Farepak savers about to get 50% of the money they lost

10 July 2012

Farepak-warehouse-008 The Farepak saga has been around even longer than Bitterwallet, and it looks like it might finally be drawing to a fairly satisfactory conclusion.

The liquidators of the company, which collapsed in 2006 with 114,000 creditors, most of whom were savers, have said that those unlucky savers will be getting 32p for every pound that they had pumped into Farepak.

There will also be an £8m ex-gratia payment to customers and agents courtesy of Lloyds Banking Group, which will be sent out in August. That will take the final payout to 50p in the pound.

Suzy Hall, the national campaign co-ordinator of victim group Unfairpak, is happy with the final payout, saying: "This is a much better outcome than we expected – to get 50p overall when we started with nothing in the pot, and then [were offered] just 4p for every £1. I'm extremely happy."

If you think you might be a Farepak creditor but haven’t yet registered, you've still got 21 days to come forward, and you can find out more at Unfairpak’s site…

TOPICS:   Banking

6 comments

  • Chewbacca
    "Farepak savers about to 50% of the money they lost" That makes no sense.
  • vibeone
    Stupid poor people use Farepak, so they don't deserve a penny!
  • Vibe o.
    Oh dear vibe one the oh mighty wealthy and wise one..... What a dick! Can't you even think that your mummy probably used them or similar before she went on the game. Must be boring for you if you have troll bitterwallet
  • oliverreed
    I think vibeone is a little harsh here, however I share the sentiment, why give your hard-earned vouchers with the Queen's head on to a grubby company that in return gives you vouchers with limited use? Why not have a savings account?
  • wcbar1
    Your having a laugh, save in a bank, have you not read the headlines lately. Vibe, your words are nasty. I was not poor, just found it a way of saving for Christmas and along with my Mum who is a pensioner we saved over a £1000.00. So now Vibe, go and lose £1000 somewhere, then come back and tell me how you feel. Toss pot
  • Dick
    Un-fair-pak. Racist.

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