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  • FIRST POST
    • bulldogbaker
    • By bulldogbaker 12th Sep 17, 1:27 PM
    • 1Posts
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    bulldogbaker
    Season Ticket Loan
    • #1
    • 12th Sep 17, 1:27 PM
    Season Ticket Loan 12th Sep 17 at 1:27 PM
    I took out a season ticket loan in September 2016 through work and it was to be taken out of my salary pre-tax.

    The first payment came out in October 2016 and I had assumed that it came out for the following 9 months.

    However, I applied for my new season ticket loan this month and have been told that only one payment was made last year which has only just been noticed

    Before I can take out a new loan, I'm being asked to come up with a repayment scheme for this which will be on top of my new loan.

    Anyone have any ideas what I can do?
Page 1
    • Guest101
    • By Guest101 12th Sep 17, 1:40 PM
    • 15,147 Posts
    • 14,752 Thanks
    Guest101
    • #2
    • 12th Sep 17, 1:40 PM
    • #2
    • 12th Sep 17, 1:40 PM
    What do you mean you assumed?


    I know what I get paid every month and if I had an extra £x in my pay packet I'd query it.


    Ultimately it's your debt and you need to pay it
    • Undervalued
    • By Undervalued 12th Sep 17, 2:02 PM
    • 3,112 Posts
    • 2,838 Thanks
    Undervalued
    • #3
    • 12th Sep 17, 2:02 PM
    • #3
    • 12th Sep 17, 2:02 PM
    I took out a season ticket loan in September 2016 through work and it was to be taken out of my salary pre-tax.

    The first payment came out in October 2016 and I had assumed that it came out for the following 9 months.

    However, I applied for my new season ticket loan this month and have been told that only one payment was made last year which has only just been noticed

    Before I can take out a new loan, I'm being asked to come up with a repayment scheme for this which will be on top of my new loan.

    Anyone have any ideas what I can do?
    Originally posted by bulldogbaker
    Sorry but it is as much your responsibility as your employer's to check that you are being paid the correct amount! All you can do it try and agree a reasonable repayment schedule and check everything more carefully in future.
    • Takeaway_Addict
    • By Takeaway_Addict 12th Sep 17, 2:11 PM
    • 5,610 Posts
    • 6,418 Thanks
    Takeaway_Addict
    • #4
    • 12th Sep 17, 2:11 PM
    • #4
    • 12th Sep 17, 2:11 PM
    Sorry but it is as much your responsibility as your employer's to check that you are being paid the correct amount! All you can do it try and agree a reasonable repayment schedule and check everything more carefully in future.
    Originally posted by Undervalued
    Its more the OP's responsibility tbf
    Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked
    • Undervalued
    • By Undervalued 12th Sep 17, 3:03 PM
    • 3,112 Posts
    • 2,838 Thanks
    Undervalued
    • #5
    • 12th Sep 17, 3:03 PM
    • #5
    • 12th Sep 17, 3:03 PM
    Its more the OP's responsibility tbf
    Originally posted by Takeaway_Addict
    Indeed. I was being polite!
    • Savvy_Sue
    • By Savvy_Sue 12th Sep 17, 5:13 PM
    • 37,657 Posts
    • 33,972 Thanks
    Savvy_Sue
    • #6
    • 12th Sep 17, 5:13 PM
    • #6
    • 12th Sep 17, 5:13 PM
    Anyone have any ideas what I can do?
    Originally posted by bulldogbaker
    1. start budgeting for an almost double season ticket payment for the coming year - if that's a problem, head over to the Debt Free board - and hope your employer will accept that
    2. Find the money to pay off the balance of last year's loan, advice about the Debt Free board as above
    3. START READING YOUR PAYSLIPS! Yes, I'm shouting. If your employer had offered a bonus or payrise equivalent to the amount of your loan, would you have noticed if they only paid it once? No? Then what else might they be getting wrong?
    Seriously, not long ago we noticed that someone's salary had been incorrectly entered on the payroll system - a transposition of digits meant that they'd been underpaid. Of course we corrected it immediately, apologised profusely, and made the backpayment as soon as we could. But they could have spotted this sooner if they'd just taken their gross monthly salary, multiplied it by 12 and registered that the result didn't match their offer letter!
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • Savvy_Sue
    • By Savvy_Sue 12th Sep 17, 5:16 PM
    • 37,657 Posts
    • 33,972 Thanks
    Savvy_Sue
    • #7
    • 12th Sep 17, 5:16 PM
    • #7
    • 12th Sep 17, 5:16 PM
    Thought of a 4th option:

    • Buy your own season ticket, perhaps for a shorter period, using your own money, and pay off last year's loan as fast as you can.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • Kayalana99
    • By Kayalana99 12th Sep 17, 6:05 PM
    • 3,318 Posts
    • 5,950 Thanks
    Kayalana99
    • #8
    • 12th Sep 17, 6:05 PM
    • #8
    • 12th Sep 17, 6:05 PM
    Thought of a 4th option:

    • Buy your own season ticket, perhaps for a shorter period, using your own money, and pay off last year's loan as fast as you can.
    Originally posted by Savvy_Sue
    Or don't buy one at all this year to pay off the first one...
    People don't know what they want until you show them.
    • Savvy_Sue
    • By Savvy_Sue 12th Sep 17, 6:32 PM
    • 37,657 Posts
    • 33,972 Thanks
    Savvy_Sue
    • #9
    • 12th Sep 17, 6:32 PM
    • #9
    • 12th Sep 17, 6:32 PM
    Or don't buy one at all this year to pay off the first one...
    Originally posted by Kayalana99
    Well, my reasoning goes that even a weekly season ticket is likely to save money over daily fares, and the longer the season ticket is for the more you save (as long as you don't have any periods of extended sickness!)

    So the OP will save money by buying a season ticket. If the employer won't agree to spreading the payments for pretty much two tickets over one year - or even won't give a loan at all until the first one is paid off! - then that's probably a better option than paying for daily journeys.

    I absolutely agree that the OP should have noticed this, but I would hope the employer would accept that they must have made a mistake and be reasonable about the repayments. Having said that, if it is a local authority or similar, they may say that their hands are tied, it must be paid in full immediately etc.

    Oh, and another heads up to the OP: if you leave your job before your season ticket(s) is (are) fully paid for, you will have to surrender the ticket or pay the full balance from your final salary, I wouldn't expect any negotiation about that. So if you're thinking of moving on, start saving now as well as paying for both tickets ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • Brighty
    • By Brighty 13th Sep 17, 9:27 AM
    • 684 Posts
    • 346 Thanks
    Brighty
    Oh, a TRAIN season ticket, i did think it odd that an employer would give a loan to buy a football season ticket, lol
    • Kayalana99
    • By Kayalana99 13th Sep 17, 9:39 AM
    • 3,318 Posts
    • 5,950 Thanks
    Kayalana99
    Oh, a TRAIN season ticket, i did think it odd that an employer would give a loan to buy a football season ticket, lol
    Originally posted by Brighty
    I thought it was football too.
    People don't know what they want until you show them.
    • bouicca21
    • By bouicca21 13th Sep 17, 10:21 AM
    • 3,098 Posts
    • 3,825 Thanks
    bouicca21
    It might be worth doing your sums about the savings from an annual season ticket. For my journey I worked out that the savings were just about equal to my annual leave entitlement, so unless I planned to use the season ticket at weekends and other days off, there wasn't a lot in it. I started buying monthlies instead, so that I was sure I would get full benefit.
    • TrickyDicky101
    • By TrickyDicky101 13th Sep 17, 1:04 PM
    • 2,689 Posts
    • 1,742 Thanks
    TrickyDicky101
    I'd like to know where I can get a loan for a season ticket that is repaid through untaxed income - sounds like a great, albeit tax-evasive, idea.
    • Savvy_Sue
    • By Savvy_Sue 13th Sep 17, 6:39 PM
    • 37,657 Posts
    • 33,972 Thanks
    Savvy_Sue
    I'd like to know where I can get a loan for a season ticket that is repaid through untaxed income - sounds like a great, albeit tax-evasive, idea.
    Originally posted by TrickyDicky101
    Well surely it's just another 'salary sacrifice' thing? Or it's not out of untaxed income?

    It's a very long time since I had an annual season ticket, but my employer at the time used to provide loans for them - Central London.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 1 shawl, 2 pairs baby bootees,
    1 Wise Man Knitivity figure, 1 sock ...
    Current projects: 1 shawl, t'other sock (just about to turn the heel!)
    • jobbingmusician
    • By jobbingmusician 13th Sep 17, 7:40 PM
    • 18,689 Posts
    • 18,974 Thanks
    jobbingmusician
    There is another slightly worrying thing. Employers are not supposed to give tax free loans, so in theory you should also owe your employer interest.....
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    • bouicca21
    • By bouicca21 13th Sep 17, 9:56 PM
    • 3,098 Posts
    • 3,825 Thanks
    bouicca21
    When I used to get a season ticket loan it was under an arrangement sanctioned by HMRC. I expect it's still the same ...
    • burnoutbabe
    • By burnoutbabe 15th Sep 17, 8:28 PM
    • 1,291 Posts
    • 1,857 Thanks
    burnoutbabe
    interest free loans are allowed (under £8k or so)

    I've never seen an option for a pre tax loan though?
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