AirFastTickets Collapsing? 14 Million Euros In Default With IATA

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UK based travel website TTG Digital (access here) is reporting that IATA has put AirFastTicket UK in default over unpaid bills and as a result has also suspended the agent’s German and Greece operations due to the ownership structure.

IATA AirFastTickets

The agent (AirFastTickets.co.uk) has not been able to settle its May bill and is 14 million euros on default according to TTG Digital.

You can access the entire TTG Digital article here.

Here are some tidbits from the piece:

The letter, which was sent to airlines, has been seen by TTG, and reveals that the company owes a total of €45 million.

In it Iata states: “Regrettably, we have to inform you that earlier this morning we were forced to place the UK office in default, due to their inability to meet the deadline of their remittance obligations (sales of the month of May).

“Further to the default declaration for BSP UK, we have also proceeded to suspend the agent in Greece and Germany, due to the common ownership structure of these agencies”.

The airline association added that it had been monitoring daily the sales per market for the last plus 50 days, “with several weekly calls with AirFastTicket group’s management, to discuss and agree on risk mitigation actions”.

Conclusion

AirFastTicket’s various country sites have been offering very good flight deals by using dollar off coupons that have been applicable even for the lowest fares. Some have purchased flights for a few bucks by applying coupons and using various fuel dump tricks.

Maybe the agent should have stricter internal controls in place that would have prevented these sales if in turn they are not able to meet their settlement requirements with the airlines through IATA’s clearing houses?

This shouldn’t affect the validity of the tickets issued by the agent as long as the ticket numbers are available. It would be wise to make sure that you have the airline record locators (PNR’s) and ticket numbers for all itineraries not yet flown that are issued by AirfastTickets.

Seems that the AirFastTickets.co.uk continues selling airline tickets but not for all the airlines. It is interesting to see what will happen with the agent. Let’s hope that they can clear the incurred debt with IATA and continue operations.

If someone has a copy of that letter that IATA has sent out to its members about the situation with AirFastTickets, please email me a PDF copy.

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10 Comments

    • Stop advertising a crap “company”. Soon the scam will be revealed and Airfasttickets will collapse. No other travel agent has such horrible reviews. The only positive reviews appear surreal and are seemed to be made by people that are affiliated to Airfasttickets, most probably working for them.

  1. This company is “playing” me and my 2 siblings for the last 6 weeks when we booked a ticket from Madrid to Miami and while they withdrew the ticket price from my credit card next day they canceled it without any serious explanation. I havent been refunded the amount yet and while going to complain on their facebook page i found many others facing the same issues as us. Im really worried about the possibility that if they really go declare default that we are gonna loose our savings.

    Its impossible to reach someone on the phone ive been in a waiting line for over an hour today.

  2. In fact, they got lots of “error fares” early this year (many with negative fuel charges). I did feel creepy but booked couple of them (as… only costing less than EUR10 each). They were all valid. So i think the company itself is not a scam, just collapsed due to its horrible IT system.

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