Some Farepak Help

pennylane99

Emmzi wrote:

I just wanted to suggest that this post may be better on the charities board??

its already on that board, the OP has posted it on several......

evie451

When I heard the Farepak news I must admit I felt quite sick. This must be awful for the people involved which is quite often whole extended families the way the agents worked but.....The kids will still get a christmas It might not involve the latest games console or computer. I am in two minds whether to donate anything to this as the banks behind farepak are not short of money they just don't want to set a precedent of reimbursing people. I have a friend whos sister has been offered £37 for the £600 she put in!!:eek:

Gemmzie

The thing is with this Farepak business is that it plays on the people who have very little money sense anyway.

You put in X amount and get either the same back or sometimes less. Where's the sense in that - stick it in a high interest savings account for the year. Save your Tesco clubcard vouchers, Nectar point etc and budget like everyone else has to.

As others have said, yes it's sad for them but it is only money and that isn't what Christmas is supposed to be about. And there are much more worthy causes out there and children even in this country who have no idea that Christmas is different to any other day of the year.

Pobby

Ah but the point is in my book,why have Farepak gone bust.Surely they have had incredible cash flow positive.Apart from admin and a bit of commision to their agents,so far their expenditure has been very little.So where has the cash gone I wonder?

immoral_angeluk

Pobby wrote:

Ah but the point is in my book,why have Farepak gone bust.Surely they have had incredible cash flow positive.Apart from admin and a bit of commision to their agents,so far their expenditure has been very little.So where has the cash gone I wonder?

I'm guessing a nice big mansion in barbados.

oakdale_minx

I think the bit that made me wince was an article on the news last night. A lady interviewed said that she wouldn't be able to get the children as many presents this year and would have to take out a loan.........ouch.... I felt like saying 'NO YOU DON'T' - get yourself over to MSE, check out the Old Style Board and use what money you do have (even if it is a few pounds) and make something from that - there are some amazing things going on with MSE'ers making hampers stuffed full of goodies for just a few pounds.

I do feel sorry for those who have lost the money, but she was just very blase about getting a loan.

sandralovescats

The wrath and ire should be directed at the Bank who foreclosed on Farepak, knowing full well how much it would affect millions of people in the UK.

domestic_goddess

I do have full symapathy with the people that have lost all that money but I saw on the news a single parent who had lost £2000. Thats almost £200 a month saved - I cant afford to do that and we have two salaries coming in!!

If they can afford to put that much away throughout the year and bearing in mind the last payment was in October then they can surely afford to put that much to one side in Nov and Dec. Thats £400. Which is more than I am spending.

I hope I have put that clearly


x

Phoenix79_2

Like everyone else I feel sorry for the families affected but maybe its me....but i just don't 'get' why people trust these hamper companies with their savings? Surely it would be best off in a savings account at their bank?

Also the media frenzy over it leaves a bad taste in my mouth. Companies go into liquidation every day....people lose their jobs....people don't get paid wages etc. I don't see there being a whip round for these people? I'm dealing with 45 liquidations at the moment at work and i'm sure the creditors would like their cases fought in the media like the farepak case is. The people who invested in farepak have lost their christmas money and that is a shame.....but they haven't lost their jobs have they?

moozie_2

sandralovescats wrote:

The wrath and ire should be directed at the Bank who foreclosed on Farepak, knowing full well how much it would affect millions of people in the UK.

Just to set the facts right, the Farepak customers affected are 150,000 according to the Guardian http://money.guardian.co.uk/consumernews/story/0,,1951348,00.html