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Unfairpak Forum - How Farepak Stole Christmas • View topic - Provident Financial - Yes Car Credit - Farepak

Unfairpak Forum - How Farepak Stole Christmas

On Friday 13th Oct 2006 - Farepak Hampers went into administration. Over 100,000 customers were told that no food hampers or vouchers or other goods will be supplied this Christmas as promised, and no refunds! Share your thoughts here...
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PostPosted: Fri Dec 08, 2006 8:35 pm 
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Hello All.

Firstly, I hope all is well with the Farepak customers and so sorry to hear about the recent news.

I'm Whistleblower, the administrator from the website and forum. A forum set up in a similar way to yours here. We offer help and advice to YCC customers who were miss sold cars , Payment Protection Insurance's, and customers who are being made bankrupt by Yes Car Credit.

You may or may not now that Yes Car Credit is owned by Provident Financial, a business to stay well away from! they are a law to themselves and only out to rip off the less wealthy citizens.

It was a shock to read today that Provident Finance have been targeting Farepak customers, in fact I have copied the write up below for you all to read.

Any Farepak customers reading this, my advice is to stay well clear of this business, they are only here to rip you off!!

Please take time to read the report below, and make your own judgment.

I wish you all well, if by chance, any of you are Yes Car Credit customers, you now know where we are if you need some support.

Merry Christmas to you all from the saynotoyes team and good luck!

Here is the report..

Farepak victims offered 177% interest loans by Provident Financial

A loan company was yesterday denounced in Parliament for "targeting" victims of the Farepak collapse with interest rates of 177%.
Jim Devine, Labour MP for Livingston, made the claim during weekly business questions in the Commons, when he singled out Provident Personal Credit for a stinging attack, saying it was "targeting hard-working families who were caught up in the Farepak scandal".
He told MPs: "It suggests they should make their Christmas more affordable but charges a typical APR of 177%. It is time we put a cap on such companies because that is nothing but legalised theft."
Jack Straw, Commons Leader, said he shared Mr Devine's concern, which he promised to raise with Alistair Darling, Trade and Industry Secretary.
He told Mr Devine: "When he gave me a copy of the leaflet, I thought the APR was a misprint, but it is not. I notice the small print also claims there are 'no hidden charges' - on an APR of 177%. This is a very serious issue..."
Later, the Scottish back bencher pointed out how the Provident website showed even more exorbitant rates, with APRs that "can be almost 500%". He noted how a cash loan of £500 over 55 weeks would see customers repaying a total of £1325.
The Bradford-based company's website states the firm has "a reputation for solid, sensible credit" with "unsecured loans that put people in control". It insists "we lend responsibly" and "only what we believe people can afford to pay".
It claims to have a nationwide network of more than 10,000 agents who "deliver a friendly, door-to-door service" and states: "Many agents were customers before working with Provident Personal Credit, so they know their customer's circumstances and can judge their ability to take on a loan and make the repayments."
The website adds that, according to a 2005 survey, "94% of customers are satisfied" with its service.
No-one was available for comment at Provident.
Around 150,000 Britons - many on low incomes - lost an average of £400 each when Farepak went into administration in October. Victims are expected to recoup around 15p for every pound they lost after the Farepak Response Fund raised £6.4m.
The government said yesterday around 19,000 hampers would be sent to victims of the collapsed scheme - 4000 fewer than were ordered.
Ian McCartney, Consumer Affairs Minister, said the first of the "goodwill gesture" foodpacks would be delivered by Farepak agents within a week or so. They will decide which customers get the hampers.
Late donations to the Farepak Response Fund were used to buy the hampers from the administrators for an undisclosed sum. Recipients of the hampers will not get what they originally paid for because no centralised records of orders were kept.
Mr McCartney said the hampers were a second goodwill gesture in addition to shopping vouchers paid for by the fund. "It gives thousands of families something for Christmas when otherwise they might have had nothing," he said.
Scottish Farepak victims and campaigners broadly welcomed the news that 19,000 hampers would be sent out but insisted their fight to get every penny back would continue.
Louise McDaid, 42, chairwoman of the Ayrshire-based Farepak Victims Committee, said: "Obviously, I'm pleased that people who ordered the hampers are getting them. But even though they are getting their hampers back, I think the stress everybody has suffered will put a dampener on their Christmas."
Also in the Commons, Ed Balls, Treasury Minister, revealed, as well as the inquiry into the Farepak collapse by the Department for Trade and Industry, a review had been set up by the Treasury into why people use hamper schemes and savings clubs rather than mainstream financial services.All rights reserved. Reproduction in whole or in part without permission is prohibited. A loan company was yesterday denounced in Parliament for "targeting" victims of the Farepak collapse with interest rates of 177%.
Jim Devine, Labour MP for Livingston, made the claim during weekly business questions in the Commons, when he singled out Provident Personal Credit for a stinging attack, saying it was "targeting hard-working families who were caught up in the Farepak scandal".
He told MPs: "It suggests they should make their Christmas more affordable but charges a typical APR of 177%. It is time we put a cap on such companies because that is nothing but legalised theft."...



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Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No!

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Last edited by Whistleblower on Sat Dec 09, 2006 1:11 pm, edited 6 times in total.

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PostPosted: Fri Dec 08, 2006 8:39 pm 
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Thanx for the info whistleblower.

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PostPosted: Fri Dec 08, 2006 8:47 pm 
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Thank you Whistleblower. Alot of us have been approached by this company, and their like. It's important people do know the risks. Thanks again. :D

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PostPosted: Fri Dec 08, 2006 10:25 pm 
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Its not only the Provident that are trying to cash in .
A friend of mine works for Greenwoods in Doncaster , same sort of company as Provident, Just 3 weeks after the collapse of F****K , representatives , or should i say salespersons of Greenwoods were in Woolworths , in the Frenchgate Centre in Doncaster , touting Christmas Vouchers . When i approached him , he told me that they had ordered their existing customers hampers from Farepak , but luckily hadnt paid a penny yet for them , enableing their customer to get their money back.

He also told me that they had signed up loads of new customers that day , mainly F*****K people .
When asked how he could do this , i was told , "buisness is buisness" (something to do with the commision then ?????)


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PostPosted: Fri Dec 08, 2006 10:27 pm 
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homebuy customers also had hampers ordered with farepack but there customers as well hadent paid

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PostPosted: Fri Dec 08, 2006 11:25 pm 
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Guys, just try to get by the best you can, don't be fooled by these so called 'helpful' companies offering loans to you all at crazy APR'S. All they are interested in is making vasts amounts of profits for shareholders at your expense.

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Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No!

http://www.saynotoyes.co.uk


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