Thomas Cook Flight - October 2019 advice needed please

liver1977
liver1977 Posts: 5 Forumite
in Overseas holidays & travel planning
I booked a return flight with Thomas Cook at the weekend for an upcoming holiday in October. Since then I have become aware of their financial situation and the real possibility of them ceasing to exist as a company. Innocently I booked using my debit card the cost totaling £1100. I have checked the invoice and it states the flights are not ATOL protected. I am now very worried there is a real possibility I will lose all my money if they go bust before our holiday. I am looking for some advice please on what if anything I can do? the flights are non refundable. Hopefully all being well their rescue deal will be successful.
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Comments

  • Alan_Bowen
    Alan_Bowen Posts: 4,850 Forumite
    Name Dropper First Anniversary First Post
    No, all is not lost. Although debit cards do not carry the same protection as credit cards, there is a voluntary scheme in the UK to refund monies paid for services not delivered. This means if the worst comes to the worst you will get your money back, and hopefully everything will be resolved before you travel in any event
  • jimbo6977
    jimbo6977 Posts: 1,226 Forumite
    First Anniversary First Post Name Dropper
    The losing bondholders have been paid out due to US bankruptcy protection and Fosun, the Chinese part-owners, have deep enough pockets if they want to commit.

    TC (ie essentially Fosun) has a big decision to make about whether to sell its airline and de-integrate its tour operations or to invest massively in expanding its air operations to match Jet2 and similar companies. The former option looks like the low-risk strategy but do they have the expertise in that very crowded market?

    Meanwhile their (profitable) hotel operation is expanding.
  • 0779mike
    0779mike Posts: 71 Forumite
    First Post First Anniversary Combo Breaker
    My understanding from what I read yesterday is that there is meeting on Friday 27th Sept when the creditors (including bondholders) will be asked to vote on the new financing arrangements. If accepted TC will continue but this is certainly not a done deal yet.

    Filing for bankruptcy protection in the US may help but bondolders will want certainty that the CDS (loss insurance) will pay out and that will be decided by a committee of bankers and others.

    Or have I missed something ?

    As someone who is booked to travel on a package holiday on 17th October I am keen to know.

    PS. I don't want my money back, I want my holiday :)
  • Westin
    Westin Posts: 5,938 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Is it worth keeping to just one Thomas Cook thread? Otherwise pertinent information might get overlooked.
    https://forums.moneysavingexpert.com/showthread.php?t=6048380
  • liver1977
    liver1977 Posts: 5 Forumite
    I have been in contact with Lloyds Bank regarding claiming my money back through the chargeback scheme. As mentioned previously I booked with my debit card and the flights are unfortunately not ATOL protected. Lloyds were very unhelpful which I expected. They stated after quite a while on the phone have I contacted the company to which I stated there is no one to call? eventually they advised me to state all in a letter with details of the debit card used, correspondence they are no longer in operation and copies of invoices. I took travel insurance out last week they stated it covers this scenario. Should I claim from the insurance company and chargeback from the bank or try the bank first?
  • bradders1983
    bradders1983 Posts: 5,684 Forumite
    First Anniversary Name Dropper First Post
    Just ask them to start a Section 75 chargeback.
  • Flood2013
    Flood2013 Posts: 23 Forumite
    First Anniversary First Post Combo Breaker
    CAA site says refunds likely to take 2 months! I paid for our package holiday next week, by debit card. Tried to use charge back scheme with Nationwide and told tough wait for ATOL. Any other suggestions, as I need refund to book another holiday!
  • bradders1983
    bradders1983 Posts: 5,684 Forumite
    First Anniversary Name Dropper First Post
    Apply for a credit card with 0% for a while, and use that.
  • bagand96
    bagand96 Posts: 6,098 Forumite
    Name Dropper First Anniversary First Post
    Flood2013 wrote: »
    CAA site says refunds likely to take 2 months! I paid for our package holiday next week, by debit card. Tried to use charge back scheme with Nationwide and told tough wait for ATOL. Any other suggestions, as I need refund to book another holiday!

    Unfortunately ATOL will take however long it takes. One report I saw suggested Thomas Cook had a million forward bookings. Even if only 25% of those are UK ATOL protected then that’s 250,000 claims to be processed.

    I know it doesn’t help you in terms of booking another holiday. But you will see your money again. Eventually.
  • TadleyBaggie
    TadleyBaggie Posts: 6,048 Forumite
    First Anniversary Name Dropper First Post
    bradders1983 wrote: »
    Just ask them to start a Section 75 chargeback.
    For a debit card transaction...???
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