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Cycle to Work scheme, could use some advice please


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Hi all,

 

Got a problem with the cycle to work scheme, is anyone here any good with this that can help me out?

 

Basically, the total cost of the goods on the supplier website at discounted rate should equal £643.03. over the 18 months of the scheme that should be, by my reckoning £35.72 we pay per month.

 

Missus just had her wages today, and they have taken out £50.56, and having re-checked the agreement this is correct - but it cant be right?

 

Firstly they have taken that £50.56 from her NET pay

 

Secondly, if we pay that amount each month, we end up paying £910 and that is near retail value - where is the discount? And if at the end of the scheme we have to pay fair market value to own the bike, we will end up paying MORE than the retail value of the bike!!!

 

Thirdly they have taken payment before we have received any goods and the agreement clearly states it will be AFTER the delivery of ALL the goods.

 

Hope someone has some experience on this and can help, and mods, if I have posted in an inappropriate place, please feel free to move - thanks

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The £50 figure sounds about right, but whatever the amount is that is detailed on the hire agreement - this should be taken from gross salary rather than net. The 'discounted price' will include the amount you will save on the lower amount of tax you pay. Are you absolutely sure it has been taken gross rather than net? If so then this should be queried ASAP as this is not correct.

Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice you must always consult a registered and insured lawyer.

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