Insurance info if Thomas cook goes bust

[dx4100]

Originally Posted by Scuttler01

Booked for flights August 2020. Paid up with my debit card- guess this doesn’t offer protection like a credit card?

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Sadly no...

[Nimbus]

Originally Posted by ERICSMUM

Yes but how do we get cover for all eventualities now TC’s situation has been broadcast ? Will any insurance providers be willing to underwrite what could be a large risk.

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What situation? TC have broadcast that they've made a loss. They haven't gone into administration.

Just for info, last month Virgin Atlantic broadcast that they had made a loss last year (2018), for the second year in a row (they also made a loss in 2017). Admittedly, their losses are not as big as TC's, but it doesn't mean that people aren't covered just because they broadcast a loss in profits.

[Quensabob]

Originally Posted by Scuttler01

Booked for flights August 2020. Paid up with my debit card- guess this doesn’t offer protection like a credit card?

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It has some protection though through visa, better than oaying by cash!

[Scuttler01]

Just called Halifax (where my debit card is). They assured me if any flight is cancelled beyond my control I’m covered (have annual travel insurance through them also). Stressed it was a flight only booking and they said not to worry...


Still am though. LOL

[ReachForTheSky]

Im jumping on this now, ive got the whole package booked with TC for next sept 2020, just live chatted with Thomas cook and they have told me not to worry everything will go ahead as scheduled and the package holiday is covered by ABTA so not to be concerned? Wondering if its wise to just cancel now, loose the deposit and rebook with Tui?

[sprocket]

But what company publicly states it is not confident it will ever be as profitable.
Basically they have stated, they have made huge losses, not sure about their future or future income.
This just starts a downward spiral.
Virgin Atlantic have a huge name, and even with large losses, people will still continue to book. Even if VA announced they were in massive trouble, people will still keep booking.
TC are like Norwegian. Some people will continue to book, but many people will think twice, resulting in poorer forcasts.
Unlike Norwegian TC use Airbus so havent been hit with the costs of grounded planes. Norwegian have aimed at an increasing market with more DIY holidays than before, aiming for the budget market. They know what they want to achieve, however hard it is. TC are going to end up like the Debenhams of the airline world and not keep up.
I cant see who would want to buy either airline, when the vultures can just scavenge the good bits once they go into administration. Someone will buy the name without the debt.

Originally Posted by Nimbus

What situation? TC have broadcast that they've made a loss. They haven't gone into administration.

Just for info, last month Virgin Atlantic broadcast that they had made a loss last year (2018), for the second year in a row (they also made a loss in 2017). Admittedly, their losses are not as big as TC's, but it doesn't mean that people aren't covered just because they broadcast a loss in profits.

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[sprocket]

Really, have they lasted over 100 years (well almost 180 years i think)? Or is the name just the same after many mergers, rebrands etc. What percentage is actually the original company from the beginning.

Originally Posted by Quensabob

Thomas Cook have been going for over 100 years

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[Persnicketty]

Originally Posted by sprocket

Really, have they lasted over 100 years (well almost 180 years i think)? Or is the name just the same after many mergers, rebrands etc. What percentage is actually the original company from the beginning.

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What percentage you ask?

Honestly? Who cares?

I worked for the largest global company in its sector. Famous firm. Made and makes record profits and huge growth every year, but it has little if nothing in common with the company it was in the late 19th century.

None of that matters. What matters is whether TC are solvent or not and they are. Underlying gross profit at the 2019 half year is just under £600 million.

Now I'm no TC fan. Never use them after having to (successfully) sue for mis-selling a holiday. But they seem to have a sensible fresh direction - less dependent on package holidays, investing in hotels and new markets whilst focusing on cost saving and exiting unprofitable activities.

What they are TRYING to do is restructure their business to address past mistakes in strategy which cost them market share and also make that underlying debt more manageable. This is just business.

TC failed to compete against DIY holidaymakers and TUI effectively. And this is the price they pay - a reboot and might mean selling the airline part of the company, since its hard to compete with the small upstart airlines. Virgin and Lufthansa are already in the game for it.

None of this means they arent able to trade profitably.

[TeeKayDawn]

Well we’ve booked for Oct 2020 with TC. A package holiday.
We’ve decided to go with the flow as this is covered by both ABTA/ATOL plus our insurance.
If it happens, it happens but there’s no point panicking over something that may or may not happen. Especially as the interest in the airline from other operators indicate inna worse case scenario it’ll be just a change of owner.

[Lucky23]

Originally Posted by Persnicketty

What percentage you ask?

Honestly? Who cares?

I worked for the largest global company in its sector. Famous firm. Made and makes record profits and huge growth every year, but it has little if nothing in common with the company it was in the late 19th century.

None of that matters. What matters is whether TC are solvent or not and they are. Underlying gross profit at the 2019 half year is just under £600 million.

Now I'm no TC fan. Never use them after having to (successfully) sue for mis-selling a holiday. But they seem to have a sensible fresh direction - less dependent on package holidays, investing in hotels and new markets whilst focusing on cost saving and exiting unprofitable activities.

What they are TRYING to do is restructure their business to address past mistakes in strategy which cost them market share and also make that underlying debt more manageable. This is just business.

TC failed to compete against DIY holidaymakers and TUI effectively. And this is the price they pay - a reboot and might mean selling the airline part of the company, since its hard to compete with the small upstart airlines. Virgin and Lufthansa are already in the game for it.

None of this means they arent able to trade profitably.

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What does it mean for those ( myself included) that have purchased flights next August - so the part that might be sold?