Cycle to work scheme - Hire period

Page may contain affiliate links. Please see terms for details.

team.marley

New Member
Hi there,

I was just wondering if anyone has used the Cycle Scheme and has had a hire period for anything other than 12 months. It says it's usually 6-12 months, but I was wondering if anyone had actually done the hire period for 6 months, or tried to and was unsuccessful?

Many thanks.
 

Jake

New Member
got the bike to work scheme thingy, but not hired thingy, not sure what that bit is.

the company i work for refused to do the scheme, so had to cheat and do it through partners.
 
OP
OP
T

team.marley

New Member
Well when you are paying back the installments that is technically the hire period and then at the end of the hire period (however long this is) you get to purchase the bike for 5% of the original market value.

I am guessing you are paying your hire period over 12months?

Many thanks.
 

Jake

New Member
im paying back money each month yes. got the bike for half price. not sure what happens at end of year though.
 

Jake

New Member
good scheme for sure. i've deleted the work email i got when i asked for to do it here, but their excuse wsa that it was not worth their while and that there were health and safety issues that if i came off the bike, that because they owned it, i could do them. Jokers! Strange then that my partner works for a law firm and these issues were never addressed when their staff signed up to the scheme (plus me lol)
 

Blackandblue

New Member
Location
London
I work for a law firm and they have been very reluctant to offer the scheme. The H&S concern was raised but they were more concerned about the admin of the scheme - to follow it to the letter apparently makes it quite unattractive so most employers operate the scheme broadly in line with the rules. Our lot in payroll don't like doing things "broadly in line with the rules" so it hasn't been implemented yet.
 

Jake

New Member
shame as it seems to be a really great scheme.
 

GrumpyGregry

Here for rides.
strictly speaking they cannot tell you the basis of the fair value calculation before the end of the scheme period as that would turn it into a hire purchase agreement which it ain't meant to be. but as rule of thumb is 5% but it does not have to be that, could be zero could be 50%

12 months for us at work - non negotiable but we've signed up to Evans, Halfords (for me second bike), EBC, (for me first bike) and cyclescheme. Reckon to have most bases covered now.

and we've had one 5' 0'' person try to cheat by getting a bike for the 6' 4'' boyfriend which had to be kyboshed

It's a genius scheme - I'm getting a £1000 MTB for £700 (+say £65 fee) on interest free credit. Even though we don't get let off the VAT here it is still amazing.
 

ShinSplint

Well-Known Member
GrumpyGreg said:
I'm getting a £1000 MTB for £700 (+say £65 fee) on interest free credit. Even though we don't get let off the VAT here it is still amazing.

Hi there, is the £65 what you pay at the end, in order to keep the bike? Or are you talking about another fee?

Cheers.
 

ultraviolet

it can't rain all the time....
Location
Hythe, Kent, UK
i'm on my third cycle to work scheme, such a good way to pay for a bike for communting to work on.

you can either pay a small fee to keep the bike, or, hand the bike back and pay a admin change which is normaly alot more
 

GrumpyGregry

Here for rides.
ShinSplint said:
Hi there, is the £65 what you pay at the end, in order to keep the bike? Or are you talking about another fee?

Cheers.

ball park guess of the market value at the end. No other fees are involved. I'll say it again it is a genius scheme, good for me, good for my employer (they big up the benefits we offer side and save dosh on employers NI), and good for bikeshops
 

GrumpyGregry

Here for rides.
ultraviolet said:
i'm on my third cycle to work scheme, such a good way to pay for a bike for communting to work on.

you can either pay a small fee to keep the bike, or, hand the bike back and pay a admin change which is normaly alot more

and of course I will ride my new MTB to work on a regular basis for at least 50% of my use of the bike.
 
Top Bottom