Worried about Thomas Cook?

jillie1974

how about what will happen to employees if the company goes?

wallbash

Mike.Stones_Co-op_Travel wrote: »

Thomas Cook is not broke! It will probably make £300 million this year. If it ends up with an "overdraft" of £990 million, then that is less than 4 years income. I am sure many of you fellow MSE have a mortgage plus debts equalling 4 years of your salary.

What matters, is whether you can make the payments on the loan. Thomas Cook operates in many different countries, and has assets of £6,000 million - 6 times the amount it is borrowing.

It is a profitable business, fully bonded, and will continue to function! I have shown my faith by buying 5,000 shares yesterday, even though their High Street shops are often an annoying competitor to my own business!

I Should have taken that advice , shares have risen 9%

Olokia

My honeymoon is booked through Thomas Cook but it is a First Choice holiday so I should be fine. If they do go before I pay the final amount, I guess I would pay First Choice instead?

Quentin

jillie1974 wrote: »

how about what will happen to employees if the company goes?

The employees aren't worrying too much about the customers, so don't worry too much about them!

They have voted to say they want to go on strike as a way of fighting the redundancies at TC!

So there's another unnecessary worry for anyone booking with them - will they be on strike the day you are supposed to go on your holiday?

jillie1974

Quentin wrote: »

The employees aren't worrying too much about the customers, so don't worry too much about them!

They have voted to say they want to go on strike as a way of fighting the redundancies at TC!

So there's another unnecessary worry for anyone booking with them - will they be on strike the day you are supposed to go on your holiday?

actually, cabin crew have voted to go on strike not the retail staff.

and no date has been set i believe. and why shouldnt i worry about the staff? i have family and friends who work for the company

Quentin

jillie1974 wrote: »

actually, cabin crew have voted to go on strike not the retail staff.

The retail staff going on strike won't upset too many customers holiday arrangements will it?

(And the retail staff need to start smelling the coffee, as the remaining high street travel agents are surely going to be superceded by the net!)

travellerboy

theloft wrote: »

We were just about to book a cruise with Holland America via Thomas Cook for us and 2 friends. I understand that if I used my credit card I would be protected under Section 75 for the cost of the cruise for my wife and I, but would our friends also be covered if the same cedit card was used ? Thankyou. Also would ABTA come into it at all ? The cruise is ex UK so no flights involved.

You will be covered whether you use a Credit Card or Visa Debit Card.
I was always under the belief that only Credit Cards were covered under section 75 Consumer Credit Act., but NOT correct.

By using a Visa Debit Card you are equally covered by 'Visa Chargeback Guarantee' providing the issuing Bank have agreed in their T&C. and you need not pay the normal 2-2.5% CC Fee.
Paul Lewis of BBC Moneybox mentioned this earlier today on TV and I later checked with my Bank and they confirmed they honour the Visa Guarantee.

I am a HAL fan as well and always book mine with www.vivavoyage.co.uk always significantly cheaper than anywhere else.

dazza.mk

travellerboy wrote: »

You will be covered whether you use a Credit Card or Visa Debit Card.
I was always under the belief that only Credit Cards were covered under section 75 Consumer Credit Act., but NOT correct.

By using a Visa Debit Card you are equally covered by 'Visa Chargeback Guarantee' providing the issuing Bank have agreed in their T&C. and you need not pay the normal 2-2.5% CC Fee.
Paul Lewis of BBC Moneybox mentioned this earlier today on TV and I later checked with my Bank and they confirmed they honour the Visa Guarantee.

Visa chargeback rules aren't as strong as Section 75. With Section 75 your credit card company is jointly liable, with Visa chargeback rules the bank will attempt to regain the money from Thomas Cook, but if they are unable to regain the money then they have no liability personally.

travellerboy

dazza, I agree the difference is in the words - it would appear to be more strength in the C.C.Act. That is why I checked directly with the bank before paying the balance of my cruise with my Visa Debit Card saving me over £110.

I have read exactly what you have written from many sources on the web but I wanted certainty and the assurance from my bank.
They re-affirmed that in the event of the company defaulting or going into liquidation they would guarantee a total refund but there would be a delay of about 30 days to repay to your account.

I am not advising others to do what I do, just giving the information and would also recommend them getting advice directly from their bank before paying any large amount especially for holidays in the current climate.

For further infor people can read - http://whatconsumer.co.uk/visa-debit-chargeback/

kdol

Can anyone advise on the likely outcome on the following. Booked flights direct with TC using debit card for a group (8) going to Turkey. Have booked hotel etc with an abtaa/atol agent.
What would happen if TC were unable to arrange the flights - just to complicate the matter the plane TC had scheduled was from Mint who I believe are now bust themselves!! If no flights how are we placed with the hotel costs etc?

What a mess ... or is it??