Query re purchasing a bike of value >£1000 limit on Cycle to Work scheme

[Mussels]

If anyones interested, I bought my Pro Connect on this scheme.

Here the chain of events...
At the time the Pro Connect was £1495, but as Cyclescheme takes 10% from the dealer, 50C said that I would have to add this commision onto the price of the bike which I think is actually fair when you think that CycleScheme are themselves only cashing in on the Cycle2Work legistlation in the ignorance of employers to how easy this scheme is to actually run!!!

This then priced the bike at £1595, so I purchased it at that price, with the promise agreed at the time (and written on the order form) that the £1000 would be re-imbursed to me.

I received the voucher from Cyclescheme a couple of weeks later, and 4 days after putting it in the post to 50C, received a cheque for my £1000.

So what have I paid for my Pro Connect?

I paid £595 above the scheme.
I pay £50 a month net out of my salary for 12 months, and the final payment is 5% (£50 already agreed)

So in total, £595 + £600 + 50 = £1245, a saving of £250 on the bike in total.

I have absolutly no fear of this scheme, as I know a couple of other people at work who have gone through the process completely, with no issues at all.

I am already contemplating my next purchase, its a choice between a folder, and normal tourer and an off-road ebike.

John

The £250 saving you have there is basically the VAT, add on income tax and NI and it gets a bit better. Shame about the 10%APR that Cyclescheme are adding on.