Cycle to Work Scheme - How long does it take?

DomBruv · 2 Jul 2018 at 16:24

So my company has now made the payment which was done friday by instant bank transfer and HR told m that they would receive the payment within 10 minutes,

But I've still had no certificate emailed through to me,

Does anyone know how long this takes? weather there system takes time to process the instant payment?

seen a lot of people moaning about this but I guess it is what it is

Cheers guys

MM-Seat · 2 Jul 2018 at 16:48

Mine was longer than you have waited so far if I recall correctly. Such a frustratingly long process.

DomBruv · 2 Jul 2018 at 21:45

MM-Seat said:
Mine was longer than you have waited so far if I recall correctly. Such a frustratingly long process.

Any idea how much I have to pay at the end of the year on £999 to own it?

It's quite confusing when it comes to the end of the 12 months aha

MM-Seat · 2 Jul 2018 at 22:48

DomBruv said:
Any idea how much I have to pay at the end of the year on £999 to own it?

It's quite confusing when it comes to the end of the 12 months aha

I paid a 5 pound note. Not sure if that was the correct way to end the scheme but, certainly welcome from me!

varkanoid · 4 Jul 2018 at 21:57

Mine took 6 weeks till I got the certificate. I had to badger the HR department for it. As I understood it at the end of the 12 months you had to then pay what was the then value of the bike calculated with some weird procedure. When it came down to it after my 12 monthly payments I didnt actually pay anything more. That was one a £499 bike. I got mine at Halfords and by the time I went to get the bike the guy at the shop said it had dropped in price to £449. However as the certificate was for £499 the difference would just be pocketed by Halfords so he said just get some extra's to top it up to the full £499. So I got some lights and a couple of extra bits, total would have been about £512 but he let me have it all for the £499.

However they set the bike up like a dogs rear end but thats another story..............

Feek · 5 Jul 2018 at 09:06

Mine also took about six weeks and I had to chase multiple times to get it.
At the end of the year, I had an email saying that I didn't have to pay anything and the bike would automatically be mine in something like three years time but that there was nothing extra to pay. I don't generally delete emails but I'm struggling to find this one. I can find it, I'll post the contents.

Feek · 5 Jul 2018 at 09:41

Found it, it was actually a SurveyMonkey link.

We can offer you two options in relation to the equipment you have been hiring under the Halfords Cycle2work Scheme:

Option 1
You may return the Equipment to us.
If you wish to exercise this option, tick option 1 and return the equipment to your local Halfords store.

Option 2
You may keep the Equipment on a cost free extended hire for [48/60] months and you will not have to make any further monthly payments. If you wish to exercise this option, Tick Option 2 and complete the modifying agreement and we will take over your hire agreement from your employer. You can then keep the Equipment at no extra cost.

If you do not wish to extend the hire period, you must return the Equipment to us in accordance with Option 1. If you fail to return the Equipment to us we reserve the right to take action to seek recovery of the Equipment from you.

If you have not selected one of the above options within 30 days of receipt of this email, Halfords will presume that you are happy to continue with the cost free extended hire option for a period of 48/60 months.

I didn't even bother to respond.

sHo0sH · 5 Jul 2018 at 11:24

Mine took 4 weeks and final value fee was 7%of purchase price

DomBruv · 5 Jul 2018 at 11:43

mine took 1 day

DomBruv · 5 Jul 2018 at 11:44

Feek said:
Found it, it was actually a SurveyMonkey link.

I didn't even bother to respond.

So I'm guessing you didn't reply?

Didn't have to pay anything towards it and it was just yours in 3 years even though its yours now?

hmm

Feek · 5 Jul 2018 at 12:08

DomBruv said:
Didn't have to pay anything towards it and it was just yours in 3 years even though its yours now?

That's right - I didn't reply.

The official line is they still own the bike, I have it on hire for four/five years at zero cost and then I own it.

The unofficial line is that they don't care. They've been paid for it so so realistically, I can do what I want with it.

DomBruv · 5 Jul 2018 at 13:18

Feek said:
That's right - I didn't reply.

The official line is they still own the bike, I have it on hire for four/five years at zero cost and then I own it.

The unofficial line is that they don't care. They've been paid for it so so realistically, I can do what I want with it.

So why is it still theres... thats what doesnt make sense to me lol

MM-Seat · 5 Jul 2018 at 13:54

DomBruv said:
So why is it still theres... thats what doesnt make sense to me lol

Id imagine it's a tax/BIK related treatment to make it favourable for employee/employer. Could be wrong though.

mattyfez · 5 Jul 2018 at 15:58

Mine came through pretty quick, but my employer had some sort of cut off date between applications, and I happened to put my voucher request in just in time.. maybe they just put them through once per quarter or whatever, but i guess it depends on the scheme.

mattyfez · 5 Jul 2018 at 16:02

Not sure how it works when I come to the end of my term though, as I didn't buy a whole bike, I just got about £400 of parts from Evans to put on my existing bike.
So technically there not really worth much after a years usage.

willhub · 19 Jul 2018 at 15:55

I know this thread is a bit old. I work for Barclays and it takes two months to get the certificate once applied for C2W, I'm not sure if it's worth it and instead using interest free credit. I have 2 bikes currently one with a siezed seatpost and is a bit of a write off so transferring the part to my commuter but then need road bike for longer rides.

mattyfez · 21 Jul 2018 at 11:28

Well there's a tax saving too, so it's still better than interest free credit..