q. regarding C2W Scheme

[Corleone]

I have recently received my Letter of Collection to the value of £600 on the cycle to work scheme.

It says the expiry date is sept 2010,

can I for example go in next week and purchase my chosen bike with accessories and then go back in at a later date before september and spend the remainder?

 

[Norm]

What do your scheme's rules say?

 

[Corleone]

Doesnt cover it and cannot find it in the FAQ's

 

[Norm]

I'm guessing from your phrasing that your employer is using a third party provider, such as cyclescheme? Have you checked their FAQs?

As a general theory, it's a voucher which you can use to purchase cycles and cycling safety equipment on behalf of your employer.

But, you are unlikely to get a credit note from your chosen supplier if you don't spend it all at once.

 

[The Jogger]

can you buy a bike every year on the c2w scheme. hope you don't mind me asking on this thread.

 

[Norm]

can you buy a bike every year on the c2w scheme. hope you don't mind me asking on this thread.

What do your scheme's rules say?

 

[joemaxi]

can you buy a bike every year on the c2w scheme. hope you don't mind me asking on this thread.

We can and ours is run by cyclescheme. Just had my first payslip with the deductions on it. The bike and extras came to £973 and the deductions, before tax, were £63.70. So I would assume that,after tax, roughly about £42 per month are deducted. Hope this helps if you are thinking about buying a bike through the scheme.

 

[The Jogger]

What do your scheme's rules say?

It says it's the government that sets the rules, not the company. I have had two in two years but the first one was the wrong size so that went. I will keep the work horse trek and get the tricross !
Thanks for that Joe.

 

[Norm]

It says it's the government that sets the rules, not the company.

The government sets guidelines but your employers sets the scheme's rules.

The government, for example, does not set a maximum or minimum loan period but I'm going to guess, from your wording, that your employer sets it at 12 months.

Because there is no legal requirement for a set period, there can be no basis for the government stipulating the maximum number of bikes in a year. However, the implementation guidance does say that you can not have more than two bikes on a C2W scheme concurrently, to allow you to have a bike at either end of a train journey, for instance. There is still the maximum total loan value of £1,000, to keep within the consumer credit regulations, so you couldn't have two bikes worth £800 each unless your employer had a consumer credit licence.

Putting the above together, if your employer allowed you to set the loan period at 3 months, then you could potentially have 8 bikes in a year. Most schemes do seem to have a 12 month period set in the scheme rules, though.

 

[Willo]

I have recently received my Letter of Collection to the value of £600 on the cycle to work scheme.

It says the expiry date is sept 2010,

can I for example go in next week and purchase my chosen bike with accessories and then go back in at a later date before september and spend the remainder?

My company C2W scheme is via Halfords, and when I redeemed my voucher for the bike itself, they just gave me another voucher for the balance. My credit note was sent via the C2W folk rather than a shop itself (as I ordered a Specialized bike that was sourced via another supplier and I just posted the voucher back to Halfords C2W folk).

I also asked at the time whether the expiry date could be extended (as they initially couldn't source my chosen bike for a few months) and was told it would be extended by returning it and they'd issue a replacement.

 

[deccoo]

But, you are unlikely to get a credit note from your chosen supplier if you don't spend it all at once.

My employer uses the Cyclescheme (www.cyclescheme.co.uk) C2W and they allow you to use a part of the voucher to purchase the bike and then use the balance at a later date for repairs/kit etc.