Government minister Vince Cable meets Newport Fairpak hamper campaigners

South Wales Argus: MEETING: Debbie Harvey and Jessica Morden MP for Newport East the Department for Business, Innovation and Skills where they met Vince Cable this week to discuss Farepak MEETING: Debbie Harvey and Jessica Morden MP for Newport East the Department for Business, Innovation and Skills where they met Vince Cable this week to discuss Farepak

A TOP government minister has said he is looking at how the government can stop a debacle like Farepak happening again after meeting Newport campaigners.

Vince Cable, business secretary, said the affair was "nothing short of scandalous" after meeting with two Newport campaigners,

Debbie Harvey, Alway councillor and secretary of the Farepak Victims Committee, teamed up with Newport East MP Jessica Morden and others to hammer out their concerns over Farepak.

Mr Cable said he was committed to supporting those affected by the collapse of the Christmas saving firm.

He said: "The victims' concerns are very real and I have instructed my officials to explore how government can help to prevent a similar issue happening again.

"This affair was nothing short of scandalous."

Cllr Harvey, who acted on behalf of the victims of the company ever since it went bust in 2006, said the issues surrounding the lack of regulation of pre-payment schemes were thrashed out with Mr Cable and his team.

"Mr Cable did say that he was happy for us to work with the people at his department and keep an open dialogue so we can work out feasible ways to put protection in place," she said.

Ms Morden said the committee has been given a link directly into the consumer protection team at the department for Business, Innovation and Skills.

"They are going to look at the detail of the complaints about insolvency and how we protect people's money in the future.

"It was a good chance to get things off their chest with him in person."

Cllr Harvey recently slammed an announcement from Farepak liquidators BDO that victims would have received around 50p in every £1 they were owed after a payment next month, saying it was misleading.

Customers and agents will receive 32p in the pound in a payment next month. The rest, 17.5p of the 50p, has been given to victims by a charity.

Comments (20)

Please log in to enable comment sorting

5:49pm Mon 16 Jul 12

Charlie1969 says...

Unfairpak can advise that the meeting that was set up by Yvonne Fovargue MP with Vince Cable did take place today.

Unfairpak were represented as were FVC, Yvonne Fovargue MP, Sir Ian McCartney, Ian Murray MP, Katy Clark MP and Jessica Morden MP were all in attendance along with various members of the Department of Business and Innovation.

Dr Cable did have an Agenda he wished to follow and detailed same but it turned out said Agenda was not adhered to. The Insolvency Service explained that they had not waited for a report from the Insolvency Practitioner but had in fact commissioned a "fact finding" enquiry into the collapse of the group. Their enquiries gave "cause for concern" regarding the directors' "conduct" and they accordingly decided to take against against the directors. The advised that 2 directors took undertakings while the other 9 chose to defend same.

Counsel had given the Insolvency Service a 50% chance of being successful. However, as witnesses began to give evidence and started contradicting themselves, it was evident that the case had to be dismissed. Unfairpak have to point out that the directors have been found guilty of NOTHING and have had the case against them dismissed.

The Insolvency Service advised that a "Lesson's Learned" will be commissioned by themselves for use in future cases.

Talk turned to "what to do next" and the subject of regulation of the pre-payment industry came up.

Sir Ian McCartney was very vocal regarding the success of the Christmas Pre-payment Association and Suzy Hall was able to advise that the CPA have been in talks with the Financial Services Compensation Authority. Suzy advised that the CPA are close to announcing shortly that the CPA and FSCA have agreed terms whereby if a member company had funds invested in a bank and that bank were to go to the wall, the FSCA would step in. The general consensus was that supermarkets with Christmas saving schemes should become members of the CPA. However, FVC pointed out that this would "not happen" as the CPA is "self-regulatory".

Unfairpak and Yvonne Fovargue MP will press the supermarkets again and ask if they will re consider. Suzy did advise Katy Clark and Jessica Morden after the meeting that a solicitor acting on behalf of a supermarket had called the CPA telephone line regarding how to go about joining the CPA. Suzy advised Jessica and Katy that the solicitor would not name which supermarket she was calling on behalf of.

Yvonne Fovargue mentioned many pre-payment schemes which are not regulated and stated that a "big sign" stating "your savings are not protected" should be above such schemes. Yvonne has a long history of working with Citizens Advice Bureau and Unfairpak felt it wrong that she did not get to speak longer given that it was her who secured the meeting.

FVC called for an enquiry into the administration/liqui
dation of Farepak Food & Gifts Limited. Mr Cable indicated that this would not be happening but that the Insolvency Industry as a whole would be looked at.

For the record, again, after the meeting, Suzy spoke to both Jessica and Katy and explained that the Liquidation Committee of Farepak Food & Gifts Limited were very "vocal" and when said Liquidation Committee were first presented fees to approve, we asked for a 10% discount and were given same. Suzy also advised Katy and Jessica that BDO had waived their fee in respect of dealing with the Farepak Response Fund and in dealing with the £8 million Mr Cable shamed Lloyds into donating. Both Jessica and Katy took on board Suzy's comments that perhaps had it been another liquidator acting, this may not have happened. Suzy also clarified with Jessica and Katy that the evidence presented to the Liquidation Committee proved that the liquidators should purse third parties.

During the meeting FVC indicated that BDO had "misled" the public into thinking they were getting 50% back in compensation. Suzy attempted to explain that the figures were set out in BDO's press release and with all the media work she had done, regarding the compensation, she had set out clearly that customers received 17.5 pence in the £ from the Farepak Response Fund in 2006 with a further 32 pence in the £ coming from the liquidators. Suzy did point out during the meeting that it was "thanks to Mr Cable" that Lloyds had been "shamed" into paying a further £8 million.

Unfairpak have to state that since the announcement by BDO we have had in excess of 150 members join our site. We have answered in excess of 200 emails and have lost count of the number of telephone calls that we have received on the information line. Not one single person has indicated to Unfairpak that they thought they were receiving 50% back. The queries have been in relation to claims, changes of address, change of names, sadly customers stating that they did not receive the 17.5 pence in £ from their Agents prior to Christmas 2006 and again, sadly, deaths.

Unfairpak have confirmed directly with BDO and have ascertained that a "mirrored image" of the Farepak database with all Agents names and addresses was sent to the Farepak Response Fund. Unfairpak can further confirm that all vouchers were sent out registered post to Agents by Park Group Plc.

Accordingly, Unfairpak completely refute FVC's allegation that BDO are "misleading" customers. We also completely refute FVC's allegation that Suzy, herself, has "misled" customers. As we have had contacts by various means in excess of 400 customers who eithere received the 17.5 pence or did not but who were all very clear that it was 32 pence in the £ that they would be receiving now.

The meeting was concluded and Unfairpak can confirm that Suzy was asked to "stay behind" by Vince Cable before the meeting actually started. Suzy had sensitive details to provide in respect of HBOS which she did not feel should be shared with anyone else. A full account of these details were taken and Unfairpak can confirm that we and Yvonne Fovargue have been advised to write to George Moody MP and Andrew Tyrie MP to call for everyone at HBOS in 2006 involved with Farepak, to be called and brought before the Treasury Select Committee.

Unfairpak can also confirm that in respect of our involvement with the Crown Currency Exchange Action Group, Suzy did pass on documentation to Mr Cable and asked him to investigate Barclay's role in this debacle. We shall continue to work with the Crown Currency Action Group and hopefully aid them in gaining a satisfactory result.

After the meeting Graham Hiscott from the Daily Mirror interviewed FVC and their respective MPs and Suzy Hall and Yvonne Fovargue in respect of the Daily Mirror's "Guard Our Cash" Campaign. Hopefully with the help of the Daily Mirror, we can flag up regulations which are lacking on behalf of customers.
Unfairpak can advise that the meeting that was set up by Yvonne Fovargue MP with Vince Cable did take place today. Unfairpak were represented as were FVC, Yvonne Fovargue MP, Sir Ian McCartney, Ian Murray MP, Katy Clark MP and Jessica Morden MP were all in attendance along with various members of the Department of Business and Innovation. Dr Cable did have an Agenda he wished to follow and detailed same but it turned out said Agenda was not adhered to. The Insolvency Service explained that they had not waited for a report from the Insolvency Practitioner but had in fact commissioned a "fact finding" enquiry into the collapse of the group. Their enquiries gave "cause for concern" regarding the directors' "conduct" and they accordingly decided to take against against the directors. The advised that 2 directors took undertakings while the other 9 chose to defend same. Counsel had given the Insolvency Service a 50% chance of being successful. However, as witnesses began to give evidence and started contradicting themselves, it was evident that the case had to be dismissed. Unfairpak have to point out that the directors have been found guilty of NOTHING and have had the case against them dismissed. The Insolvency Service advised that a "Lesson's Learned" will be commissioned by themselves for use in future cases. Talk turned to "what to do next" and the subject of regulation of the pre-payment industry came up. Sir Ian McCartney was very vocal regarding the success of the Christmas Pre-payment Association and Suzy Hall was able to advise that the CPA have been in talks with the Financial Services Compensation Authority. Suzy advised that the CPA are close to announcing shortly that the CPA and FSCA have agreed terms whereby if a member company had funds invested in a bank and that bank were to go to the wall, the FSCA would step in. The general consensus was that supermarkets with Christmas saving schemes should become members of the CPA. However, FVC pointed out that this would "not happen" as the CPA is "self-regulatory". Unfairpak and Yvonne Fovargue MP will press the supermarkets again and ask if they will re consider. Suzy did advise Katy Clark and Jessica Morden after the meeting that a solicitor acting on behalf of a supermarket had called the CPA telephone line regarding how to go about joining the CPA. Suzy advised Jessica and Katy that the solicitor would not name which supermarket she was calling on behalf of. Yvonne Fovargue mentioned many pre-payment schemes which are not regulated and stated that a "big sign" stating "your savings are not protected" should be above such schemes. Yvonne has a long history of working with Citizens Advice Bureau and Unfairpak felt it wrong that she did not get to speak longer given that it was her who secured the meeting. FVC called for an enquiry into the administration/liqui dation of Farepak Food & Gifts Limited. Mr Cable indicated that this would not be happening but that the Insolvency Industry as a whole would be looked at. For the record, again, after the meeting, Suzy spoke to both Jessica and Katy and explained that the Liquidation Committee of Farepak Food & Gifts Limited were very "vocal" and when said Liquidation Committee were first presented fees to approve, we asked for a 10% discount and were given same. Suzy also advised Katy and Jessica that BDO had waived their fee in respect of dealing with the Farepak Response Fund and in dealing with the £8 million Mr Cable shamed Lloyds into donating. Both Jessica and Katy took on board Suzy's comments that perhaps had it been another liquidator acting, this may not have happened. Suzy also clarified with Jessica and Katy that the evidence presented to the Liquidation Committee proved that the liquidators should purse third parties. During the meeting FVC indicated that BDO had "misled" the public into thinking they were getting 50% back in compensation. Suzy attempted to explain that the figures were set out in BDO's press release and with all the media work she [Suzy] had done, regarding the compensation, she had set out clearly that customers received 17.5 pence in the £ from the Farepak Response Fund in 2006 with a further 32 pence in the £ coming from the liquidators. Suzy did point out during the meeting that it was "thanks to Mr Cable" that Lloyds had been "shamed" into paying a further £8 million. Unfairpak have to state that since the announcement by BDO we have had in excess of 150 members join our site. We have answered in excess of 200 emails and have lost count of the number of telephone calls that we have received on the information line. Not one single person has indicated to Unfairpak that they thought they were receiving 50% back. The queries have been in relation to claims, changes of address, change of names, sadly customers stating that they did not receive the 17.5 pence in £ from their Agents prior to Christmas 2006 and again, sadly, deaths. Unfairpak have confirmed directly with BDO and have ascertained that a "mirrored image" of the Farepak database with all Agents names and addresses was sent to the Farepak Response Fund. Unfairpak can further confirm that all vouchers were sent out registered post to Agents by Park Group Plc. Accordingly, Unfairpak completely refute FVC's allegation that BDO are "misleading" customers. We also completely refute FVC's allegation that Suzy, herself, has "misled" customers. As we have had contacts by various means in excess of 400 customers who eithere received the 17.5 pence or did not but who were all very clear that it was 32 pence in the £ that they would be receiving now. The meeting was concluded and Unfairpak can confirm that Suzy was asked to "stay behind" by Vince Cable before the meeting actually started. Suzy had sensitive details to provide in respect of HBOS which she did not feel should be shared with anyone else. A full account of these details were taken and Unfairpak can confirm that we and Yvonne Fovargue have been advised to write to George Moody MP and Andrew Tyrie MP to call for everyone at HBOS in 2006 involved with Farepak, to be called and brought before the Treasury Select Committee. Unfairpak can also confirm that in respect of our involvement with the Crown Currency Exchange Action Group, Suzy did pass on documentation to Mr Cable and asked him to investigate Barclay's role in this debacle. We shall continue to work with the Crown Currency Action Group and hopefully aid them in gaining a satisfactory result. After the meeting Graham Hiscott from the Daily Mirror interviewed FVC and their respective MPs and Suzy Hall and Yvonne Fovargue in respect of the Daily Mirror's "Guard Our Cash" Campaign. Hopefully with the help of the Daily Mirror, we can flag up regulations which are lacking on behalf of customers. Charlie1969
  • Score: 0

7:01pm Mon 16 Jul 12

TLM says...

Well done at mastering copy and paste Charlie1969
Well done at mastering copy and paste Charlie1969 TLM
  • Score: 0

7:48pm Mon 16 Jul 12

Charlie1969 says...

TLM wrote:
Well done at mastering copy and paste Charlie1969
Should people not read the facts?

Unfairpak have clearly pointed out the facts regarding the meeting and I have copied and pasted. It is quite simple really!
[quote][p][bold]TLM[/bold] wrote: Well done at mastering copy and paste Charlie1969[/p][/quote]Should people not read the facts? Unfairpak have clearly pointed out the facts regarding the meeting and I have copied and pasted. It is quite simple really! Charlie1969
  • Score: 0

7:54pm Mon 16 Jul 12

TLM says...

Only came across this by accident as I have farepak on google alerts, I wanted to be kept informed of progress so that I could inform my customers (ex Farepak agent) and recalled seeing it on the unfairpak website of which I am a member. Did you also lose out Charlie?
Only came across this by accident as I have farepak on google alerts, I wanted to be kept informed of progress so that I could inform my customers (ex Farepak agent) and recalled seeing it on the unfairpak website of which I am a member. Did you also lose out Charlie? TLM
  • Score: 0

8:02pm Mon 16 Jul 12

Charlie1969 says...

TLM wrote:
Only came across this by accident as I have farepak on google alerts, I wanted to be kept informed of progress so that I could inform my customers (ex Farepak agent) and recalled seeing it on the unfairpak website of which I am a member. Did you also lose out Charlie?
Fortunately, I have never deposited money into a scheme such as Farepak. I am one of those who do not understand why you would choose to use such a scheme.

I am sorry to hear that you and your customers lost out however!
[quote][p][bold]TLM[/bold] wrote: Only came across this by accident as I have farepak on google alerts, I wanted to be kept informed of progress so that I could inform my customers (ex Farepak agent) and recalled seeing it on the unfairpak website of which I am a member. Did you also lose out Charlie?[/p][/quote]Fortunately, I have never deposited money into a scheme such as Farepak. I am one of those who do not understand why you would choose to use such a scheme. I am sorry to hear that you and your customers lost out however! Charlie1969
  • Score: 0

8:38pm Mon 16 Jul 12

TLM says...

Hindsight is a wonderful thing as they say, we'd saved that way for years, never thinking for a minute that it wasn't safe. Personally it suited me to save that way, I treated it as a standing order that had to be paid each month, I've tried saving in other ways but as a single parent there is always something else to spend the money on, children always want /need something lol. Could I be rude Charlie and ask why you follow the Farepak case if you didn't lose to it? As far as I am aware the only people with the slightest interest are those with a vested interest ie customers, oh and of-course those who wish to use it for their own personal gain such as politicians (not all of them I hasten to add)
Hindsight is a wonderful thing as they say, we'd saved that way for years, never thinking for a minute that it wasn't safe. Personally it suited me to save that way, I treated it as a standing order that had to be paid each month, I've tried saving in other ways but as a single parent there is always something else to spend the money on, children always want /need something lol. Could I be rude Charlie and ask why you follow the Farepak case if you didn't lose to it? As far as I am aware the only people with the slightest interest are those with a vested interest ie customers, oh and of-course those who wish to use it for their own personal gain such as politicians (not all of them I hasten to add) TLM
  • Score: 0

9:00pm Mon 16 Jul 12

Charlie1969 says...

TLM wrote:
Hindsight is a wonderful thing as they say, we'd saved that way for years, never thinking for a minute that it wasn't safe. Personally it suited me to save that way, I treated it as a standing order that had to be paid each month, I've tried saving in other ways but as a single parent there is always something else to spend the money on, children always want /need something lol. Could I be rude Charlie and ask why you follow the Farepak case if you didn't lose to it? As far as I am aware the only people with the slightest interest are those with a vested interest ie customers, oh and of-course those who wish to use it for their own personal gain such as politicians (not all of them I hasten to add)
You are not being rude in the slightest, Insolvency interests me greatly.

As for politicians, as Plato stated, "Those who are too smart to engage in politics are punished by being governed by those who are dumber.".
[quote][p][bold]TLM[/bold] wrote: Hindsight is a wonderful thing as they say, we'd saved that way for years, never thinking for a minute that it wasn't safe. Personally it suited me to save that way, I treated it as a standing order that had to be paid each month, I've tried saving in other ways but as a single parent there is always something else to spend the money on, children always want /need something lol. Could I be rude Charlie and ask why you follow the Farepak case if you didn't lose to it? As far as I am aware the only people with the slightest interest are those with a vested interest ie customers, oh and of-course those who wish to use it for their own personal gain such as politicians (not all of them I hasten to add)[/p][/quote]You are not being rude in the slightest, Insolvency interests me greatly. As for politicians, as Plato stated, "Those who are too smart to engage in politics are punished by being governed by those who are dumber.". Charlie1969
  • Score: 0

9:03pm Mon 16 Jul 12

Dee-Gee says...

Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual.
Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual. Dee-Gee
  • Score: 0

9:08pm Mon 16 Jul 12

Charlie1969 says...

Dee-Gee wrote:
Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual.
Did you save this way also Dee-Gee?
[quote][p][bold]Dee-Gee[/bold] wrote: Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual.[/p][/quote]Did you save this way also Dee-Gee? Charlie1969
  • Score: 0

9:11pm Mon 16 Jul 12

TLM says...

Plato is the man hahaha love that quote, and Dee many members of my family were my customers including sister and aunty. Must admit I have been really disheartened by some of the media saying us savers were the poorest of society, that is soooo not true, my sister is extremely affluent, she has a fantastic job, her husband was then MD and now actually owns the company, similar situation for the rest of my customers. We just liked to save this way, and when we got the vouchers it felt like they were a gift and took the pressure off Christmas.
Plato is the man hahaha love that quote, and Dee many members of my family were my customers including sister and aunty. Must admit I have been really disheartened by some of the media saying us savers were the poorest of society, that is soooo not true, my sister is extremely affluent, she has a fantastic job, her husband was then MD and now actually owns the company, similar situation for the rest of my customers. We just liked to save this way, and when we got the vouchers it felt like they were a gift and took the pressure off Christmas. TLM
  • Score: 0

9:22pm Mon 16 Jul 12

Charlie1969 says...

TLM wrote:
Plato is the man hahaha love that quote, and Dee many members of my family were my customers including sister and aunty. Must admit I have been really disheartened by some of the media saying us savers were the poorest of society, that is soooo not true, my sister is extremely affluent, she has a fantastic job, her husband was then MD and now actually owns the company, similar situation for the rest of my customers. We just liked to save this way, and when we got the vouchers it felt like they were a gift and took the pressure off Christmas.
I can see the attraction. However, are the hampers not of poor value? Or did you save for vouchers?

It is extremely hard to comprehend how a company like Farepak could fail if you were actually a doomed customer. I had great discussions at the time regarding the fact that customers would never have known about holding/group companies.

I do have great compassion for the savers. It may not have seemed that way in my stating that I did not "understand" why you would choose to save in this manner.

I do firmly believe that to attain a dividend of 32p is an incredible achievement in any liquidation and this I why I congratulate Unfairpak, not berate them!
[quote][p][bold]TLM[/bold] wrote: Plato is the man hahaha love that quote, and Dee many members of my family were my customers including sister and aunty. Must admit I have been really disheartened by some of the media saying us savers were the poorest of society, that is soooo not true, my sister is extremely affluent, she has a fantastic job, her husband was then MD and now actually owns the company, similar situation for the rest of my customers. We just liked to save this way, and when we got the vouchers it felt like they were a gift and took the pressure off Christmas.[/p][/quote]I can see the attraction. However, are the hampers not of poor value? Or did you save for vouchers? It is extremely hard to comprehend how a company like Farepak could fail if you were actually a doomed customer. I had great discussions at the time regarding the fact that customers would never have known about holding/group companies. I do have great compassion for the savers. It may not have seemed that way in my stating that I did not "understand" why you would choose to save in this manner. I do firmly believe that to attain a dividend of 32p is an incredible achievement in any liquidation and this I why I congratulate Unfairpak, not berate them! Charlie1969
  • Score: 0

9:37pm Mon 16 Jul 12

TLM says...

We always got vouchers, I found the hampers/goods very expensive, with the vouchers you got your moneys worth with a little commission for the agent and interest for Farepak, how could it possibly fail? When Directors played fast and loose with our money is how gggrrrr
We always got vouchers, I found the hampers/goods very expensive, with the vouchers you got your moneys worth with a little commission for the agent and interest for Farepak, how could it possibly fail? When Directors played fast and loose with our money is how gggrrrr TLM
  • Score: 0

9:41pm Mon 16 Jul 12

arvinda strop says...

Not Knocking anyone who saved this way everyone to there own.
My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme.
To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief.
Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked.
Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.
Not Knocking anyone who saved this way everyone to there own. My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme. To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief. Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked. Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops. arvinda strop
  • Score: 0

9:43pm Mon 16 Jul 12

Charlie1969 says...

TLM wrote:
We always got vouchers, I found the hampers/goods very expensive, with the vouchers you got your moneys worth with a little commission for the agent and interest for Farepak, how could it possibly fail? When Directors played fast and loose with our money is how gggrrrr
I feel the hampers offer extremely poor value for money and this is where I cannot see the attraction.

One supposes with the voucher scheme, you are receiving £ for £ and as you state, TLM, a little commission for the Agents which I assume would have given them the incentive to become an Agent in the first place.
[quote][p][bold]TLM[/bold] wrote: We always got vouchers, I found the hampers/goods very expensive, with the vouchers you got your moneys worth with a little commission for the agent and interest for Farepak, how could it possibly fail? When Directors played fast and loose with our money is how gggrrrr[/p][/quote]I feel the hampers offer extremely poor value for money and this is where I cannot see the attraction. One supposes with the voucher scheme, you are receiving £ for £ and as you state, TLM, a little commission for the Agents which I assume would have given them the incentive to become an Agent in the first place. Charlie1969
  • Score: 0

9:51pm Mon 16 Jul 12

Charlie1969 says...

arvinda strop wrote:
Not Knocking anyone who saved this way everyone to there own.
My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme.
To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief.
Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked.
Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.
And as "banker" did they ever attempt to "withdraw" money?
[quote][p][bold]arvinda strop[/bold] wrote: Not Knocking anyone who saved this way everyone to there own. My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme. To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief. Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked. Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.[/p][/quote]And as "banker" did they ever attempt to "withdraw" money? Charlie1969
  • Score: 0

8:03am Tue 17 Jul 12

arvinda strop says...

Charlie1969 wrote:
arvinda strop wrote:
Not Knocking anyone who saved this way everyone to there own.
My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme.
To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief.
Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked.
Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.
And as "banker" did they ever attempt to "withdraw" money?
Yep but were met with the same reply as unfairpak would have given,
if they were short I lent them.
how would they manage if the money was in a voucher scheeme.
[quote][p][bold]Charlie1969[/bold] wrote: [quote][p][bold]arvinda strop[/bold] wrote: Not Knocking anyone who saved this way everyone to there own. My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme. To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief. Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked. Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.[/p][/quote]And as "banker" did they ever attempt to "withdraw" money?[/p][/quote]Yep but were met with the same reply as unfairpak would have given, if they were short I lent them. how would they manage if the money was in a voucher scheeme. arvinda strop
  • Score: 0

8:42am Tue 17 Jul 12

Dee-Gee says...

Charlie1969 wrote:
Dee-Gee wrote: Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual.
Did you save this way also Dee-Gee?
Not myself, no - just remember the extended family doing it
[quote][p][bold]Charlie1969[/bold] wrote: [quote][p][bold]Dee-Gee[/bold] wrote: Can't speak for Charlie, but I've been following the case because I have fond memories of my nan and aunties saving that way - poring over the catalogs was a yearly ritual.[/p][/quote]Did you save this way also Dee-Gee?[/p][/quote]Not myself, no - just remember the extended family doing it Dee-Gee
  • Score: 0

6:03pm Tue 17 Jul 12

Charlie1969 says...

Representatives from the Farepak Victims Committee and MPs have met with the Secretary of State for Business, Innovation and Skills, Vince Cable, to discuss the decision of The Insolvency Service to drop legal proceedings against former Farepak directors. On 20th June it was announced that efforts to disqualify seven former directors of Farepak and parent company European Home Retail (EHR) for a period of up to fifteen years had been dropped. Around 120,000 people lost money when the Farepak Christmas Savings Firm went into liquidation October 2006, the average amount lost being around £400. The meeting covered a range of topics including the urgent need for better regulation to protect consumers in the pre-payment industry.


Speaking on the subject Member of Parliament for North Ayrshire and Arran, who in April attempted to amend the Financial Services Act, to give greater protection to pre-payment customers, said:


“Over five years on from the collapse of Farepak it is disappointing to see that lessons have not been learnt. Pre-payment customers buying anything from gift vouchers to fridges or cookers still have next to no protection if a company they have paid into is forced into administration or liquidation. Many are simply unaware of the potential risk involved of making payments in advance in this way.”


“Unfortunately the Minister was unable to provide answers about why he was unwilling to support efforts in Parliament to amend the law. I am however encouraged that he has agreed that civil servants should enter into consultation with representatives from the Farepak Victims Committee on this issue. I hope they are willing to listen to their experiences and advice and take the measures necessary.”


Chair of the Farepak Victims Committee Louise McDaid said:


“We welcomed the chance to meet with the Secretary of State and discuss our campaign with him. It is completely unacceptable that the vast majority of those responsible for the Farepak collapse have simply been allowed to move on as if nothing had happened while those who lost out have yet to receive a penny of their money back.”


“While the meeting was not as productive as we would have liked we welcome the opportunity to enter into discussions with his Department on pre-payment regulation. We must now grasp this opportunity to ensure that another Farepak can never be allowed to happen again. The fight for justice goes on.”


Yes, I have copied and pasted this from Unfairpak website.
Representatives from the Farepak Victims Committee and MPs have met with the Secretary of State for Business, Innovation and Skills, Vince Cable, to discuss the decision of The Insolvency Service to drop legal proceedings against former Farepak directors. On 20th June it was announced that efforts to disqualify seven former directors of Farepak and parent company European Home Retail (EHR) for a period of up to fifteen years had been dropped. Around 120,000 people lost money when the Farepak Christmas Savings Firm went into liquidation October 2006, the average amount lost being around £400. The meeting covered a range of topics including the urgent need for better regulation to protect consumers in the pre-payment industry. Speaking on the subject Member of Parliament for North Ayrshire and Arran, who in April attempted to amend the Financial Services Act, to give greater protection to pre-payment customers, said: “Over five years on from the collapse of Farepak it is disappointing to see that lessons have not been learnt. Pre-payment customers buying anything from gift vouchers to fridges or cookers still have next to no protection if a company they have paid into is forced into administration or liquidation. Many are simply unaware of the potential risk involved of making payments in advance in this way.” “Unfortunately the Minister was unable to provide answers about why he was unwilling to support efforts in Parliament to amend the law. I am however encouraged that he has agreed that civil servants should enter into consultation with representatives from the Farepak Victims Committee on this issue. I hope they are willing to listen to their experiences and advice and take the measures necessary.” Chair of the Farepak Victims Committee Louise McDaid said: “We welcomed the chance to meet with the Secretary of State and discuss our campaign with him. It is completely unacceptable that the vast majority of those responsible for the Farepak collapse have simply been allowed to move on as if nothing had happened while those who lost out have yet to receive a penny of their money back.” “While the meeting was not as productive as we would have liked we welcome the opportunity to enter into discussions with his Department on pre-payment regulation. We must now grasp this opportunity to ensure that another Farepak can never be allowed to happen again. The fight for justice goes on.” Yes, I have copied and pasted this from Unfairpak website. Charlie1969
  • Score: 0

7:46pm Sat 21 Jul 12

chris227 says...

I bet after visiting newport vince cable wants to move here. you can see him with a peacocks tracksuit and a staffy shopping in poundland.
I bet after visiting newport vince cable wants to move here. you can see him with a peacocks tracksuit and a staffy shopping in poundland. chris227
  • Score: 0

9:35pm Sun 22 Jul 12

arvinda strop says...

arvinda strop wrote:
Charlie1969 wrote:
arvinda strop wrote:
Not Knocking anyone who saved this way everyone to there own.
My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme.
To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief.
Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked.
Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.
And as "banker" did they ever attempt to "withdraw" money?
Yep but were met with the same reply as unfairpak would have given,
if they were short I lent them.
how would they manage if the money was in a voucher scheeme.
And then the voucher scheeme went to the wall .
No that will never happen will it !!!!
[quote][p][bold]arvinda strop[/bold] wrote: [quote][p][bold]Charlie1969[/bold] wrote: [quote][p][bold]arvinda strop[/bold] wrote: Not Knocking anyone who saved this way everyone to there own. My wife and myself had many a "disscussion" on the value of the vouchers saving scheeme. To spend all year saving say £400 and after 12 months to be given back just £400 worth of vouchers and then to be told where you could spend it to me beggars belief. Thankfully I convinced my wife and three daughters to let me act as banker re. no loss of money they had £421 each back and were told to shop wherever they liked. Please think before you pay into such scheems they profit twice from the interest accrued and rebate from the participating shops.[/p][/quote]And as "banker" did they ever attempt to "withdraw" money?[/p][/quote]Yep but were met with the same reply as unfairpak would have given, if they were short I lent them. how would they manage if the money was in a voucher scheeme.[/p][/quote]And then the voucher scheeme went to the wall . No that will never happen will it !!!! arvinda strop
  • Score: 0

Comments are closed on this article.

click2find

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree