farepak

  mad1234 14:12 17 Oct 2006
Locked

i am a farepak agent & have just found out yesterday that the company has gone down the swanny. i unfortunatly made my last payment on Friday - the very day they went into liquidation. since then i have found out that they froze their shares 2 months ago & have known that they have been in trouble since around june of this year yet they have still been accepting my payments and acting as if nothing was wrong.
Personally i think they are a discrace.
i feel completly ripped off, both myself & my customers have now lost our orders & stand to only get a percentage of our money back (possibly)

  Jak_1 14:18 17 Oct 2006

I sympatise with you but I very much doubt you will see any of your hard earned cash again.The directors should be taken to court for illeagal trading (knowingly accepting cash whilst also knowing the company was going into receivership).5 years in Her Majesty's hotel would be a just punishment for the directors!

  johndrew 14:49 17 Oct 2006

On the subject of con artists click here

  Cymro. 15:02 17 Oct 2006

Then sad thing I find is that the people who suffer the most are those that can least afford to loose the money, customers and small suppliers. It is not the well off that go in for this sort of thing but people who find it helps them to save for Christmas. Personally I don`t think it a good way of saving money for Christmas but that is not the point. I bet the directors come up at the end of all smelling of roses and probably starting another similar limited company under a different name.

  def90csw 16:09 17 Oct 2006

It can work the other way, i bought a hi fi system last year on nothing to pay for 6 months, the company went bust the next day & seems they shredded all paperwork. The creditors & bank imformed me when i asked that they had not knowledge of me ever being a customer!

  Cymro. 16:59 17 Oct 2006

Nice one, that is what I call very jammy.

  josie mayhem 21:25 17 Oct 2006

First time I've ever used a saving scheme....

So now have a very basic christmas, if one at all...

For me at least my children are old enough to understand what implications are involved...

My oldest daughter is in the same boat as me, and feeling even more gutted because it was her idea that we saved via her friend...

  €dstowe 22:33 17 Oct 2006

I feel for you but perhaps next year you could set up a scheme like my secretary does for my studio employees.

There is a building society account and the scheme allows each member to buy one or more "shares" every week for fifty weeks. The shares cost a pound so, the week before Christmas the money is drawn from the building society and you get £50 + interest for each share you had. (A couple of procedural points 1. if someone leaves the scheme before the due time, they get their contributions back but without interest. 2. the BS account should be in at least two joint names as protection against any possible underhand dealings.)

I know several groups that have taken up this idea - including the building society where the account is held. We've been running a scheme for many years now with great success.

Simple and very effective.

  mad1234 07:47 18 Oct 2006

thats what i'm going to do for next year but for this year, well it's a total loss isn't it.
people don't think that there will be a problem saving with a big company like farepak thats been running since 1981. i have been an agent for about 8 years now but never again!
once bitten twice shy!

  TOPCAT® 12:51 18 Oct 2006

but I have posted in Consumerwatch some advice from Martin Lewis' website. I hope it will help some unfortunate people caught up in this. TC.

  anchor 14:02 18 Oct 2006

€dstowe:

The Pathology department in the hospital where my wife worked, had a very similar scheme. It worked very well for years.

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