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https://www.yahoo.com/finance/news/tour-company-thomas-cook-...

Vacations for 600,000 cancelled. Unclear if that is the total number stranded or the total trips cancelled. Interesting that the UK will arrange repatriation for 150,000 of their citizens.

I never heard of them. Years ago, it was SunTrips that my sister-in-law was attempting to get us to book. They only stranded around 7,000.

A reason to make certain that travel insurance is through a separate company and that it covers insolvency of the carrier.
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How does a company that handles 22 million customers a year suddenly go bankrupt?

The 600,000 is the number of customers currently traveling. At least for the UK, most of their citizens are in Europe which although inconvenient isn't as far as it could be.
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How does a company that handles 22 million customers a year suddenly go bankrupt?

I think we can guess the company has been borrowing to cover losses hoping that business would soon recover from whatever was slowing things down. Was it Brexit? Other uncertainty? Or merely stiff competition?

Apparently the company has been wobbly for some time. But one day the lenders said no more. Let's settle up. I don't know how it works in UK, but perhaps they will restructure and continue to operate with shareholders losing out, and lenders taking over assets (and perhaps operations). I have not heard if they plan to shut down and liquidate.

For now their credit is no good. So its cash in advance or cash on delivery and no promises to pay will be honored.

And if you mailed in your check last week you are hurting. You join a long list of creditors hoping for a share of any recoverable assets.
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How does a company that handles 22 million customers a year suddenly go bankrupt?

"Slowly at first, and then all at once."
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And if you mailed in your check last week you are hurting.

If mailed a week ago, I would try to stop payment on the check.

Most of my travel payments are by credit card with travel insurance.

A few are arranged through a local travel agency with checks issued to an escrow account with travel insurance purchased through an outside company. It makes me a little nervous but so far all has gone well but so did millions of customers previous trips with Thomas Cook.
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If mailed a week ago, I would try to stop payment on the check.


If I mailed a check a week ago I would demand my time machine send me back to the 1980's or 1990's when I had plenty of checks.

Mike
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"Check"?
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"Check"?

Antiquated piece of paper that was commonly used as a payment method in the previous millennium.
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If you paid by credit card, you can try to recover your funds. I'm not sure where those funds come from. For an ongoing business, credit card company can deduct them from normal cash flow to the company. But in bk, that cash may be hard to come by.

If by debit card, you might be out of luck.

Insurance can be your best shot. It will pay if the trip is cancelled. Not sure about all the fine print exceptions.

Have you collected $$ from your travel insurance?

As to stop payment on check, good luck. Most are cleared electronically as soon as received. Once cleared, can you still stop payment and recover funds? Interesting question.
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"Check"?

Antiquated piece of paper that was commonly used as a payment method in the previous millennium.- vkg


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I write checks for all my bills. I get two benefits. This forces me actually look at each bill each month and make note of how much something is costing me. Once I discovered a $700 over billing on my electric bill when the elec company swapped meters. Another time a charge was posted twice to my credit card account.

The second benefit is I am free to change credit cards or banks as I see fit if my card is lost or stolen. Also there is with no risk of non payment for things on auto pay that I had forgotten about. Or perpetual autopay. A friend of mine discovered that he had been paying for some i=tunes subscription for years that he didn't use and had forgotten about. Couldn't happen if he wrote a check for it each month.

Not saying my way is better but it works for me. Different strokes...
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I write checks for all my bills. I get two benefits. This forces me actually look at each bill each month and make note of how much something is costing me. Once I discovered a $700 over billing on my electric bill when the elec company swapped meters. Another time a charge was posted twice to my credit card account.

The second benefit is I am free to change credit cards or banks as I see fit if my card is lost or stolen. Also there is with no risk of non payment for things on auto pay that I had forgotten about. Or perpetual autopay. A friend of mine discovered that he had been paying for some i=tunes subscription for years that he didn't use and had forgotten about. Couldn't happen if he wrote a check for it each month.


<scratches head> I think I might be missing something. You can pay by credit card without using autopay. I pay with credit cards as much as possible I don't autopay anything. Even if you did use autopay, you still have the opportunity to review both the original bill and the credit card statement to see if there are any suspect charges.

The advantages of using credit cards is that in the event someone gets your account number and does you dirty, they can't clean out your checking account. You legally only have $50 of liability with a credit card, and most cards offer 100% protection.

The other advantage is reward points. All your spending for a year plus the occasional sign up bonus translates to substantial rewards. I haven't paid for a hotel room in years, and am almost always upgraded, have access to executive lounge, and so on. Simply because I pay with credit cards. Not too shabby.
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I write checks for all my bills. I get two benefits. This forces me actually look at each bill each month and make note of how much something is costing me. Once I discovered a $700 over billing on my electric bill when the elec company swapped meters. Another time a charge was posted twice to my credit card account.

All charges to credit cards should be reconciled at least every other month. Phone bill needed to be checked for cramming.

The second benefit is I am free to change credit cards or banks as I see fit if my card is lost or stolen.

Electronic payments can be auto or manual. Paper statements can be kept while making online payments.

I have had checks disappear.

We don't use the bank bill pay. It involves adding another entity. In the one case that a payment was debited and failed to apply to the account was resolved. It was also the last time that we used bill pay because of the lack of transparency and control.

Also there is with no risk of non payment for things on auto pay that I had forgotten about. I don't understand this statement.

Or perpetual autopay. A friend of mine discovered that he had been paying for some i=tunes subscription for years that he didn't use and had forgotten about. Couldn't happen if he wrote a check for it each month.

Wouldn't happen if he reconciled his accounts. Missing the payment for years means he hasn't reconciled or carefully looked at his statement for years.
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Insurance can be your best shot. It will pay if the trip is cancelled. Not sure about all the fine print exceptions.

Multiple levels of travel insurance. It is necessary to verify if carrier insolvency is covered. The cheap travel insurance pushed by airlines doesn't cover insolvency. It basically allows flight changes and a hotel if a flight is cancelled but probably not for delays.

Have you collected $$ from your travel insurance?

Not so far and that is good. I was checking lost luggage terms for a return flight. Lost luggage coverage for a return flight required a 48 hour waiting period and the luggage showed up at 36 hours. Some flights have been late but by less than a day. We normally fly a day ahead. It has avoided a lot of stress.

Fortunately we weren't flying the airline that had a major computer failure. Debarking from a cruise in Florida, the family behind us had been told their flight was cancelled and the next available flight was in a week. I suggested they check their travel insurance. If they had covered the flight then their travel insurance should have provided some compensation. It would have been interesting to find out.

As to stop payment on check, good luck. Most are cleared electronically as soon as received. Once cleared, can you still stop payment and recover funds? Interesting question.

If it was mailed recently, the receiver may not have had time for processing the check. It would be worth the attempt even accepting that it likely will fail.
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You can pay by credit card without using autopay. I pay with credit cards as much as possible I don't autopay anything. Even if you did use autopay, you still have the opportunity to review both the original bill and the credit card statement to see if there are any suspect charges.

This, so much. We get paper bills, more for DH's comfort level than anything else, but almost all payments are by CC. I get statements right in front of me on-screen, they can't get lost or misfiled, and one click expands entries so I can see more about the purchase. And I like being able to generate reports so I can see trends, patterns, etc.

I'm not usually a fan of autopay, but the occasional times I do use it, I check it when I look at the rest of my statement. That's on the individual.

The other advantage is reward points. All your spending for a year plus the occasional sign up bonus translates to substantial rewards. I haven't paid for a hotel room in years, and am almost always upgraded, have access to executive lounge, and so on. Simply because I pay with credit cards. Not too shabby.

Agreed. All that plus the protection when things go sideways. CCs are great when services/good aren't provided because the company went under.

cm
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