30/11/2006

Farepak customers to begin receiving compensation

Customers who lost money when the Farepak Christmas saving scheme are to begin receiving compensation in the form of shopping vouchers from next week.

The compensation fund has reached more than £6 million, but this will mean that members of the scheme will still only receive 15p for every pound they saved in the scheme.

Around 150,000 people lost a total of up to £50 million when the firm went into administration in October.

They will receive shopping vouchers, which are redeemable at 75 stores including Boots, Woolworths and Argos.

It is hoped that all the customers will receive their vouchers by December 18.

The administrators of Farepak said that it hoped to pay customers an additional 4p or 5p for every £1 saved some time next year.

(KMcA)

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