Originally Posted by
clivegore
Nobody on here has mentioned that the credit card companies were holding back £50 million from tcx . This is outrageous that they can just refuse to hand over the cash and cause the business to become insolvent.
I'll bet the credit card companies are on the hook for a whole pile more than this for customer refunds of prepaid future holidays with TCX.
I'm not sure the payment arrangement between credit card companies and travel companies, but if they pay TCX ahead of the actual holiday, they are effectively extending credit to TCX. At some point with writing on wall, they say no more bad money after good.