To think park vouchers etc are a very dodgy way of saving for Christmas?

(292 Posts)
Whoknowswhocares Tue 25-Dec-12 11:19:06

A few people have mentioned on here they plan to save for next year with one of these type of companies.

I think this is highly risky. Unlike savings in a bank, there is no safety net in place and if the company go bust, you will lose all your money. It happened to what was the biggest firm in the market only about 3-4 years ago. Most people who use these schemes are finding things tough already and cannot afford to lose their money. Please, please save your money in a bank, or even a sealed tin to break open next year

Unless iabu and the rules have changed. So am I?

zsazsaapplenod Sun 30-Dec-12 18:45:30

Whoknowswhocares Anyone can earn commission. Just save for yourself if you want commission. Fair enough it will be lower than that of an Agent who has say 3 or 4 customers but it is probably still more than you would earn in interest on a bank account given the current economic climate!

insancerre Sun 30-Dec-12 18:45:31

I was feeling quite good until I read this thread, now I feel stupid for losing my money with farepak and stupid because i am poor (apparently)

They don't charge you for saving with them do they?

shesariver Sun 30-Dec-12 18:47:19

dubsgirl I lost £100 when Farepak collapsed in 2006, could have been a lot worse. I got a cheque for £35 a few months ago as a final payment from the administrators plus I remember getting some money at the time from the fund. It did put me off but Im going to save a small amount with park for next year I think as I still think its a good idea, although like someone said not all the money for Christmas.

AmberLeaf Sun 30-Dec-12 18:47:39

No they don't charge you Moomins.

Feelingdetached Sun 30-Dec-12 18:47:52

Yes amber I have mine like that the commission is deducted of the cost of my vouchers, I pay by direct debit and can delay or stop it anytime I like and manage it all online.

Whoknowswhocares Sun 30-Dec-12 18:48:19

No need to take it personally! I'm entitled to an opinion.

My main point in starting this was because I was unaware that the funds were nowadays secure. They apparently are, so great

It's not for me. I think there are better ways. But live and let live, eh?

zsazsaapplenod Sun 30-Dec-12 18:48:21

insancerre For anyone to have had a clue about Farepak we would have all had to have first known about Parent Companies and Stocks and Shares and the suspension of stocks and shares - hmmmmmmmm because we did not know about that are we perhaps stupid and poor hmm

jellybeans Sun 30-Dec-12 18:48:50

I am not rolling in it but not poor and considering Park and PO along with supermarkets for next Xmas. We have savings and ISAs but like the idea of something just for Christmas. We are always dipping into the ISAs for something or other. I think in this economic climate more middle and higher paid people are doing, or will do, this kind of scheme.

It's not that different to buying off Littlewoods catalogue other than you pay first rather than owe which can only be good. Any company can go bust, you would never buy anything if you were too careful. I personally think it is a great and responsible idea.

Also I believe you can cancel with Park and PO but there is a small charge. So if there were truly desperate times you could get your money back.

zsazsaapplenod Sun 30-Dec-12 18:49:56

Whoknowswhocares and I respect your opinion. Was simply pointing out the factual information smile

Feelingdetached Sun 30-Dec-12 18:50:02

Well I'm valid stupid and poor as my mortgage is with N Rock, in fact I have two with them shock

zsazsaapplenod Sun 30-Dec-12 18:50:59

jellybeans be careful with supermarkets - they are not regulated and refuse to regulate!

I have to say, I agree with holla - I just don't see the point. Paying towards vouchers just seems so restrictive. Can you spend them on Amazon for example? What happens if you don't end up using all the vouchers after youve done all your xmas shopping? Do you get it back in cash?

A nice little earner for those on commission but otherwise if you have access to bank accounts then a standing order into a separate account surely gives you more flexibility and freedom. Fair enough for those that don't have easy access to multiple bank accounts I suppose.

But in answer to those like my sister who use park because "Ooooh I'd just spend it if someone wasn't minding it for me" - get some self-control for god's sake and DON'T spend it!!!!

Feelingdetached Sun 30-Dec-12 18:51:01

whoknows did not make the poor comment. It's that I have beef wiv!

HollaAtMeSanta Sun 30-Dec-12 18:51:21

Exactly, whoknows.

And it is for poor people. Before shock reading this thread, I actually thought these schemes were for people too poor/illiterate/low credit rated to get a proper bank account.

Do you park savers realise that you are making an interest free loan to them? Lending them your money so that they can invest/gamble with it all year to make a fat profit for themselves? angry

ddubsgirl Sun 30-Dec-12 18:52:55

shesariver sad glad u got some of it back,i had gifts not turn up but got a refund from hfh,both dh & i work so no we are not poor and i love saving with park,i get all my food and dont have the hassle of fighting my way around the supermarket! i hate shopping at the best of times.

insancerre Sun 30-Dec-12 18:53:31

isn't that exactly what the bank does with your money in your current account. holla?

What holla like the banks do?

Feelingdetached Sun 30-Dec-12 18:54:07

curly they are widely accepted, inc attractions and restaurants.

It's just a way of saving, if that's what some people need to do to save then so what?

Some people need to hide the biscuit tin, or not have them in the house.

Good for you if you are super saver who has self control.

I'm poor, stupid and have no self control...waaaaahahhhhhhh

AmberLeaf Sun 30-Dec-12 18:54:22

Do you park savers realise that you are making an interest free loan to them? Lending them your money so that they can invest/gamble with it all year to make a fat profit for themselves?

What do you think banks and building societies do with your money?!

zsazsaapplenod Sun 30-Dec-12 18:54:44

Yes you can order Amazon vouchers from Park. As for having any left, my mum usually goes and spends her vouchers in the sales or she keeps any vouchers she has left until the following year for either birthdays or Christmas again.

My parents are not poor, have bank account, savings account, ISA etc but she likes this way of saving as do many people all over the UK.

Also my mum gets commission for herself as she only saves for herself and it is more than any interest she would currently get in a bank a/c!

Feelingdetached Sun 30-Dec-12 18:55:29

Oooo do banks invest money then lose it all, in errrr credit crunches. But I'm a bit thick me.

insancerre Sun 30-Dec-12 18:56:08

<<high fives detached>>

Tortington Sun 30-Dec-12 18:56:54
zsazsaapplenod Sun 30-Dec-12 18:57:06

eh holla I think that reference would be best places with banks especially given their track records over the past few years hmm

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