FairPack Collapse and Charity fund.

[Rave]

I do feel very sorry for the people who've lost money, but at the same time I basically don't have a pot to piss in, so my plan for Christmas has always to buy cheap but meaningful presents for my friends and family.

For sure the directors of Farepak should all be forced to pay up, but equally people should realise that Christmas isn't about the amount of cash you have to spend.

I personally think that this company's failure is the tip of the iceberg. Luckily for me I have a stable job and I owe the banks money. If I was in credit I'd have withdrawn my funds long ago and stuck them into phisical gold. We're doomed, Doomed I tell you.....

[badass]

Fairpak's collapse was triggered by another similar schame collpasing, causing the companies that provided the vouchers to stop offering the vouchers before being paid for them.
This happened a lot earlier this year. They thought that they could survive and continued taking peoples money even though the business was set for collapse.
So these business used to run on a model where they relied on getting the goods before paying for them.
This is why I inherently distrust and form of organisation, be it government, business or anything else unless I have some proper background info.
A large majority of this country, however seem perfectly happy to accept whatever they are told by any large organisation, or indeed some person that they see as above them in the pecking order.

[ikonia]

excellent points, and some new perspective options.

[JPreston]

Fairpak's collapse was triggered by another similar schame collpasing, causing the companies that provided the vouchers to stop offering the vouchers before being paid for them.
This happened a lot earlier this year. They thought that they could survive and continued taking peoples money even though the business was set for collapse.
So these business used to run on a model where they relied on getting the goods before paying for them....

Yep, that's exactly what happened.

We had an email sent round work asking us to donate to the Farepak scheme (not naming names but ironically my employer generates huge, huge, headline making profits to which the Farepak deficit does not even amount to a rounding error so why are they asking us for donations?). Had to chuckle when my colleague went into a rant along the lines of "Donate? How very dare they - I mean, I've lost money on shares too..."

[ikonia]

I think I need to stop watching the news in the morning while I'm getting ready.

Tody my blood boiled, but to be fair I think that was part of the intention of the interviewer.

They once again went over the estimated loss of 40 million, and the fair pack "relief" fund currently stands at just shy of 7 million.

Therefore they have estimated that the average loss is around £1000 - each customer will get back approx £100 which considering your entitled to nothing - is "something"

Today they interviewed three fair pack customers who where rightly so, very angry.

Two however stated that they had now gone to their banks and got loans to pay for their kids christmas presents.

one of them said she was basiclly stuffed.

Now all thats said in the above thread presents options as to why people use fair pack.

The two who said they had gone to their bank and got loans, obviously had access to banks, and can't have had that bad a credit rating to get loans for assuming £1000 (based on the average loss and replacment).

Why would these people not use the more safe and probably "better deal" banks ? what is the advantage to using fair pack.

The part that made my blood boil is the two people who had gone to their banks said "and all I'll get back is a lowsey £100" - not I invested in something out of choice (and it looks like they did have a choice with access to banks) - got ripped off (terrible) now some kind hearted people have managed to get me £100 - which I'm not entitled to THANK YOU

The pair of them went on slating about how they had invested their savings (and they did use the word invest) so they chose to put their money there rather than in a bank and how they would only get £100 back - which is a charity donation !!!

I'm still trying to understand the benifit of using fair pack over a bank for these two example cases (can't comment on the third as she didn't give much info - just said thanks).

[badass]

-snip-

Agreed. IMHO these ungrateful sods with £100 should have it taken off them and be told where to go!
Give it to the grateful people!

[manwithnoname]

...

Two however stated that they had now gone to their banks and got loans to pay for their kids christmas presents.

...

What the... I'm sorry for the money they have lost, but this is ridiculous.

Why do people think they need to spent lots of money on kids Christmas presents? It's bad enough people with money will waste it but to take out a loan because, I assume, you don't have the money to waste in the first place.

These kids are likely to learn one thing and that's how to be financially incompetent.