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@Greenbank
That's the OFT's fault, it's the limit they put on the group consumer credit license they provided for this scheme.
My company has its own CCL, so the limit is £3000 for me even though we use Cyclescheme. However, I last used the scheme before the got badgered by HMRC to tighten it up; it was ~2008 and I paid £88 to buy my bike (£1500 worth of vouchers, another £800 paid on top) at the end of the year. Annoying since I'm still at the same company so, by the new rules, I'd not pay anything (according to the following table).
The market value that Cyclescheme use is based on the this table from HMRC: http://www.hmrc.gov.uk/manuals/eimanual/EIM21667a.htm
So if you leave before completing the payments you pay back the extra payments, plus buy the bike for 25% (at least, dunno what happens if the bike is <1 year old).