Club News

Direct debit success for FoH

10th October 2013

99% success rate for direct debits as Foundation of Hearts completes second month of supporter contributions.

The Foundation of Hearts today announces the successful completion of the second month of UK direct debit contributions and reveals that the success rate on payments is now at 99%.

This compares with last month's success rate of 98% against an industry average of 94%.

Additionally, around 100 extra supporters signed up to make monthly contributions to the Foundation of Hearts in the last four weeks, bringing the total to about 7,700 across UK and overseas payments.

Foundation of Hearts chairman Ian Murray said: "It's very pleasing that our contributions are so strong - up on last month in terms of numbers and success rate. We're pleased with the system in place, and we think supporters are now comfortable with the professional and thorough way in which we manage this system.

"We know it has been a quieter month, but supporters should be assured that there's no less work going on behind the scenes to move things forward.

"In many ways we are still waiting on matters in Lithuania to be resolved, particularly with regards to UBIG, but we know BDO are working extremely hard to secure the clarity we need to be able to move forward towards the process of a CVA.

"The BIDCO team are working diligently on all aspects of club business, ready to move as soon as a green light can be given, and on the FANCO (Foundation) side of things we're working on legal, governance and long term retention strategies.

"Patience is certainly something we all need right now. The process of administration is always very complicated, not least when you are dealing with issues almost entirely out of our own country's judicial system.

"We've got great faith in the Lithuanian authorities to deal with what is clearly an exceptionally complicated situation in terms of UBIG's predicament.

"As I've said regularly, we're in this position now where we believe an agreement can be reached because of our supporters. They've been absolutely remarkable in the last few months.

"As I've also said, this is a long journey which we're making together. It will take time but the rewards will be sweet.

"Once again I encourage any supporter who has the means to do so, to sign up to make a monthly contribution to the Foundation of Hearts at www.foundationofhearts.org."

Monthly direct debits and top up payments can be set up at www.foundationofhearts.org.

It is the Foundation of Hearts' policy not to announce monthly revenues at present whilst negotiations continue.