cycle to work scheme and edinburgh cycles

sharm1969ca

I have the chance of getting a new bike on the cycle to work scheme, the thing is its through Edinburgh cycles in leeds. i've visited the shop a while ago and found it was ok. Does anyone have any other expierience with Edinburgh. Ive asked if they can get me a SURLY long haul trucker,failing that it looks like a ridgback tourer but the one i want is £1199:00 and the guy on the phone said that i am limited to just the £1000 limit! surly this cant be right if i want to add funds to it myself. Any one have any ideas on what i can do? cheers

rolf_f

Strictly speaking, the limit is a limit - you don't own the bike until you make the 13th payment. Therefore, if you add over and above the £1000, there is ambiguity over who owns what.

Some shops stick by the rules - I didn't do too badly the other year because All Terrain in Saltaire wouldn't let me top up but by the time the bike was available, it had gone up to £1050. I managed to get it for the £1000. My new bike is rather more than £1k but it is from a different shop.

If you have to go through Edinburgh, and they won't up the limit, then you're a bit stuffed I'm afraid!

the_hundredth_idiot

See if you can come to some agreement with them on extras. For example, a guy I work with got a healthy discount on the bike (which reduced the price to exactly £1k) subject to him buying a vastly overpriced pair of pedals.

gbsahne001

The £1000 limit can be exceeded but only if your company takes out a credit agreement, which most are reluctant to do.

The only other alternative is to top up the £1000 voucher with your own money, which is allowed.

owenlars

Strange because our scheme is in house and you are issued with a cheque for £1000 and if you want to top it up no one cares. I've bought two bikes on C2W no problem either time.

Radioactiveman

As far as I know it is possible to add to the amount with your own money.
Bear in mind all the C2W t&c still apply i.e. you do not own the bike etc

RIng them back and double check that,they may not of understood what you meant or you spoke to the saturday boy

spen666

gbsahne wrote:

The £1000 limit can be exceeded but only if your company takes out a credit agreement, which most are reluctant to do.

The only other alternative is to top up the £1000 voucher with your own money, which is allowed.

It is a Consumer Credit licence, which is both expensive and very regulated.



As for topping up the voucher- this is actually against the rules of the scheme and would allow HMRC to treat it as not valid for the tax benefits etc

Radioactiveman

I am just speaking of experience not what the rules say.

I know >10 who have topped up their C2W voucher

gbsahne001

spen666 wrote:

gbsahne wrote:

The £1000 limit can be exceeded but only if your company takes out a credit agreement, which most are reluctant to do.

The only other alternative is to top up the £1000 voucher with your own money, which is allowed.

It is a Consumer Credit licence, which is both expensive and very regulated.

As for topping up the voucher- this is actually against the rules of the scheme and would allow HMRC to treat it as not valid for the tax benefits etc

....

evans C2w scheme literature wrote:

"It is possible to obtain a voucher or more than £1000 however your employer would need to specifically obtain a credit license from the Office of Fair Trading."

I stand corrected on the top up, as it would create dual ownership issues

rolf_f

gbsahne wrote:

I stand corrected on the top up, as it would create dual ownership issues

As I said in the second post!

cee

Radioactiveman wrote:

I am just speaking of experience not what the rules say.

I know >10 who have topped up their C2W voucher

yes, people have managed various methods of topping up the voucher....

but...technically, they could be asked to pay back all of the saving they made.