1-8 Oyster to 1-2 Oyster / Refund

[Tibbs]

Ok, so I'm moving soon, and won't need my 1-8 Gold Card any more.

I'm actually going to be within Boris Bike distance of work, so won't really need a season ticket at all.

My season ticket runs out on the 14/10/14, and I'll probably do the changeover on 16/6/14. My season cost £2,848.

I'm trying to figure out how much I would get back on a simple refund, or on a changeover to a 1-2 season.

I've figured out that I would get £527.76 back from my season ticket if I switch to a 1-2 season. I worked this out as (£2848 / 365 * 121) - (£1,256 / 365 * 121) where 121 is the number of days I have left on my season and £1,256 is the cost of a 1-2 season.

I can't for the life of me figure out what I'd get for my refund. Can anyone help?

Thanks in advance!
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Ok, so my maths has kicked in a bit.

For a refund, I have 121 days left in the year, which is 17.3 weeks. The cost of the season is split into 40 weeks.

£2848 / 40 = £71.20

You don't get a refund for the last 12 weeks, so I have 5.3 weeks to claim.

£71.2 x 5.3 = £376.34

Take off an admin fee (£10?) and that comes to £366.34

Better value for me to do the changeover then?

Luckily (based on the advice from here) I bought my ticket from Marylebone, so hopefully they can do it for me

 

[34D]

Better value for me to do the changeover then?

Not checked your maths, but it often is.

 

[bb21]

In a hurry so typing this in haste.

£1256 should be £1216, the effective Zones 1-2 price at the start of validity of your current season, not the current price.

For a refund, the base rate is £71.20, and if the last day of use is 15th June, the price of an 8 month 1 day season will be charged, which is a factor of 3.84 x 8 + 0.13 = 30.85, giving the deduction as £71.20 x 30.85 = £2196.60, hence a refundable value of £651.40, before admin charge deduction.

Not checked your maths, but it often is.

It usually is if it is a dirt cheap season. The Zones 1-2 Travelcard is not, unfortunately.

A changeover to a Travelcard season for two adjacent zones not including Zone 1 may be better value. The effective rate applicable would be £920 in that case.

 

[Tibbs]

In a hurry so typing this in haste.

£1256 should be £1216, the effective Zones 1-2 price at the start of validity of your current season, not the current price.

For a refund, the base rate is £71.20, and if the last day of use is 15th June, the price of an 8 month 1 day season will be charged, which is a factor of 3.84 x 8 + 0.13 = 30.85, giving the deduction as £71.20 x 30.85 = £2196.60, hence a refundable value of £651.40, before admin charge deduction.



It usually is if it is a dirt cheap season. The Zones 1-2 Travelcard is not, unfortunately.

A changeover to a Travelcard season for two adjacent zones not including Zone 1 may be better value. The effective rate applicable would be £920 in that case.

Hmm, that's a good idea - a 2-3 travelcard could be a nice changeover option!

Thanks, I'll investigate. I don't think I'll be in Z1 enough to make use of the validity of that.

/edit

Changing to a 2-3 using the same maths above give me either £639.15 or £625.88 depending on whether I use last year's price or this year's.

Given that your refund maths is undoubtedly correct, there's not much in it, so I think I'll do the changeover.
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I've had a thought - I get a season ticket loan from my employer, so I paid for my ticket with a company cheque.

When I get my refund, will they be able to put it on my card, or will I have to have a cheque made payable to my work?

 

[CyrusWuff]

I've had a thought - I get a season ticket loan from my employer, so I paid for my ticket with a company cheque.

When I get my refund, will they be able to put it on my card, or will I have to have a cheque made payable to my work?

You'd need to provide a letter from your employer detailing whether the refund should be made to them (and where to send it if other than the registered office) or authorising the TOC to pay it to you.

 

[Tibbs]

You'd need to provide a letter from your employer detailing whether the refund should be made to them (and where to send it if other than the registered office) or authorising the TOC to pay it to you.

Thanks for this info - I've requested the letter so I can get my changeover sorted at the weekend.

 

[Tibbs]

I'm picking my refund up tomorrow - a handy £617 onto my debit card!

I did have to go in 3 times - they don't process these at the weekend and on Monday the chap on duty didn't know how to process it, but now we're all sorted, which is great.

Thanks to the people on here who consistently big up Marylebone as the place to get this sort of thing done - it wasn't perfect, but I'm willing to bet it's a damn sight easier there than at other places!