I remember chappers got very very angry with his bike to work scheme because he had to pay a lot for some reason.
ha! true, i did.
at the time the govt changed the t&c's basically you stood to pay a percentage amount of the total retail value of the bike at the end of the loan. this was to the tune of 25% (i think). so for me...bike = £1000. paid back about £700 through the loan and then stood to pay back £250 at the end...where is the saving??
cycle scheme have over come this problem, it works thus:
i have paid a bridging loan of 7%. in one lump sum at the end of the loan term with my employer.
so i now "hire" the bike from cyclescheme.co.uk with no additional payments for the next three years, at which point i "buy" the bike from them at a cost of...7% (which they have taken already).
why they want ownership of my fucked up cyclocross race bike defeats me? it would be worth about 50 quid judging by the dent in the top tube!
ah well, nothing is ever quite as good as its cracked up to be, but not as bad it could be!