Cycle 2 work scheme

[Cheetah]

Sorry if this has been asked or is in big bold letter somewhere.

If you get LoC for 500 but spend less, do they make you spend the rest on accesories or do they allow you for example to spend 400 & only finance you for 400?

As I'd rather over esitmate than under estimate & be stuck for choice.

You have to spend the remainder on accessories, you have to spend the full amount you have taken the loc out for, or loose it i.e you would still pay the full amount back. My advice would be choose your bike first, add any accessories if you want any then take the loc out to as near to that amount you can......

[swpostie]

It's worth remembering that Halfords can get you any bike you like - it doesn't have to be one they normally stock.

I looked in my local bike shop, found a bike I liked, tried it out and contacted Halfords, who got it for me.

They even added 15% to my LOC to buy other bits and bobs!

[A2B]

It's worth remembering that Halfords can get you any bike you like - it doesn't have to be one they normally stock.

I looked in my local bike shop, found a bike I liked, tried it out and contacted Halfords, who got it for me.

They even added 15% to my LOC to buy other bits and bobs!

That is not quit true, Halfords can source lots of brands but there are a few brands they cannot get. Best thing is to call or email them with your choice and they will tell you if they can get it.

[drgeek]

My bike is about 9 years old.

Is this scheme really worth it? And does it really save me money?

What's the "catch"?

[Cheetah]

My bike is about 9 years old.

Is this scheme really worth it? And does it really save me money?

What's the "catch"?

Yes in my opinion it's VERY worthwhile and I am not aware of any catches, there are guys in our office who are on their 3rd bike......
I loaned £500 (full amount) which costs me £5.65 per week off my top line (i.e before tax) for 18 months. this equates to £4.06 after tax x 78 weeks making a total of £316.68 paid back, plus a small transfer charge @ the end of the lease contract of aprox. £35 means £351.68 grand total.....
Now you tell me where you can buy a £600 bike (mine was £100 off @ halfords) on a 18 months hire purchase agreement paying back a total of £351.68, that's the simple answer. My only reservation was the bike was leased from RM and I wondered if they had ever said you can't by the bike outright at the end of the lease, but everyone assures me this has never happened, so that was good enough for me.....

[not me]

from looking aroundRMs set up isnt the smae as most other companies
the change to the way VAT is handled at the end wipes out most savings. RM dont do it that way(either by reason or just not having a clue)
so as it stands now,its worth it

[crooner1981]

So is the true cost that you will actually pay every week the gross or net pay figure that they give in the blurb?
Sorry if thats obvious

[jonsboys]

I have had three bikes out of the scheme and im now waiting for my voucher for my fourth! Its a great programme but its a pitty they limit to £500 which is not enough. For example the boardman road race bike is £599.99 and its the bike i want, i dont like their own carrera which is £499.99.
Has anyone been successful at getting a store to accept cash on top of the voucher? I have a local halfords who say they might do it, but i think the guy was only new so i dont beleive him!

[jonsboys]

So is the true cost that you will actually pay every week the gross or net pay figure that they give in the blurb?
Sorry if thats obvious

Yes your basically getting a tax break, the tax man is not getting a little bit of you tax money and that money is going to pay for a little of your bike!

[Cheetah]

I have had three bikes out of the scheme and im now waiting for my voucher for my fourth! Its a great programme but its a pitty they limit to £500 which is not enough. For example the boardman road race bike is £599.99 and its the bike i want, i dont like their own carrera which is £499.99.
Has anyone been successful at getting a store to accept cash on top of the voucher? I have a local halfords who say they might do it, but i think the guy was only new so i dont beleive him!

Yes........, I did get the offer of putting cash to it, but no chance Halfords (tried 3 branches) nor Lakeland leisure cycles (2 biggest participants in our area). As I have said in a previous post if you phone the halfords C2W line, after much persistence they will give you the other dealers in your area who will accept the halfords LOC. It was these who all would allow me to add cash. There was an additional 5 in our area, a couple were mickey mouse dealers but three were good dealers with a descent range, however in the end I did get my bike from halfords.

[crooner1981]

Ive applied for my first bike through the scheme went to have a look at halfords as their range looks fine for my needs and I will go with voodoo hoodoo or carrera vulcan which I thought looked very nice in the flesh and I have seen in a MTB mag that in that price range the vulcan couldnt be beat. Something tells me i'll end up with the voodoo though.

[Johnny Remo]

Can you get on this if you have a temp contract that runs out before the end of the lease?

[not me]

Can you get on this if you have a temp contract that runs out before the end of the lease?

Is the scheme open to all?
Yes the scheme is open to all Company employees, whether full or part time, however this Agreement can only be entered into if your salary after sacrifice remains above the National Minimum Wage. To be eligible for the tax benefits resulting from the salary sacrifice arrangement you will need to be a UK taxpayer.

however,Im betting you aren't a "company employee" in this sense

[Royal_Fail]

Can anyone tell me roughly how long it takes between applying online for loc and actually getting bike?

[not me]

Can anyone tell me roughly how long it takes between applying online for loc and actually getting bike?

you get your letter
send it back
7 days cooling period
sort your bike
probably 2 weeks or so