Season Ticket Refund Calculation

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NeilJ

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I have no further need for my annual season ticket from Letchworth GC to London Kings X and would appreciate some help in confirming the refund value.

The original cost was 3,964.00 (current season ticket is 4,000.00) starting 12-Nov-2015 and expiring 11-Nov-2016. I relinquished my season ticket on 06-Apr-2016 and the refund value was 2,101.90 including the 10.00 admin charge. The current weekly season ticket costs 100.00.

I’m unable to agree this number using the method mentioned on this forum – Cost of Weekly * (3.84 x (months) + 0.64 x (5-day periods) + 0.13 x (days)).

Could someone possibly please confirm that this refund value is correct?
Thanks
 
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Romilly

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This looks right to me.

When you bought your ticket, the base rate (which is the weekly rate in this case) will have been 3964/40 = 99.10

You had use of your ticket for 4 months and 26 days. You work out what it would have cost, at the time you bought your actual ticket, to buy a ticket for 4 months and 26 days. For the 4 months, that would have been 4 x 3.84 x 99.10 = 1,522.176 and for the 26 days that would have been 3.33 x 99.10 = 330.003 which gives a total of 1,852.179

You are entitled to a refund of 3964 - 1852.179 - 10 = 2,101.821

That has been rounded up in your favour to 2,101.90
 

Haywain

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This looks right to me.

When you bought your ticket, the base rate (which is the weekly rate in this case) will have been 3964/40 = 99.10

You had use of your ticket for 4 months and 26 days. You work out what it would have cost, at the time you bought your actual ticket, to buy a ticket for 4 months and 26 days. For the 4 months, that would have been 4 x 3.84 x 99.10 = 1,522.176 and for the 26 days that would have been 3.33 x 99.10 = 330.003 which gives a total of 1,852.179

You are entitled to a refund of 3964 - 1852.179 - 10 = 2,101.821

That has been rounded up in your favour to 2,101.90
Spot on. The multiplier for 4 months 26 days is 18.69 x weekly rate.
 

NeilJ

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7 Apr 2016
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I now see where I was going wrong - using the remaining period and not the used period.

Thanks very much for confirming. I can now use the calculation with confidence for my daughter, who is also shortly relinquishing her season ticket.
 

Romilly

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I trust you are aware that if a season-ticket holder is going to continue travelling, but on a different route, it can sometimes be more economic to exchange an existing season ticket for one for the new route, as opposed to surrendering the existing one and then buying a new one.
 

Hadders

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Sometimes changing to a very cheap season ticket (eg. Hatton to Lapworth or Lichfield City to Lichfield Trent Valley) can yield a higher refund.
 

NeilJ

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7 Apr 2016
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Thanks for the advice; we are both leaving the City permanently.
 
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