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

joanne0620

Although not affected by this, I've read through the whole thread and it makes for some distressing reading, I really hope that all those that have lost money manage to claw all (or at least some) of your hard earned money back.

My heart really really goes out to you all.

Edinburghlass_2

[HTML]Firstly can I point out the reason why I became a Farepak agent 15 years ago, this may help the one or two on here who don't understand the concept. I was a stay at home mum of 2 girls under 2, husband on a low wage, mortgage to pay etc. Remember 15 years ago, there was NO benefits for low wage earners. I tried to do all sorts of small things to bring money in, one becoming a Farepak agent, friends in the same situation saved for vouchers with me, and I got some commission at Xmas, which I counted on to help buy presents. As I my circumstances got better, started a part time job, I continued with farepak as my customers were happy.[/HTML]

Thanks for this post toozie I think it explains it well especially the fact that you started this 15 years ago, to many, many people this way of saving was like the man from the Prue coming for your insurance money on a weekly basis.

In this age of internet banking and of having a plentiful choice of banks etc its very easy to damn this kind of thing but to many it was part of Christmas and who are we to criticise either on the method of saving or the amount of savings although when people are talking about thousands they are the agents and I think you'll find its very few people who are actually saving great amounts for their own Christmas.

Miss_Muffet_2

Just checked Farepaks site now and noticed that they have made a small alteration to it. For those who had their emails bounced back when they claimed via that, they now have a drop down box when you click on the email, and submit all your details on to that. Just done mine again just to be sure.

CopperPlate_2

Have read about this in the press and just waded through the last 19 pages or so. Never having been a part of this I can only imagine what is going through the minds of those who have saved all year with the prospect of a good Christmas paid for through the vouchers.

It's easy to be sanctimonious and say that you would never use a scheme like this or others similar, but at the end of the day it is the prospect of a harder Christmas and the thought of savings having been squandered by a company you trusted that is the most difficult thing to imagine.

10 weeks to go isn't a long time when you've had 42 or so before it to prepare. Good luck to everyone who is looking to get something back from Farepack and I hope that you can all find a way to enjoy Christmas this year.

gibby

I know a little about why this happened

Choice went bust a few months ago and left a hole of over 20M

the head company went back to the bank to arrange further borrowing but were not successful straight away but given hope they could be

another firm wanted to buy most of the other companies in the group and a deal was put together by the management & it has been worked on for quite some time, but when they went back to the bank last week HBOS were more concerned about the money they were owed, rather than the customers, the agents and the staff.

as hbos decided to look after their own interests the customers the agents the staff and shareholders lost everything
this company could have been saved and continued to trade.

Im really sad for all the customers and staff
farepak were a good firm and didnt deserve their treamtnt by HBOS

However their are still asssests that can be sold off
depending on this goes there may be money left in the kitty

G

Edinburghlass_2

Miss_Muffet wrote:

Just checked Farepaks site now and noticed that they have made a small alteration to it. For those who had their emails bounced back when they claimed via that, they now have a drop down box when you click on the email, and submit all your details on to that. Just done mine again just to be sure.

Please make sure you copy and paste what you say into an email to yourself if you are using this so you have a copy of what you have said to them.

trisontana

An "interesting" article here about the big boss of the company :-

http://www.dailyrecord.co.uk/news/tm_headline=merry-misery-&method=full&objectid=17948589&siteid=66633-name_page.html

And another about that so-called "ring fence"

http://www.eveningtelegraph.co.uk/output/2006/10/17/story8869333t0.shtm

oops_a_daisy

On GMTV this morning they said that any payments that were paid in in the couple of days before they announced bankruptcy ( sorry about the spelling ) are going to be ring fenced - a little ray of hope for some although they also said that really a few months worth should be ring fenced as they knew well in advance not just a couple of days. They were also asking for pressure to be put on the companies and inland revenue that were owed money by Farepak to write off the debts so that more money will go back to the people that lost money.
I also was not inmpressed by 2 of the Directors living in 2 million pound homes - want to know where your money went, you wont have to look too far. A personal trainer turned up at one of the houses however the occupants were out - nice to know what your money went on

matto

http://www.farepak.co.uk/info.asp?page=aboutus

As one of the founding members of the Hamper Industry Trade Association, we adhere to the HITA Code of Practice to ensure the security of your savings and the safe delivery of your hampers and gifts.

Unfortunately despite the deceipt unless the directors have done something wrong there's no way of sueing the company.

Much of the blame needs to be directed towards the bankers.

trisontana

Three Counties Radio have just had a spokesman from the Hamper Industry Trade Association, who was not a happy bunny. He was raising the question, (which has been asked here) about why, when Farepak suspended its shares in August, did they still continue taking money up till last week. He said that they were going to carry out a full-scale investigation to see if Farepak broke the rules of the association.

Other things he did mention was that about 750,000 people are in these sort of saving schemes, and that all the other hamper companies are now owned by one plc.