The firm's collapse brought heartache for many last year

About 120,000 victims are expected to eventually receive about 5p for every �1 lost but it is still "early days", the firm's liquidators have said.

The "unprecedented number" of claimants has been partly blamed for the delay in salvaging any cash.

About �40m was lost when the savings club went into administration in October 2006.

Customers of Farepak, owned by European Home Retail (EHR), paid money monthly to the company as a practical way to put cash aside for Christmas - receiving hampers and vouchers to use in shops.

However, the company collapsed in October last year.

'Social injustice'

Separately, a report by Unison has suggested that low-paid women who suffered from the collapse were forced into a "cycle of debt"

Feelings of "anger, anxiety and depression" were found among savers who lost money, it said.

University of Birmingham researchers found that many had been forced to borrow from relatives or had taken out loans after losing money.

Director of the Centre for Crime and Justice Studies, Richard Garside, said that many victims felt they had been neglected.

"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," he said.

"As it is, a significant source of social injustice remains hidden and unaddressed by the government and the financial authorities. Without concerted action other Farepaks are inevitable."

A Department of Business and Enterprise spokesman said that a Family Fund it had set up had distributed about �8m to victims and that its investigations would ensure anyone who acted improperly was held to account.

He added that a number of steps - including putting in place protection for customers' prepayments - had already been taken.