Farepak in administration: What to do? (Merged Thread)

fizzyhelen

Farepak_Victims_Committee wrote: »

Please sign and support Farepak e-petition.

Go to Government E-Petition and search Farpak.

Thank you.

http://epetitions.direct.gov.uk/petitions/18820

worldtraveller

Five years after Farepak went bust, ruining Christmas for nearly 120,000 savers, the fees for dealing with the administration have overtaken any amount customers can hope to receive.

The great majority of customers are still waiting to receive some of their money back, which is expected to total £5.53m. However, this is dwarfed by £8.2m earned by lawyers, administrators, insurers and media relation executives during both the administration and liquidation of the company, according to fresh documents filed at Companies House.

BDO, as administrator and now liquidator, has already earned fees equating to £3.8m, excluding VAT.

Nearly 120,000 people lost an average of £400 when Farepak went into administration in 2006. Most of the group’s customers were from low-income families, who used the saving scheme to buy presents for their family.

However, the administration and now liquidation has dragged on for five years while various legal challenges have been mounted. In that time the liquidators, lawyers and even public relations consultants have been earning fees.
So far, the only Farepak savers who have received any payments are about 6,000 customers who paid in cash in the last few days before the business folded. Their money was kept in a ring-fenced account.

Telegraph

Frankly, this should not be a surprise to anyone that has any experience of these things!

Merry Christmas to all of those on the fees gravy train!

mumof3plusoh

They are all a bunch of scum bags who have cashed in on everyone who lost out. I myself lost £800, my mum was the agent and she lost £600, other friends and neighbours lost out to a total of £2500. :mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

It is about time their got their finger out and put this to bed. Oh that would be the luxury ones they sleep soundly in each night.:mad::mad::mad::mad::mad:

I was fortunate and earned enough to allow me to get a 0% credit card so that I could give my kids a Christmas that year.

I have played catch up ever since and only ever pay the cc off by the time next christmas arrives, then have to take out another to pay for the following christmas. I am determined to sort this out once and for all. I am sick of being in debt through no fault of my own as I had saved hard all year so that I would not be in debt.:mad::mad::mad::mad::mad:

tigerfeet2006

Mumof3plusoh, google credit union and you town and/or county and find your nearest. They have a brilliant Christmas saving scheme.

mumof3plusoh

Cheers for that Tigerfeet. We do have a Credit union in town.

I am so scared of investing money into anything else so I joined the Sealed pot challenge thread on Aug 30th, opened the pot on 1st Dec and had managed to save £135!!!:j

Joined SPC5 ready for Christmas. If I save £1 a day for a yr I will have £366!!!!;)

mumof3plusoh

Not gone mad it is a leap yr :rotfl:

tigerfeet2006

I do a sealed pot and they are brilliant. But a CU is regulated and honestly lovey it is a great thing to have as a back up. They are run by the people, for the people. Please think about it seriously.

wongawonga

At last some money for Farepak Savers http://www.independent.co.uk/news/uk/crime/bank-gives-away-8m-to-exfarepak-hamper-customers-7920336.html

worldtraveller

Customers and agents of Farepak, the Christmas savings firm, will ultimately receive half of the money they lost when the company collapsed.

Now liquidators BDO have confirmed that final payments will be made to those who lost out at the end of August.

BDO has confirmed that a payment of about 32p in the pound will be made, which includes a share of the £8m from Lloyds Banking Group.

When added to the 17.5p in the pound given by the Farepak Response Fund charity, set up by the government in 2006, customers will have received a total of approximately 50p in the pound, BDO said.

Former customers and agents who have changed their address since they made their original claim should inform the Farepak claims management team of the alteration.

BBC News

willeynotwiley

has anyone actually heard anything about this from anyone other than news reports?