Swindon AdvertiserThe victims of Farepak back Co-op savings plan (From Swindon Advertiser)

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The victims of Farepak back Co-op savings plan

Swindon Advertiser: Former MP Anne Snelgrove, who supported  the Farepak victims in their campaign for redress Former MP Anne Snelgrove, who supported the Farepak victims in their campaign for redress

A CHRISTMAS savings scheme has been improved by the Co-operative Group, with approval of victims of the Farepak collapse.

The company, which has a store in Old Town, says it has become the first retailer to protect customers putting money away for the festive period.

The trust has been created to provide additional security to thousands of Co-operative food customers using the scheme, many of whom buy stamps at the checkout to help spread the cost.

Customers’ money will be transferred into a trust account managed by an independent trustee, which will provide protection for their funds.

There is heightened interest in such schemes after the collapse of a number of high-street names left customers out of pocket.

The Co-operative has been working on the scheme with the Farepak Victims’ Committee, set up after the Swindon-based Christmas club collapsed in 2006, leading to nearly 120,000 people losing on average of £400 each.

Co-operative customers can buy £1 stamps throughout the year, putting a little away each month. Martyn Wates, the deputy chief executive of the Co-operative Group, said: “As the UK’s biggest consumer-owned business, and a trusted and responsible retailer, I’m pleased that we have been able to respond to the Farepak Victims Committee’s request for a trust fund “I believe this initiative will give our customers extra peace of mind, setting a new standard for other businesses to follow.”

Deborah Harvey and Louise McDaid secretary and chairman of the Farepak Victims’ Committee said: “We are over the moon that this scheme is now ready for launch.

“With the recent collapse of a number of firms and the scandal of the vouchers not being honoured, we feel this launch proves that The Co-operative really have their customers at the very top of their priorities.

“This scheme will protect the consumer and importantly protect the Christmas savings of thousands of hard pressed families.”

Comments (5)

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10:45pm Wed 30 Jan 13

Phantom Poster says...

Why can't Farepak be put to rest?

I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life!

Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago.

I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims.
Why can't Farepak be put to rest? I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life! Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago. I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims. Phantom Poster
  • Score: 0

11:29pm Wed 30 Jan 13

Oik1 says...

Well said sir!
Well said sir! Oik1
  • Score: 0

7:09am Thu 31 Jan 13

TinkeyWinkey says...

Well said Phantom Poster.


Advert let's move away from Farepak stories now
Well said Phantom Poster. Advert let's move away from Farepak stories now TinkeyWinkey
  • Score: 0

8:07am Thu 31 Jan 13

dc the 2nd says...

Phantom Poster wrote:
Why can't Farepak be put to rest?

I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life!

Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago.

I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims.
completely 100% agree
[quote][p][bold]Phantom Poster[/bold] wrote: Why can't Farepak be put to rest? I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life! Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago. I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims.[/p][/quote]completely 100% agree dc the 2nd
  • Score: 0

11:01am Fri 1 Feb 13

Tim Newroman says...

Phantom Poster wrote:
Why can't Farepak be put to rest?

I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life!

Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago.

I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims.
Amen to that.
[quote][p][bold]Phantom Poster[/bold] wrote: Why can't Farepak be put to rest? I feel sorry for people who have lost around £400 (though an average is usually very, very misleading as a statistic). But lots of people have lost that and a lot more when companies have gone bust. That's life! Farepak was only operating a Christmas savings scheme. No one has lost their live savings or pension funds (unlike other financial travesties). The most that has happened is that some people had one very miserable Christmas many, many years ago. I think that if I were looking for a savings scheme then the last thing I would be looking for is approval by Farepak victims.[/p][/quote]Amen to that. Tim Newroman
  • Score: 0

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