No 2 son has just turned 16 and has been asked to join a road bike team. He has a couple of good Downhill bikes and a Trials bike which he is willing to sell on Ebay to raise some money towards a road bike which he will need for this new venture. (We are in a DMP so have no spare money to help him out)
A member of the team suggested we look into the Cycle to Work scheme - my husband's work are in it and I think mine are too. Apparently they do not credit check.
I have spoken to Payplan and they can not find any reason not to try it - my husband could use the bike for his work which would cut down on fuel costs too.
We could meet the repayments as it would come straight out of wages and we would just scrimp further on our outgoings (we are getting good at that!)
Just wondered if anyone has any advice they could share.
I've heard of it and if you're sure you can cope with the payments then I say go for it as it'll be helping two members of your family, you've spoken to Payplan and be cutting down on fuel costs etc., x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I have just obtained a new bike through the scheme.
One possible downside is that the taxman can demand proof that at least 50% of the bike's usage is for journeys to and from work.
I do not expect that this would be done in many cases, but if an inappropriate bike were bought then questions could be asked.
This could result in the tax and NI benefits being withdrawn.
One possible way round this could be to use the bike once, store it safely for a year until the final payment is made and then the bike can be gifted to him free of problems.
Not for me - too far, too much uphill biking. I'll stick to the car! I can see that it can help people though, they do the scheme where I work and I think a lot of people take advantage of it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Scaredycat, does he do proper downhill biking?? as in the Steve Peat type?? if yep, then me too!! its an amazing sport, such a buzz!
As for cycle to work, it comes out of your pay before tax deductions, the only snag is value of the bike is only up to £1k and you can't top it up, as the bike is 50% owned your company until the end of the arrangement and they can ask for the bike back.
Would get in quick if you can, as the new govt are looking at scrapping the scheme, or adjusting so you pay more.
I hear some bicycles have motors fitted to them to help with the uphill part. As I say it's a long journey for me and plenty of hills on the way there and back.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We've just introduced this scheme at work/- there will be no checks at our company to ensure the bike is used for work. The bike is owned by the finance company and the emoyee has to apply for ownership at the end of the term. We've had a good take up for the scheme.
I say if you can afford it go for it, had one of them myself (before someone decided to plough into me on a roundabout and snapped the bike in two), you can get a bike anywhere that takes part in the scheme, Halfords do as well as specialist bike shops. As far as I am aware there are no exclusions to the type of bikes you can get, so long as it (and anything else you purchase with it) does not exceed £1000.
Ours is a credit scheme - you apply for a bike, you go to Halfords and pick whichever one and then pay a set amount for a period of time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
