tax offset  they claim 5% of the voucher cost is a usual settlement, but I was wary as a £500 bike is most definitely going to be worth more than £25 after 12 months use.
I'm not saying Ste shouldn't do it, just to walk into it with his eyes open 
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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http://www.ridgeback.co.uk/index.php?bikeID=81&seriesID=43&show_bike=TRUE
I got that
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Ste
Premium Member
Registered: 5th Mar 03
Location: Taif, Saudi Arabia
User status: Offline
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That's nice. how much do you pay back each month? mine is about £30 so I pay £360 for £600 worth of bike and accesories.
According to work's website, thre is a £20 fee at the end of 12 months to keep the bike. Considering if you were to buy it on a 12 month loan you would have paid about £650 then £380 is pretty cheap.
I'm probable going for this bike now:
http://www.halfords.com/webapp/wcs/stores/servlet/product_storeId_10001_catalogId_10151_productId_512517_langId_-1_categoryId_165499
and spend £150 on all the lights and security etc.
I would rather lose by a mile because i built my own car, than win by an inch because someone else built it for me.
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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I pay £19 i think for £380 worth.
Only see £3 difference in my pay packet though
[Edited on 23-09-2009 by Kathryn W]
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iceman
Member
Registered: 22nd Jul 00
Location: Berkshire
User status: Offline
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I've just bought a Specialized Rockhopper Pro 09 on this scheme, it was £1000 i got it for £600 then spent another £200 n bits for it lol
Cracking bike couldnt fault it and it got raving reviews, have a look an evans cycles website they do free delivery to
Stu
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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I really want a rockhopper.
My work doesn't do this scheme though 
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