Farepak families fund is launched

[AnguaVonUberwald]

I was totally shocked at the complete disregard of the Farpak company for any notion of decency but hopefully this is a bit of good news!

"A new fund is being set up to help the thousands of families affected by the collapse of the Farepak hamper firm.
The Minister for Consumer Affairs, Ian McCartney, said the Farepak Response Fund was being established with help from York-based charity Family Fund.

He said Tesco had pledged £250,000 and called on other firms to help.

Swindon-based Farepak ran a savings scheme for 150,000 people for vouchers and Christmas hampers, but collapsed in October without offering compensation.

In another development, Sainsbury's has agreed that Farepak customers can get 25% of the value of their savings in Sainsbury's vouchers."

full story here

oh i wont have to go to hatfield, they run one at the community centre down the rd.

I do think the company behaved badly but I tend to disagree with the outraged 'someone should DO something' line. It's very sad but it isn't the end of the world. There are many better causes to give money to.

So did Equitable Life, Jan. But no one's running to provide my BIL with a pension .

Call me cynical but it's a great way for the govt and other retailers generate themselves some goodwill PR for not that much effort. Agree about Equitable. They didn't do anything there but of course that wasn't so newsworthy. This is close to Christmas, easy pics for tabloids of sad looking children who will have nothing for christmas etc.

I imagine the shortfall at Equitable was a bit bigger?

Oh yes but also not as easily fixable nor so fantastically PR friendly to those companies wanting to 'help'.

I read somewhere that the bloke who owned farepak is worth 75 million and that the money needed to pay back the customers is 2 million. He should pay them back individually out of his own pocket.

But the effect of the losses from Equitable have a much more far-reaching effect on the victims than the relatively small losses incurred through Farepak. This is one Christmas for them. For Equitable's customers it's their whole retirement.