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Alf W
23rd November 2006, 21:25
Farepak Response Fund (http://www.farepakresponsefund.org.uk/)

Are we all going to donate a day's pay to this?

DimPrawn
23rd November 2006, 21:31
Chavs in need?

They can bloody stay in need!

Waldorf
23rd November 2006, 21:50
why didn't they just put their money in a bank or even the post office?

thunderlizard
23rd November 2006, 21:54
I have indeed handed a day's lucre to this scheme.
Notice that it's not gone up much from £4m two weeks ago.

The thing that puzzles me about all this malarkey is that Farepak have blamed HBOS for withdrawing a lending facility, and the press and Parliament have left it at that. But Farepak's business model is to take money off people throughout the year and then give it them back at Christmas. Why does it need a lending facility?

Chavs they may be, but these people have tried to manage their money by saving instead of giving in to the credit card companies - or else they're so short of cash that the banks wouldn't touch them with a bargepole. We contractors should have some respect for that.

Alf W
23rd November 2006, 21:59
Because Farepak was part of a bigger group that gambled the contributions throughout the year and aimed to make more money for themselves in the process. What happened is that these gambles went sour and they lost the stakes. All possible because it's a completely unregulated business.

Apparently the Chairman was paid via a one man service company which meant he could get away with paying himself minimum wage and then receiving dividends taxed at the lower Corporate rate. What a scumbag eh?

DimPrawn
23rd November 2006, 22:01
Because Farepak was part of a bigger group that gambled the contributions throughout the year and aimed to make more money for themselves in the process. What happened is that these gambles went sour and they lost the stakes. All possible because it's a completely unregulated business.

Apparently the Chairman was paid via a one man service company which meant he could get away with paying himself minimum wage and then receiving dividends taxed at the lower Corporate rate. What a scumbag eh?

There should be a law against that.

:rollin:

Gonzo
23rd November 2006, 22:02
Because Farepak was part of a bigger group that gambled the contributions throughout the year and aimed to make more money for themselves in the process. What happened is that these gambles went sour and they lost the stakes. All possible because it's a completely unregulated business.

Apparently the Chairman was paid via a one man service company which meant he could get away with paying himself minimum wage and then receiving dividends taxed at the lower Corporate rate. What a scumbag eh?

:rollin:

cojak
23rd November 2006, 22:12
I'm with Thunderlizard on this. Taking advantage of the tax system doesn't make you a thief - taking people's money and not returning it does. Farepak were encouraging people to keep paying in their money after they put their hands up to the banks. Farepak are blaming HBOS but the police should look at little closer to home. This is what the Serious Fraud Office was set up to tackle ffs...

Someone should be brought to book for this fiasco - can't see it happening though

Gonzo
23rd November 2006, 22:22
I'm with Thunderlizard on this. Taking advantage of the tax system doesn't make you a thief

According to Gordo it does - when was this whole idea of "tax motivated incorporation" introduced?

We had never heard this expression before 1997 and when Gordo introduced the 0% corporation tax on the first £10,000 of profits encouraging large numbers of self employed people to go LTD for the first time. According to their views you are a criminal if you seek to minimise your tax bills - even if you are doing it legally. I could rant about this for a long time but I can't really be bothered... and I would be preaching to the converted.

VectraMan
23rd November 2006, 23:43
How's this for a plan B: setup a company; get people to give you money on the promise you'll give it back later; create some agreement that means you are the major creditor; squandor all the company funds and then go bust. Then setup a charity and encourage Tesco, Asda, Sainsbury's and the public at large to contribute to pay back the creditors.

Has to be something in that.

stackpole
24th November 2006, 09:00
Farepak Response Fund (http://www.farepakresponsefund.org.uk/)

Are we all going to donate a day's pay to this?No. I already donate to their tax credits. Nobody donated to a bad debt I had a few years ago.

They probably vote Labour anyway.

Zippy
24th November 2006, 09:30
Farepak Response Fund (http://www.farepakresponsefund.org.uk/)

Are we all going to donate a day's pay to this?

I've donated and hope that the publicity over this fiasco will encourage people with the other hamper companies to save their money in a building society where they'll get some interest.

BoredBloke
24th November 2006, 09:32
"They probably vote Labour anyway."

I think that is the main reason why MP's are pushing this one. I wonder if the chairman of this company ever donated to the Labour party? It might explain why he has had so little heat in this matter.

Mailman
24th November 2006, 09:40
No. I already donate to their tax credits. Nobody donated to a bad debt I had a few years ago.

They probably vote Labour anyway.
You should have become an ethnic brown female with an indian accent and advertised your debt on the BBC. I bet she racked in a nice packet from that lark! :D

Mailman