Originally Posted by
corporate-wage-slave
That is my understanding, or rather that it is more likely you will get an eVoucher unless it's a very small amount (£20 or thereabouts) in which case it's just a cash refund. However anything in this space is not guaranteed, many FTers have complex bookings, and it would not surprise me if the residual was a new FTV. So I wouldn't personally advocate that course of action. It's better still not to make bookings that end up in this logic.
Thanks C-W-S. I guess the holy grail is then to book a flight in March/April that has a decent chance of cancellation (Nashville, New Orleans have been suggested) for as close to the sum on the original FTV. Best case you then get full cash refund, worst case you end up with another FTV and are back where you started