farepack and hsbc

  cream. 06:56 05 Dec 06
Locked

I have just been on the hsbc web site. It says that if you are a farepack customer and have payed by their debit or credit card. You could get the monies refunded.

click here

they might be a bit of Christmas cheer for some.

  WhiteTruckMan 08:17 05 Dec 06

this may be more of a PR gesture than anything else. The nature of farepaks buisness model had lots of 'agents' going out collecting payments in cash. I dont think even the cleverest of lawyers is going to be able to make a case of using a card in an atm to withdraw the cash to pay the agent, but the law as we know it does work in a funny old way...

WTM

  The Brigadier 08:43 05 Dec 06

Those who did not pay by credit card will get 4p in the £1. Nice to see Farepacks ex MD put so much in to the fund!

  spuds 10:52 05 Dec 06

Yesterday evening on BBC1 at 7.30pm 'Real Story with Fiona Bruce', the Farepak event was under investigation. Listening and taking into consideration as to what was stated, I think we have not heard the last of this by any means, and certain people could well be feeling rather nervous as more things come to light.

  Spark6 12:09 05 Dec 06

It's possible that some 'agents' banked the monies collected and paid through their own debit/credit cards.

  wee eddie 15:01 05 Dec 06

The earnings of the board members of the Companies involved in the Group, which includes Klean-eze and a couple of other companies.

I am not certain that Farepack actually made a loss, but I do know that Farepack's funds were used to subsidise the losses of other Group members and pay the Directors, Salaries, Bonuses and Dividends.

  GANDALF <|:-)> 15:40 05 Dec 06

'I am not certain that Farepack actually made a loss'...their parent company had bought another company but the move proved to be disastrous with £34 million being lost. Not many companies can take this sort of hit.

'but I do know that Farepack's funds were used to subsidise the losses of other Group members '..I'm sure that as you have been in business you will know that companies in the same group fall under the same umberella for support. This is perfectly legal.

'pay the Directors, Salaries, Bonuses and Dividends'...perfectly legal.

There is a lot of rubbish being aired about this. The company ran a savings scheme and even those of limited intelligence should have known the risks as rocket science it ain't. In all the articles that I have read and all the 'heartbroken' images of forlorn people with obligatory weeping child on the TV, a few things strike me....
1) not one person has considered that there were a lot of staff mwho lost their jobs and will be facing a bleak christmas.
2) the scheme had no protection. No one had even bothered to read the T&C or even asked questions about the safety of such companies.
3) Not one Farepak refugee has ever mentioned a single pensioner who has lost his/her pension due to the collapse of a pension company and there have been many. You see the Farepak people have lost ONE Xmas, no pension = no Xmas for ever.

Call me harsh but it is about time people started taking responsibility for their own actions.

G

  Vangeliska 15:51 05 Dec 06

Harsh, uncaring, unfeeling is that enough??

  Kate B 15:56 05 Dec 06

*applauds Gandalf*

  Vangeliska 16:01 05 Dec 06

To be expected!

  Spark6 16:07 05 Dec 06

I realise you love playing devil's advocat, but seriously, have you never made a mistake? No tongue- in- cheek response, please.

PS: I too am a pensioner and appreciate where you're coming from on that score.

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