Cyclescheme messing me about!

SexyGreyFox

SexyGreyFox

SexyGreyFox

Man of Honour
Joined
29 Mar 2003
Posts
57,217
Location
Stoke on Trent
Let's go back 3 years -

We will shortly be in touch to offer you the following 3 options.

1. Cyclescheme's Extended Use Agreement (EUA)
Pay a small, one-off, refundable deposit (3% or 7% of the equipment value) and continue to use the bicycle for an extended period of up to 36 months. There are no monthly rental payments during this period and you can participate in the scheme again if you wish.

At the end of this period, if you do not wish to keep the bicycle, we will refund the deposit in full. Cyclescheme may at its discretion, offer ownership of the bicycle to you at this point, and no further action or payment will be required if you wish to keep the bicycle.

So I contacted them by phone just to make sure they will offer me the bike free of charge after the 3 years which they confirmed. This was also confirmed by members on here who also told me to sell the bike because I didn't really want it at that point.

This agreement came through which worried me so I rang them up -

CONFIRMATION OF EXTENDED USE PERIOD

This is confirmation that the payment of your 'continuation deposit' has been processed and is now complete. Therefore, you can remain in possession of the Equipment as described in the Extended Use Agreement for a further 36 months.

During the Extended Use Agreement the Equipment will remain the property of Cyclescheme Ltd and you should not dispose of it in any way. You must continue to use the bike mainly for commuting purposes, and if you are unable to continue to meet the terms and conditions of the Agreement it is your responsibility to inform Cyclescheme by email to [email protected].

At the end of the Extended Use Agreement Cyclescheme will contact you and may offer ownership of the bicycle at the market value; the market value to be ascertained at the time in accordance with HMRC guidelines.

They confirmed that I wouldn't have to pay anything at the end of the 3 years. I believe OCUK members also said the same.

Today I get this email -

Your Extended Use Period is due to end on Aug 7, 2016 and we will contact you around this time to arrange a visit by one of our representatives to view the bicycle. At this point you will be offered two options:

Option 1
To be offered ownership of the bicycle at the market value; the market value to be ascertained at the time in accordance with HMRC guidelines.

Option 2
Return the bicycle to Cyclescheme and we will return the deposit in full


So has anybody else got to this point with this BS?
I wish I had kept in email contact and not rung them so I would have had backup of what they said on the phone.
Not very happy and it's a good job I didn't sell the bike.
 
I had an £849 bike and for the first 12 months paid £50/month = £600
I then had the extended user agreement at £57 = £657

It is now possible they could come back and say that bike is worth £350 which means I've paid way more.
I'm expecting them to come back and say £200 so I've paid exactly what I borrowed.
 
[TW]Sponge;29146941 said:
That's different to mine. I had a £600 bike and payed £50/month 12 months which is the full cost payed for. I then however had to pay a £42 (refundable I think/hope) deposit to keep the bike for another 3 years. Then they said they will get back to me with more options once the hire agreement has ended.

I'm annoyed because I have already payed for the bike, so why the hell should I have to 'hire' it again for the next 3 years? I have just gotten a new bike on the scheme as I am unable to afford one straight up, but I think this will be the last time as I feel as though I'm getting conned somehow.
Click to expand...

For Cyclescheme those figures don't add up.
In your first 12 months you pay back 2/3 of the price of the bike/accessories and then pay the extended hire agreement.
If you are correct you should have had an interest free loan which most bike shops will do.
 
ThaReaperGuy said:
The deposit you give them for the extra 3 years is the final payment IFAIK.

So you've paid £552 in the first year and a £59.43 deposit to then own it for 4 years, this is all you will pay, they keep the "deposit" when you choose to keep the bike after 4 years or you can give them the bike back, receive a refund on your deposit and you paid £552 to own a bike for 4 years.

I think the wording of their email confuses everything as it seems as if they're going to take a 3rd payment, when in fact they already have your payment/deposit and just keep it.
Click to expand...

However, it's there in yellow and it doesn't look like I've got a leg to stand on.

At the end of the Extended Use Agreement Cyclescheme will contact you and may offer ownership of the bicycle at the market value; the market value to be ascertained at the time in accordance with HMRC guidelines.


Your Extended Use Period is due to end on Aug 7, 2016 and we will contact you around this time to arrange a visit by one of our representatives to view the bicycle. At this point you will be offered two options:

Option 1
To be offered ownership of the bicycle at the market value; the market value to be ascertained at the time in accordance with HMRC guidelines.

Option 2
Return the bicycle to Cyclescheme and we will return the deposit in full

of course, as pointed out, the market value could be zero or as little as £60.
 
UTmaniac said:
shops started charging more to cover the scheme admin fees,
Click to expand...

This is true.

1) First bike cost £849 on Cyclescheme and the payback is the reason for this thread.
2) 2nd bike was bought because (and no arguing) after a bad accident that I'm still suffering from, I didn't feel safe on a road bike in winter so paid £279 cash for a more suitable bike which I loved and felt a lot safer on.
3) Decided on another bike which was £800 so was going through Cyclescheme when I was informed by the shop that it would cost £50 extra but if I bought it cash I could have it for £700 - no brainer.
4) I worked out the Cyclescheme payments for a 4th bike and it would be easier to have a £750 bike on interest free and own it immediately.
5) 5th bike cost £150 off Gumtree and it's the one I constantly use.

Bike 1 sits in the shed rotting, bike 2 & 3 have been sold.
 
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