Victims of the Farepak savings club collapse face another Christmas of misery.

Those who put savings into the Christmas club are unlikely to see their savings returned to them until after the New Year.

And when they do eventually receive their money, they will only get 5p for every pound they saved.

The delay has pushed low paid women into a cycle of debt according to a new report.

The report, commissioned by Unison and the Centre for Crime and Justice Studies at King's College London, called for all the savers to be fully compensated.

Richard Garside, director of the Centre for Crime and Justice Studies, said: "Most Farepak customers have still to receive compensation for the loss of their Christmas savings. 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.

Research by Unison revealed feelings of "anger, anxiety and depression" among savers who lost money when the company collapsed last October.

Unison general secretary Dave Prentis said: "Many thousands of low paid workers, including many Unison members, lost money and faced a bleak Christmas as a result of the despicable behaviour of the companies involved.

"Companies should not be allowed to get away with this sort of daylight robbery, and their directors should not be allowed to remain immune from the harm they have caused.

The report is being launched in the House of Commons on Monday.

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