farepak what i dont understand..

[Les Biehn]

The trouble is who would do their menial jobs ? There just aren't enough Poles go round.

Surely that big old socialist LI wouldn't mind doing a bit of road sweeping as long as it's for the good of the people.

 

[El Presidente]

Surely that big old socialist LI wouldn't mind doing a bit of road sweeping as long as it's for the good of the people.

She does that already though doesn't she?

 

[glasfryn]

Why should MPs donate whilst the virtual monopoly that is Tesco is making a million a minute or whatever ridiculous amount it is?

can someone please tell me why these unfortunate people did not spend their money one tesco/asda/sainsbury saving stamps they could have got just about anything from them especially tesco(toys ect) and made themselves extra on the discount and points.

 

[desprateseagull]

why would a company need loans, if the 'savers' were paying up front for several months? all that could earn a decent interest..

 

[tedebear]

why would a company need loans, if the 'savers' were paying up front for several months? all that could earn a decent interest..

The problem is that the money deposited into the scheme was being used by the company to fund other purchases, in this case a Book Company which then went bust!

Farepak was a company which was owned by EHR, EHR decided to buy another company called DMG in 2000, they used the deposits from Farepak to buy the company, and later took out a loan with HBOS to cover the money they had "borrowed" from the pool of deposits. DMG made disastrous losses and was later sold for just £5m. HBOS called in the debt by seizing £36m of Farepak customers' money which they had saved for Christmas hampers and gifts.

and thats it in a nutshell...

The money isn't protected like savings as it is seen as pre-payment for goods which haven't yet been dispatched...

 

[Buzzer]

The problem is that the money deposited into the scheme was being used by the company to fund other purchases, in this case a Book Company which then went bust!

Farepak was a company which was owned by EHR, EHR decided to buy another company called DMG in 2000, they used the deposits from Farepak to buy the company, and later took out a loan with HBOS to cover the money they had "borrowed" from the pool of deposits. DMG made disastrous losses and was later sold for just £5m. HBOS called in the debt by seizing £36m of Farepak customers' money which they had saved for Christmas hampers and gifts.

and thats it in a nutshell...

The money isn't protected like savings as it is seen as pre-payment for goods which haven't yet been dispatched...

even though it's a glorified savings scheme for the Lidl/Trisha generation.

Why is it that the very poorest in society get the least protection.

 

[bhaexpress]

even though it's a glorified savings scheme for the Lidl/Trisha generation.

Why is it that the very poorest in society get the least protection.

True, if they could afford condoms there wouldn't be so many of them.

 

[El Presidente]

True, if they could afford condoms there wouldn't be so many of them.

I think they can afford, them, but the instructions are too complex for the chavs to understand