A year ago I used Cycle Scheme to help fund a new road bike. I 'borrowed' £1,000 from the scheme and invested an additional £1,500 of my own cash into the bike.
For the past 12 months I've paid back £83.33 per month effectively paying back the £1,000 borrowed. I've now reached the end of the agreement and have three options:
1, Pay £70 and hope the ownership is transferred to me in 36 months.
2, Pay £250 now and ownership is transferred to me now.
3, Hand it back to Cycle Scheme forfeiting my £1,500.
I appreciate I've saved on income tax and national insurance but am I right to feel slightly aggrieved at having to pay more money into a bike that I've effectively now fully paid for.
What are your thoughts? Were any other Cycle Scheme riders out there aware of this?