cycle to work (crap)

[dvb077]

so i took this out in march and had a voucher for £970
looking at my wage slip its saying im paying £11.99 a week.
which is £47.96.
which is then over 18 months if im correct so a total of £863.28

so where is this massive saving im supposed to be making?? £106 surely not right, im sure it sed i would pay back around £600.

any suggestions please

[clashcityrocker]

Where do you think it said you would only pay back £600?

You are not paying tax on that £11.99 - which saves you approx. £2/week.
Or about £150 over the course of the payments.

[dvb077]

when i signed the form for £970 sed it was around 640 in total id pay back with saving from tax and NI, and the payments wasnt 11.99 it was around £8 i remember cuz we had pay raise in april and i matched it against that so i wasnt losing out on any cash

[penlanpostie]

The payment should be taken from your gross wage rather than your net wage so you are saving on your tax and NI because it is deducting from £11 less than you actually earned not a massive saving but still a saving.

[dvb077]

i still dont get it, cuz the paper work sed my weekly payment is 7.91 and id be paying 640 plus back im jus confused

if i new i was only to be saving £106 on a 970 voucher i would never of bothered doing it

[wacko74]

It's like all these ''special offers'' from RM partners, a big con, offering ''reductions'' on goods and services that are overpriced to begin with and could be had cheaper elsewhere with a bit of hunting around.

[penlanpostie]

i still dont get it, cuz the paper work sed my weekly payment is 7.91 and id be paying 640 plus back im jus confused

if i new i was only to be saving £106 on a 970 voucher i would never of bothered doing it

If your paper work says £7.91 challenge them they may be over charging you

[arnold cheshire]

so i took this out in march and had a voucher for £970
looking at my wage slip its saying im paying £11.99 a week.
which is £47.96.
which is then over 18 months if im correct so a total of £863.28

so where is this massive saving im supposed to be making?? £106 surely not right, im sure it sed i would pay back around £600.

any suggestions please

that will only be about £630 repaid its tax and ni free

[Theghost]

Work it out,You are losing £7.91 out of your pocket a week,Over 78 weeks thats just under £650 ?

Very good if you ask me.

If you bought a bike from halfords direct and not part of cycle to work for £970 and paid weekly over 78 weeks your paying back £12.43 per week from your pocket.

[Postie45]

Work it out,You are losing £7.91 out of your pocket a week,Over 78 weeks thats just under £650 ?

Very good if you ask me.

If you bought a bike from halfords direct and not part of cycle to work for £970 and paid weekly over 78 weeks your paying back £12.43 per week from your pocket.

thats how much he was hoping to pay, hes saying that more than this is coming from his wages

[dvb077]

correct, thats how much it says on paper work :/

[Robtor]

It is correct, you're just not thinking about it right.

They are deducting £12 off you BEFORE any tax deductions, this means you are actually about £8 a week worse off.
£8 a week for 78weeks (18months) is £624.

So you will take home £624 less because you bought this bike. Your salary however is £970 less but the difference is the taxman's loss- not yours.

(Rough maths but you get the point.)

[NewPostieUK]

It is correct, you're just not thinking about it right.

They are deducting £12 off you BEFORE any tax deductions, this means you are actually about £8 a week worse off.
£8 a week for 78weeks (18months) is £624.

So you will take home £624 less because you bought this bike. Your salary however is £970 less but the difference is the taxman's loss- not yours.

(Rough maths but you get the point.)

This ^^

The whole point of doing it is to have it deducted before tax and NI. You need to this into account. I got a £270 bike for about £185. Spread over 18 months I'm barely noticing the payments. Just wish I'd got a dearer bike

[dohnut]

Don't forget when you reach the end of your term you have to pay around 20% of the value of the bike. That's another £200.

[clashcityrocker]

Don't forget when you reach the end of your term you have to pay around 20% of the value of the bike. That's another £200.

When did that change?
It used to be about £30.