Farepak

[dinahsmum]

Apparently the govt is setting up a system to get some money back to people who have lost out.
About time too
http://news.bbc.co.uk/1/hi/business/6123700.stm

[yola]

And HBOS bank has also contributed to the fund (they were Farepak's bankers). Hopefully people affected will end up having an OK Christmas after all

[Elaine]

Am watching the news intently.

[alexgirl73]

Fingers crossed everyone affected gets some sort of payment which can help them have a good Christmas.

[sandy]

Let's get this business in perspective: it is being called 'a national emergency'. Good god, what's the matter with people these days?

Why does Christmas have to mean forking out fortunes for all sorts of stuff you can't really afford?

Why can't people learn to budget and save up for Christmas themselves, just as my parents did? 4 kids, stay-at-home mum and a dad who was an unskilled labourer.

Any firm can go bust at any time. If money is that scarce, then see that you don't put it into the hands of businesses before you get the goods.

[alexgirl73]

Erm Sandy, not to be rude or anything, but !

I understand what you are saying about people saving up by themselves but when you are on a limited income (as I am) then these types of saving schemes help you save when you wouldn't otherwise be able to. It's all very well saying, put the money aside and don't touch it, but what do you do when the washing machine breaks down, or the cooker blows up? What money do you automatically reach for? Yes, it's all blown out of proportion with the amount of money we all spend nowadays, but peer pressure is an amazing thing, especially when you have children.

And personally I think that 150, 000 people losing a full years savings might not qualify as a national emergency, but it comes pretty damn close! Not everyone uses the money they save for Christmas, but for other things they might not be able to afford otherwise. If you are in the fortunate position of being able to go and buy whatever you want without worrying about the cost, then count your blessings!

[EmmaG]

Yes but Sandy the whole point of Farepak was that people paid per month into the scheme for Christmas, therefore making it easier on themselves at Christmas time. I agree companies go bust all of the time, but farepak members were trying to be prudent in their savings to make sure their families could have a nice Christmas, a lot of the families in question do not have a lot of money and therefore saving each week/month helped them a lot.

Quite frankly I think it will be disgusting if something isn't done to help all of the members, even a basic hamper and perhaps some vouchers would be a good way of the retail industry to help the Farepak members.

Sandy I think comparing how your parents lived and brought up their children isn't really comparable to todays society, there is a lot of pressure on parents to spend money on their children over Christmas on presents, and if they can afford it (which they have by paying weekly/monthly) then I don't think anybody has any right to criticize these members. I find that a bit of an insult to the members who have tried to be sensible.

Originally Posted by sandy

Let's get this business in perspective: it is being called 'a national emergency'. Good god, what's the matter with people these days?

Why does Christmas have to mean forking out fortunes for all sorts of stuff you can't really afford?

Why can't people learn to budget and save up for Christmas themselves, just as my parents did? 4 kids, stay-at-home mum and a dad who was an unskilled labourer.

Any firm can go bust at any time. If money is that scarce, then see that you don't put it into the hands of businesses before you get the goods.

[EmmaG]

Originally Posted by sandy

Any firm can go bust at any time. If money is that scarce, then see that you don't put it into the hands of businesses before you get the goods.

So if I wanted say for instance some bedroom furniture, how do you think I am going to get it delivered without paying for it first!!!!???? Please get into the real world??

[Elaine]

Sandy I find your comments pretty harsh and somewhat unrealistic. I am one of the thousands who lost out to farepark. I am pretty much resigned to the fact that its gonna be a lean Xmas here and am ok with that. What angers me is that these companies get away with what is effectively theft of peoples hard earned cash. For the high street this IS a national emergency. For me, I hate being ripped off.

[sandy]

No need to get personal. I have insulted no-one. Neither am I rich. Nothing wrong in giving my honest opinion on this matter, and to call it a national crisis is an indication of the decadence that prosperity can lead a nation to.

I never pay for anything in advance. If I order furniture, a washer, etc., I pay a small deposit and pay the remainder when the item is delivered. This is standard practise. If I book and pay in advance for a holiday, I only book with a company that is a member of the Guarantee Fund, which covers customers if the company goes bankrupt.

I am careful with money because I was brought up to be careful and to save my money with a reliable bank, which also has guaranteed reserves by law.

My father was one of the lowest paid workers in the country. We went without nothing and grew up without a sense of being 'poor' simply through good and careful financial management. My mother even used to feed hungry kids and their mothers when they came 'visiting' on Thursdays, having eaten nothing all day, because their mothers couldn't budget.