The fair market value thing has come in since I last used this so Looks marginal benefit if you want to own after 1 year but still ok of you select eh own after 4 yrs.
Questions are does this affect credit score / count as an application?
Is there a minimum number of times it has to be used o go to work?
I've selected the extend for 4 years on both my cyclescheme purchases.
They've/no one ever checked about the riding to work bit.
Questions are does this affect credit score / count as an application?
Is there a minimum number of times it has to be used o go to work?
Few things,
‘Credit scores’ are meaningless other than as a broad indicator of overall creditworthiness, don’t worry about them.
Being ‘credit hungry’ aka lots of searches in a given time hasn’t been a negative for decades. So many organisations access CFA records these days it would be madness add into savvy consumers shopping around and it’s possible to rack up dozens of searches a month fairly easily.
As for whether they’ll check, doubtful, most schemes are under 1k and don’t require them, the one scheme open to everyone that allows 10k doesn’t search. It would only be the few employers with a consumer credit license that offer more than £1k who could potentially check.
I believe there’s no definition of how many times you have to use it other than ‘when you can’ which for me is genuinely about 5-6 times a year.
The scheme I’m in has an automatic transfer of ownership at the end, but as they’re handing out vouchers and not supplying bikes directly there’s no paper trail of what bike you have generally, just keep it ‘forever’ even if you don’t.
Is there a minimum number of times it has to be used o go to work?
Can't remember that detail, but there was a rule that riding to work had to be 50% of the use of the bike IIRC. Not sure I ever used my SS MTB to commute, 12.5 tarmac miles on 32/18 would be a trial! No one cares.
Ok thanks, as I thought.
I have a few through cyclescheme and there's no oversight on use or even if you have the bike throughout the 4 years.
This isn't them being lax it's just an impossible / pointless thing to try and police as the usage would vary so wildy. Some folk might count riding into work once a month as a major achievement and vindication of the scheme, and perhaps it would be for them.
