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Repaying Season Ticket Loan?

tain
tain Posts: 716 Forumite
Part of the Furniture 500 Posts Name Dropper Combo Breaker
in Loans
I got a season ticket loan through my work, which is six months paid off. I'm now leaving so have £2400 left on my ticket to pay back to my work.

I can cover this by just getting a refund on my season ticket and using that money to pay back my work. But then I would need to buy a monthly ticket, which is both more expensive than yearly and has gone up at the start of the year. So paying monthly works out around £2700 for the next six months.

Is a loan likely to be cheaper? Or would that be a bit short sighted or no as simple maths as I think it might be? Is it possible to get a loan that is paid off after six months - can I just get a year loan and repay early, covering their early payment charges as it's still cheaper?

Comments

  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    The cheapest solution would probably be a 0% money transfer card.
  • tain
    tain Posts: 716 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Ben8282 wrote: »
    The cheapest solution would probably be a 0% money transfer card.

    Thanks - are they likely to have a credit limit near what I'm looking for? The two from the MSE eligibility calculator are 100% and 95% likely, but doesn't talk about how much they would transfer up to.
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The limit depends on your circumstances.

    If you can get accepted for a money transfer, you're very unlikely to get a limit of less than what you need.
  • tain
    tain Posts: 716 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Deleted_User wrote: »
    The limit depends on your circumstances.

    If you can get accepted for a money transfer, you're very unlikely to get a limit of less than what you need.

    Excellent, thanks
  • redux
    redux Posts: 22,995 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    On the season tickets, it's possible to save a bit, down towards almost the annual price.

    You can buy a ticket for a month plus some days, so start on a Monday, or the Tuesday after a bank holiday, and finish on a Friday. And one bought today or tomorrow could finish the Thursday before Good Friday. Then from the following Tuesday to the Friday before the second May bank holiday. In effect you get 24 or 25 days travel for the price of a month plus a couple of days.

    Fit around your holidays as well, and you can get through a year for about the cost of ten and a half months, and not need to borrow as much.
  • tain
    tain Posts: 716 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    redux wrote: »
    On the season tickets, it's possible to save a bit, down towards almost the annual price.

    You can buy a ticket for a month plus some days, so start on a Monday, or the Tuesday after a bank holiday, and finish on a Friday. And one bought today or tomorrow could finish the Thursday before Good Friday. Then from the following Tuesday to the Friday before the second May bank holiday. In effect you get 24 or 25 days travel for the price of a month plus a couple of days.

    Fit around your holidays as well, and you can get through a year for about the cost of ten and a half months, and not need to borrow as much.

    I use my travelcard at weekends, so this wouldn't work. Thanks though.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    Have you tried negotiating with work to see whether you could pay it off in installments?
  • dano17439
    dano17439 Posts: 366 Forumite
    Part of the Furniture 100 Posts
    ViolaLass wrote: »
    Have you tried negotiating with work to see whether you could pay it off in installments?


    Usually all debts have to be repaid at time of leaving.


    Agreed if you haven't got the money to pay it off, then a 0% money transfer credit card is the way to go. Don't get a bank loan for a couple of grant, the interest rate will be horrendous
  • tain
    tain Posts: 716 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    ViolaLass wrote: »
    Have you tried negotiating with work to see whether you could pay it off in installments?

    I think they'd laugh at an ex-employee promising to pay back a few thousand pound. They're a charity anyway, so I don't think they'd even be allowed to take that risk.
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