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| Version 0 | Version 1 |
|---|---|
| Farepak customers' outlook bleak | Farepak customers' outlook bleak |
| (10 minutes later) | |
| Victims of the collapsed Christmas savings club Farepak will receive no more than 5p in every pound they have lost, administrators say. | |
| Claims for £38m from 113,000 customers and agents have been received. | |
| "It is clear that Farepak did not adequately protect the money paid in by agents and customers," the report to creditors said. | "It is clear that Farepak did not adequately protect the money paid in by agents and customers," the report to creditors said. |
| More than 150,000 customers lost an average of £400 each when the company went into administration in October. | More than 150,000 customers lost an average of £400 each when the company went into administration in October. |
| No protection | No protection |
| Farepak customers paid monthly sums to the firm or its agents towards food hampers for the festive season. | Farepak customers paid monthly sums to the firm or its agents towards food hampers for the festive season. |
| However the company went into administration leaving them with limited hopes of compensation. | However the company went into administration leaving them with limited hopes of compensation. |
| The report, from administrators BDO Stoy Hayward, makes it clear that savers' money was not ring-fenced. | The report, from administrators BDO Stoy Hayward, makes it clear that savers' money was not ring-fenced. |