BusinessBusiness RecoveryFarepak victims yet to be paid

Farepak victims yet to be paid

The government was unable to help victims of the collapsed savings club Farepak get compensation before Christmas

Consumer minister
Gareth
Thomas
confirmed yesterday that a payment date for the victims of
Swindon-based Farepak savings club collapse had yet to have been set.

In a ministerial statement, Thomas said creditors, including customers, were
expected to get about 5p in every pound returned.

‘It is not yet possible to confirm when a payment will be made to customers,
as every agent and customer claim must be finalised before this can take place,’
he said. ‘All claims for money must first be verified and checked to ensure they
are not duplicated by agents and customers.’

Some 150,000 families lost about £40m in savings when the firm went into
administration in October 2006.

Further reading:

Farepak victims to be paid – after Christmas

E&Y avoids Farepak inspection

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