Refund of Annual Season Ticket

[GaryMcEwan]

On Friday I will be handing in my Annual Season Ticket as I no longer require it due to me starting a new job.

My annual season ticket was bought on the 7th of December and is due to expire on the 2nd of December 2016.

When I bought it, it cost me £456 and it goes from Bridgeton to Exhibition Centre. I've tried calculating itself, but maths really ain't my forte. How much am I likely to get back?

 

[hairyhandedfool]

An annual season ticket ending on the 2nd December 2016 would have started on the 3rd December 2015, not the 7th.

You need three things to calculate the refund on an annual ticket, the cost of the annual ticket, the cost of a weekly ticket at the time you bought the annual ticket, and the length of time you have held the season ticket.

You say the annual rate is £456, so that's a good start.
To get the weekly rate you divide the annual fare by forty, that's £11.40.
The length of time you will have held the ticket is six months and fifteen days (3rd December 2015 to 17th June 2016).

The length of time equates to a multiplier for the value used. This is the same multiplier as if you had bought that length of season ticket in the first place. The multiplier for six months and fifteen days is 24.96.

That means the value you will have used is £11.40 x 24.96 (rounded up to the nearest 10p). That's £284.60.

Your refund value will therefore be the fare you paid (£456) minus the value used (£284.60) minus an admin fee (£10), which is £161.40.