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With Commuter Club, we provide you with an annual season ticket, and you pay for this via an initial payment and a loan, repaid in monthly payments.
When you cancel your ticket, we use the refund from your ticket towards early settlement of the loan. Depending on when you cancel, there may be an additional amount required to settle the loan, or there may be an amount refunded to you.
The refund value of an annual ticket is calculated using National Rail rules. These take the cost of the ticket, minus what weekly or monthly tickets would have cost for the duration that the ticket was held. This means that the discount of the annual ticket is lost, (and the ticket has no refund value in the last 6 weeks of validity).
Your outstanding loan amount is calculated by taking the amount you have borrowed plus interest and other costs, and deducting repayments made.
If the refund value of the ticket is greater than outstanding loan amount, we will repay the difference to you.
If the refund value of the ticket is less than the outstanding loan amount, you will pay the difference to allow us to settle the loan on your behalf.
An example agreement has a monthly payment of £251, with a 50% discount in month 1 (i.e. a payment of £125 in month 1).
A cancellation is requested, and the ticket is returned after 6 months of use.
The ticket has a refund value of £1148. This is calculated by taking the cost of the ticket (£2708) less the cost of 6 monthly tickets (£260 x 6 = £1560).
The outstanding value of the loan is approximately £1410.
The difference is £1410 - £1148 = £262 that would be owed if cancelled at this point.
Unlimited travel in your zones for 12 months using all public transport including tube, bus and more.
Unlimited travel on your route for 12 months.