cycle to work scheme

[crezz]

hi all, im interested in doing the new cycle to work scheme but im unsure what happens at the end, they state that royal mail MAY offer to sell it to you for a fair price?? so i assume we are paying up to £1000 to hire a bike?

anybody done this scheme??

cheers

[stu1m]

They charge you £35 at the end of the hire period and you keep the bike.Some good deals at halfords
Got a £550 bike for £420 & 3 for 2 on accesseries so the other £80 goes a long way as well.

[crezz]

ahh thats good to know, i was expecting them to want to sell it for silly money at the end and be an expensive thing, how do you work out what you save?

regards

[sheff postie]

I think the money you owe get's taken out of your wage before tax so you pay less tax it is quite good if you havent got a bike or are replacing one. Don't know where you stand if you leave RM with money still to pay.

[stu1m]

You have to pick what value you want for your loc(letter of collection) from the cycle to work website,from £25 to £500 and then pay back weekly.
£500 is around £5.65 before tax £3.63 after and i think it is 78 weeks so with the £35 final payment its around £450 or £320 after tax.You get the extra £50 as part of the royal mail deal.
then the you pick a bike upto the value of you loc but you can't pay more than the value of the loc for your bike for tax reasons.
Just check halfords website for deals and check on voucher sites for a a voucher for an extra 10% of the bike.

[crezz]

ah thats some good advice, thankyou

just been on the site and it seems you can have upto £1000 with accessorys and can pay back over 12months or 18months

[stu1m]

If you log on from a royal mail computer click benefits on the home page and then cycle to work.It comes up with the details of the scheme.But royal mail only goes up to £500 for a bike.Takes about 5 mins(don't forget your national insurance number) then its all done through letters and your email.
About 6 of us have got or getting a bike in our office at the moment.

Cheers

[crezz]

ahh right, so do i have to do it all from a pc at the delivery office? reallly keen to get a bike now, its just knowing what to go for

[POSTMAN]

Isn't it this...
https://www.cycle2work.net" onclick="window.open(this.href);return false;

Username: rmguser
Password: rmgbenefit

[Indy]

hi all, im interested in doing the new cycle to work scheme but im unsure what happens at the end, they state that royal mail MAY offer to sell it to you for a fair price?? so i assume we are paying up to £1000 to hire a bike?

anybody done this scheme??

cheers

Many bike shops have some very good deals on last years models.... it is worth doing some googling as the cycle to work scheme reduces your pension I believe?

[stu1m]

yeh thats the site ! never came up when i googled it so just did it at work.

[maisymoo04]

why dont yuz just buy a cheap shitty one does the job £79 halfords great

[not me]

why dont yuz just buy a cheap shitty one does the job £79 halfords great

because its cheap and shitty

[maisymoo04]

ha cheers custard good one that pal

[crezz]

thankyou for the link