Season Ticket Loan

bulldogbaker

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 :mad:

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?

Guest101

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

bulldogbaker wrote: »

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 :mad:

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?

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

Undervalued wrote: »

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.

Its more the OP's responsibility tbf

Undervalued

Takeaway_Addict wrote: »

Its more the OP's responsibility tbf

Indeed. I was being polite!

Savvy_Sue

bulldogbaker wrote: »

Anyone have any ideas what I can do?

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!

Savvy_Sue

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.

Kayalana99

Savvy_Sue wrote: »

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.

Or don't buy one at all this year to pay off the first one...:D

Savvy_Sue

Kayalana99 wrote: »

Or don't buy one at all this year to pay off the first one...:D

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 ...

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

Brighty wrote: »

Oh, a TRAIN season ticket, i did think it odd that an employer would give a loan to buy a football season ticket, lol

I thought it was football too. :rotfl: