Halfords cycle2work scheme nightmares

[buggi]

does it say in their agreement that they will source any bike or does it say any bike they normally stock? check the small print.

for £650 your not really saving that much on the tax, personally i think you really need to go up to the £1000 to make the tax thing worthwhile (although i do agree its handy having it come out monthly whatever amount you have). But if you are not happy with halfords, cancel the whole thing and go and find a bike you want on a reasonable repayment plan. some places may to interest free credit. nothing worse than paying for a bike you're not really happy with IMO

 

[vickster]

And make sure you insure it well, be pretty miffed if you were paying for something no longer in your possession

 

[Milzy]

If you got made redundant it wouldn't be good. I could build my own Ribble on a finance plan maybe. The halfords board mans have got 10% off until tomorrow. Think I'll just cancel then maybe re apply later if I don't finance anything. I don't want to cancel my first sportive. that James looks the nuts though.

 

[mark st1]

If you want a sporty bike something like the Specialized Allez or Cannondale CAAD would fit the bill - however, at £650, it would be entry level spec, especially on C2W as you'll pay full RRP

Extra £75 gets you the Allez Sport 2013 Sora and a Carbon Fork and a damn sexy looking bike in Black IMO.

 

[vickster]

Black...

 

[vickster]

If you got made redundant it wouldn't be good. I could build my own Ribble on a finance plan maybe. The halfords board mans have got 10% off until tomorrow. Think I'll just cancel then maybe re apply later if I don't finance anything. I don't want to cancel my first sportive. that James looks the nuts though.

Just get the Jamis from Evans on 0% finance - trade in an old clunker for money off http://www.evanscycles.com/pages/tradein

 

[mark st1]

Black...

It does look very nice i hope to be getting mine in a few weeks.

 

[vickster]

I can't think of a bike I would want less than a black Specialized, but each to their own

 

[Leodis]

Decide on your bike and check they are instock and then order....

 

[Milzy]

So after looking at offerings in the bike hut in Leeds & decided to check Crossgates Halfords one last time. They had a 53cm Boardman road race on display! I said they'd checked the computers & they had none left in the Region. He said sometimes they don't tell you because they like to keep display models on display. Anyway I'm picking her up tomorrow afternoon after work. I'm as happy as a puff with two bums.
I also can't cancel my scheme so it was really lucky. The Jamis is amazing for the money but the road race was my original choice & it's awesome bang per buck & lighter than most in it's price range.

I also won the bonus ball lotto at work today, Happy Days. Now you can all join the white rose challenge & support me!!!!

 

[cyberknight]

No, your works scheme might have changed. The tax savings haven't.

But the final payment goes towards how much you finally pay for the bike so although it might not be a direct tax it adds directly to the total price you pay for the bike.And as you get a tax statement for your final payment when they send your p 60 it is related to tax.

 

[Milzy]

I've heard stories of people paying their last payment & then that's it. The company doesn't bother chasing anything up & you can just start another scheme.

 

[400bhp]

But the final payment goes towards how much you finally pay for the bike so although it might not be a direct tax it adds directly to the total price you pay for the bike.And as you get a tax statement for your final payment when they send your p 60 it is related to tax.

There isn't one way of doing it, there are several. Different companies/schemes will do it differently.

If, by final payment", you mean the amount that you are required to pay to own the bike, then there is a sliding scale (by term) by which the final payment must not be less than.

Your company/scheme has chosen to let you own the bike after a year I guess, so you are required to pay 25% (or more if the company is looking to make a profit from you) of the purchase price.

It is perfectly possible to extend the loan hire to 5 years, at which point you pay £0 to own the bike.

There's also to use the final payment as a b.i.k, therefore saving tax and NI IIRC.

 

[tincaman]

Hello,
I decided to budget £650. I now regret this & should have gone up to the full £1000. You're not allowed to add your own money to the scheme & you can't change your agreement once it's been processed.
Kind Regards.

I bought mine through Halfords 3 years ago, when I asked in my nearest branch if I could add my own money and get a more expensive bike, I was told in no uncertain terms that it was not possible, I then went to one a bit further away and they they said no problem, they couldn't be more helpful.

Try asking, you never know.

 

[Milzy]

I bought mine through Halfords 3 years ago, when I asked in my nearest branch if I could add my own money and get a more expensive bike, I was told in no uncertain terms that it was not possible, I then went to one a bit further away and they they said no problem, they couldn't be more helpful.

Try asking, you never know.

Thanks, but it's too late. Got the Road Race which is awesome spec for the money.

The way I see the scheme is I'm getting a 650 amount & paying about 450 back. Saving £200 in taxes. Nowhere states I have a final payment. It's structured as equal payments for a year as far as I can see.

Otherwise in future I will just get 0% apr credit. Especially that my next bike will probably more than 1k.