More than 120,000 people owed money after the collapse of Farepak, the Christmas savings club, may not be paid until next spring — a wait of 18 months.

Suzy Hall, the head of the Farepak campaign group, said that liquidators were still working through a deluge of claims sent in by savers who lost an average £400 each last year.

They are expected to receive only 5p for every £1 lost when the compensation is eventually paid out, roughly £20.

Ms Hall told Times Online: “The liquidators have said no money will be paid out before this Christmas and that we will have to wait for next year.

“I sit on the liquidators' committee and they have already booked in meetings for February and one for April, so that kind of says to me that we won’t be paid until the spring.”

She added: “But the liquidators should be commended rather than berated. There’s just such a huge amount of work to do.”

Nearly £40 million was lost when Farepak collapsed into administration in October last year, sparking a fierce backlash against the directors of European Home Retail, its parent company, and HBOS, its bankers.

Farepak’s customers paid money each month through agents to build up a pot that they could then use to buy Christmas hampers and vouchers to use in a selection of high street stores.

The Government is still to publish a report into the reasons behind Farepak’s demise.

BDO Stoy Hayward, the liquidator, is working on a separate report.

Unison, the trade union, said today that low-paid women who suffered from Farepak’s collapse were forced into a “cycle of debt”.

University of Birmingham researchers found that many had been forced to borrow from relatives or take out loans.

Richard Garside, director of the Centre for Crime and Justice Studies, said: “Many are asking why, if the Government was prepared to underwrite Northern Rock to the tune of billions of pounds, no comprehensive help has been forthcoming.”

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