Posted on April - 25 - 2010
Farepak payout increased
Farepak customers are to receive an estimated 15p for every pound they lost in the collapse of the Christmas savings club in 2006.
The proposed payout comes after the company’s former directors, who have not admitted liability, agreed to pay £4m in compensation.
While the figure is a tenth of the £40m lost by 120,000 former customers, including many in the north west, it is higher than previously forecast.
Farepak ran a savings scheme which helped people to spread the cost of Christmas spending.
The victims lost an average of £400 each
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