What do I do?

vikkiewing

Hi,
I have a holiday to  with Spain booked TUI in June. I have paid £600 deposit and the final payment of another £600 is due today. I have spoken to TUI who have refused to refund the deposit but have said I can change the holiday to a later date free of charge.

I am concerned that I will not be able to go on the holiday because of the current Corona outbreak and am reluctant to pay the remaining money with out a guarantee that I will get it back if my fight is cancelled. If I change my Holiday to a later date I am concerned TUI might go bust.  

I do have travel insurance not sure if I'm covered because someone told me that you have to purchase virus cover? 

If I don't pay the remaining balance today I lose my £600 deposit and this won't be covered by insurance.

What would you do?  ...
A) cut my losses and lose the £600 deposit
pay the remaining balance of £600 and risk losing it all
C) change the date of the holiday and hope TUI won't go bust (the new holiday would require me to pay more Money today also as it would cost more therefore larger deposit) .

Also I want to add, I know this is a nicer problem to have given everything that is happening right now, I am thankful for mine and my family's health and that I have the means to go on holiday. I would just like to know what to do for the best, and would be very grateful for any advice? 

Browntoa

Pay the balance today and change the dates

bradders1983

If they go bust it is ATOL protected. The risk of you losing your money is zero.

bagand96

TUI are ATOL protected.  So if they go bust your money paid to them should be safe and you could reclaim via the ATOL scheme.  So options 2) or 3) you don't risk losing it all.  Option one you lose £600 today.

Blue_sky101

I would pay the remaining balance but don’t change the dates yet unless TUI have said there’s a deadline to this. If TUI goes bust your booking would still be ATOL protected and you’d get a refund.
 TUI could cancel the holiday closer to the time depending on situation with air travel, especially to Spain. Even then you’d only be due a refund in ATOL protected vouchers rather than cash. If you don’t use it towards another holiday and let it expire, you can have a cash refund. ATOL protection on vouchers expires on 31/07/2020 but subject to change depending on travel disruption.  

vikkiewing

Thanks everyone for your advice, everyone has the same opinion and I feel much more reassured now. I think I will pay the remaining balance and way to see what happens. Fingers crossed everything will be back to normal by then.