Gift firm Wrapit falls into administration
Nearly 3,000 couples who held wedding lists with gift firm Wrapit look set to lose their wedding gifts and some of their guests may not get their money back.
The firm admitted last week that it was in financial difficulties, but couples' worst fears could soon be realised following the announcement that Wrapit has gone into administration. HSBC, the firm's bank, called in administrators KPMG after Wrapit was unable to find a company to rescue it.
However, it has emerged that the high street retailers Debenhams and Liberty have been approached by Wrapit to take part in a voucher scheme whereby the stores would provide alternative gifts. "We are still in talks with the administrators KPMG," said a spokesperson for Liberty. "But obviously it will be very difficult to come to a solution as our main priority is fulfilling the gift lists held with us."
Wrapit has said that refunds will be made to customers who made purchases on a credit or Visa debit card, but revealed those who paid by cheque or Switch/Maestro were set to lose out.
KPMG has set up a phoneline to answer any customer queries. The number to call is: 0844 770 1301.
Issued by a bank as part of a current account and, in a nutshell, serves as electronic cash. Unlike a credit or charge card, where you get an interest-free period before you have to settle the bill, the funds spent on a debit card are withdrawn immediately from your current account. Unless you’ve arranged an overdraft, if you don’t have the cash in the account, you can’t spend it.