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