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Time to change the deposit scheme?


ProperTea
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So next year will be the 14th year that Glastonbury charge £50 in October and then the full balance nearer the festival.

In 2009 when the scheme was introduced, that meant paying £50 in October and then a balance of £125.

14 years later and with rising ticket costs the scheme now is likely to see you paying £50 in October and then a balance of £245.

Is it time they split this up in to three of even four payments, to help with cashflow, and to enable those on lower incomes to attend the festival?

Edited by ProperTea
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3 minutes ago, ProperTea said:

So next year will be the 14th year that Glastonbury charge £50 in October and then the full balance nearer the festival.

In 2009 when the scheme was introduced, that meant paying £50 in October and then a balance of £125.

14 years later and with rising ticket costs the scheme now is likely to see you paying £50 in October and then a balance of £245.

Is it time they split this up in to three of even four payments, to help with cashflow, and to enable those on lower incomes to attend the festival?

No.

The system works fine, I think.

You have months to save up for your ticket, if you cannot do this and need an instalment scheme to allow you to go, you are terrible with money management and probably cannot really afford to go.

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Just now, maelzoid said:

No.

The system works fine, I think.

You have months to save up for your ticket, if you cannot do this and need an instalment scheme to allow you to go, you are terrible with money management and probably cannot really afford to go.

Would make it more palatable for many, especially with the current cost of living crisis. It's not necessarily a case of need more just that is an option that would help some people which many other fests do.

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When securing the ticket you just need to set up a savings pot for the festival. I threw £50 a month in to keep ticket money separate to my other outgoings. 
 

What you need to do is make sure that money isn’t touched until it’s time to pay the ticket off. Whether you’re paying it in 3 instalments or a one off sum it’s still the same money over the period of time. 

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2 minutes ago, squirrelarmy said:

When securing the ticket you just need to set up a savings pot for the festival. I threw £50 a month in to keep ticket money separate to my other outgoings. 
 

What you need to do is make sure that money isn’t touched until it’s time to pay the ticket off. Whether you’re paying it in 3 instalments or a one off sum it’s still the same money over the period of time. 

This is how to do it. And plenty of bank accounts have this kind facility.

I am all for financial independence and responsibility.

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not really sure what this has to do with the deposit?

In theory the way it is currently is the most friendly to low-incomes, no? For people not good at budgeting, then I don't see why a payment plan couldn't be offered but then you would effectively be asking for money earlier.

 

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12 minutes ago, ProperTea said:

So next year will be the 14th year that Glastonbury charge £50 in October and then the full balance nearer the festival.

In 2009 when the scheme was introduced, that meant paying £50 in October and then a balance of £125.

14 years later and with rising ticket costs the scheme now is likely to see you paying £50 in October and then a balance of £245.

Is it time they split this up in to three of even four payments, to help with cashflow, and to enable those on lower incomes to attend the festival?

For tax and VAT reasons, the festival want the bulk of the money as close to the festival as possible. 

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Not sure what's stopping people paying the initial deposit then saving the ticket cost up themselves between Oct and April and paying the balance. Same costs would need to be paid over the same period. Does the festival really need to go to the expense of setting a system up to do this when ticket holders could take care of it themselves? Or are you suggesting the payment window is extended later, with the final instalment being paid in May or June?

Edited by Johnnyseven
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7 minutes ago, Johnnyseven said:

Not sure what's stopping people paying the initial deposit then saving the ticket cost up themselves between Oct and April and paying the balance.

This works in theory until you're absolutely broke and have mouths to feed. Suddenly Glastonbury becomes less of a priority, and the savings are re-prioritised. "Just save up" doesn't work on the poorer end of the socio-economic spectrum.

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14 minutes ago, Punksnotdead said:

End of the road festival allows you to make multiple payments between deposit day and deadline day I think?

 

They did but not this year.

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3 minutes ago, kalifire said:

This works in theory until you're absolutely broke and have mouths to feed. Suddenly Glastonbury becomes less of a priority, and the savings are re-prioritised. "Just save up" doesn't work on the poorer end of the socio-economic spectrum.

Then how would they be able to afford to pay the instalments when they're due? If they're in that situation it would be better if the funds were available to them to feed the family than tied up in a payment plan.

Edited by Johnnyseven
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Just now, Johnnyseven said:

Then how would they be able to afford to pay the installments?

Having to find seventy quid four times over six months can be easier than having to find two hundred and fifty in one go.

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7 minutes ago, kalifire said:

Having to find seventy quid four times over six months can be easier than having to find two hundred and fifty in one go.

Edited - I don't really want to get into an argument about this.

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4 minutes ago, Punksnotdead said:

Wasn't that just because the deadline day was much earlier because of the VAT? Be interested if they bring it back (not that I've ever used it).

I had assumed they were doing it again as I'd booked another ticket after I had paid for mine as my son decided to go. I paid a deposit and when I went back in a month or so later to pay off a bit more I only had the option to pay off the balance. I hope they reinstate this too as it's easier when you're doing 3 festivals.

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I can't believe they haven't introduced an installment plan already if I'm honest.

I think it would potentially be a good move to be able to pay it off as and when you like, a bit like a 0% finance plan from the day you pay your deposit to the March deadline date.

Then you open it up to everybody to do their own thing. You could pay it all off in October, pay off a bit a week, split it into 3, wait until the last day.

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43 minutes ago, ProperTea said:

So next year will be the 14th year that Glastonbury charge £50 in October and then the full balance nearer the festival.

In 2009 when the scheme was introduced, that meant paying £50 in October and then a balance of £125.

14 years later and with rising ticket costs the scheme now is likely to see you paying £50 in October and then a balance of £245.

Is it time they split this up in to three of even four payments, to help with cashflow, and to enable those on lower incomes to attend the festival?

it doesn't make it any more ffordable for those on low incomes by costing the same with different payments, might make it more manageable. to afford.

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30 minutes ago, stuie said:

For tax and VAT reasons, the festival want the bulk of the money as close to the festival as possible. 

I don’t see how this is a factor. I’m not an accountant but I am self employed, when I earn my income in a reporting period is irrelevant, the tax liability is the same, income is income regardless of when you receive it. It would be somewhat odd if the timing of income in a reporting period had an impact on how much tax you pay.

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If they let people pay in instalments then you'd just get more people moaning especially if they don't like say the only headliner to be announced pre x-mas i reckon. If people are paying in instalments you couldn't really do what they did this year when they dropped the line mid balance window for instance.

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