Cycle 2 Work scheme - cancelling ?

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leew
leew Posts: 726 Forumite
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in Public transport & cycling
Hi there,

I applied for the cycle 2 work through my employer on the 28/08/2018 and received my LOC - letter of collection on the 20/09/2018 which I havent used or now intend to - I bought a bike of a friend of mine thinking I'll just cancel this no problem :(

Money started to be taken out of my wages on the 10/09/2018 @ £9.39 a week.

It says this about it on the more info tab:
This benefit is available for all employees who are aged 18 or over. If you are under 18, your parent or guardian will have to sign the hire agreement for you.

The agreement lasts 18 months. Once the hire period starts, you are committed to paying for the benefit for the length of that contract. You can’t change or end the agreement, even if you have a life event.

Does this mean I hve no right to cancel now and I am commited to paying nearly £40 a month for a bike I don't have/need??

Any thoughts?? cooling off period?

I never signed any paperwork, just all done online.

Thanks.

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  • Nasqueron
    Nasqueron Posts: 8,884 Forumite
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    Not really sure what you mean here, you can get the certificate but if you don't actually buy a bike, not sure why you'd be charged as the firm has not given anyone any money? Speak to either the scheme administrators or your work people for some advice


    There's no real cooling off period per se because you need to go through several stages to actually get the bike and I doubt anyone planned for someone to ask for the certificate, get it issued etc and then not get a bike. Why not get the bike? Could always sell the other one
  • leew
    leew Posts: 726 Forumite
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    Nasqueron wrote: »
    Not really sure what you mean here, you can get the certificate but if you don't actually buy a bike, not sure why you'd be charged as the firm has not given anyone any money? Speak to either the scheme administrators or your work people for some advice


    There's no real cooling off period per se because you need to go through several stages to actually get the bike and I doubt anyone planned for someone to ask for the certificate, get it issued etc and then not get a bike. Why not get the bike? Could always sell the other one

    I had all intentions of using the voucher to get a bike HOWEVER the same bike virtually brand new came up through a friend of mine for peanuts hence the reason I no longer need to use the scheme.

    I thought it would be straight forward to cancel seeing as I only got the LOC three days ago and have not used it as yet.
  • Nasqueron
    Nasqueron Posts: 8,884 Forumite
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    If you only got the certificate 3 days ago how can your pay have been deducted already? The firm have not paid anyone for it.


    Speak to the C2W firm and your payroll team
  • leew
    leew Posts: 726 Forumite
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    Nasqueron wrote: »
    If you only got the certificate 3 days ago how can your pay have been deducted already? The firm have not paid anyone for it.


    Speak to the C2W firm and your payroll team

    It's a bizarre way of doing it I agree, I put this across to the people doing the scheme in HR and basically they have told me there is no way out now as the two week cooling off period has elapsed - the two period is from first applying and not from when you get the LOC :mad:

    I expressed my displeasure but was told sorry nothing can be done, the hire agreement is binding :mad:

    Utterly ridiculous.
  • Exile_geordie
    Exile_geordie Posts: 5,094 Forumite
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    leew wrote: »
    It's a bizarre way of doing it I agree, I put this across to the people doing the scheme in HR and basically they have told me there is no way out now as the two week cooling off period has elapsed - the two period is from first applying and not from when you get the LOC :mad:

    I expressed my displeasure but was told sorry nothing can be done, the hire agreement is binding :mad:

    Utterly ridiculous.

    GEt a bike then sell it
    Dont rock the boat
    Dont rock the boat ,baby
  • Mr_Singleton
    Mr_Singleton Posts: 1,891 Forumite
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    Exile_geordie wrote: »
    GEt a bike then sell it

    Can you sell something that you don’t own??
  • Nasqueron
    Nasqueron Posts: 8,884 Forumite
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    Mr_Singleton wrote: »
    Can you sell something that you don’t own??

    There is nothing to stop you selling the bike on cycle to work so long as you continue paying your firm for the voucher.
  • Exile_geordie
    Exile_geordie Posts: 5,094 Forumite
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    Mr_Singleton wrote: »
    Can you sell something that you don’t own??

    Well they will own it but will still have to pay the finance on it out their wages
    Dont rock the boat
    Dont rock the boat ,baby
  • Mr_Singleton
    Mr_Singleton Posts: 1,891 Forumite
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    Exile_geordie wrote: »
    Well they will own it

    No, they won’t until the go through the official process which will be calculated at after tax rates

    “To take ownership of the bike a transfer of ownership process will also apply within the HMRC Fair Market Valuation guideline.”
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