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

[Whoknowswhocares]

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?

I have been having the same thoughts. I thought the bargain finding on the Christmas bargains thread seemed a totally amazing way to get cheap yet fab pressies. I just thought using that tread and spending carefully from savings in the bank might mean the money goes further than with park.

I think the problem with saving actual cash is that it's accessible if you get caught short whereas Park isn't. The Post Office do a savings card which I'll be saving on for next year; it's a pre-paid Visa card that you pop a regular amount onto.

Didn't something like this collapse a few years back???. And everyone lost their savings and presents?

Plenty of other better ways to save for Christmas. Even a jar for pound coins is better than that to be honest.

Farepak

Yes, I've had the same thought - if you can't trust yourself with the money in case of falling short, could you not give money to a trusted family member to 'look after' I've done this with my Mum before!

There is a safety net in place now, after Farepak went under.

But I still think it would be better to save in a bank and shop around.

Just checked the park website as I thought they now have to put customers money in a Trust account and it is not part of the main business assets. So if they company goes under the customers get their money back. The government put this requirement in place after Farepak went under.

YANBU. People need to get a bit of willpower and just save it seperately or buy bit by bit through the year.

But with Park is it value for money? I do not know what you can get with them, but surely bargains can be got from elsewhere thus meaning that money goes further.

YANBU. There are far better ways to save - anyone who's thinking of a Park type scheme should check out www.moneysavingexpert.co.uk for better alternatives.

that kind of thing is for the very poor. they used to collect house to house, like the rent man. no sensible person ever got involved. i'm glad its more secure now.but anyone who can afford to save a few pounds a week can open a bank account and pay it in there.

my aunt (by marriage) ran a 'christmas club', collected from her neighbours all year then scarpered to spain with the money, leaving my uncle to refund all the savings and to save the family's reputation. and he had her back. the money only paid for a week's cheapo holiday!

It's a shame there aren't as many Christmas clubs about as there were when I was growing up. Social clubs, sports clubs and pubs used to take money off people each week and put it in a separate account, and then you got your money 2 weeks before Christmas.

I suppose it might be because of the temptation to run away to Barbados with the money or do an Arthur Fowler, but surely there must be some trust left in the world?

oops, really should read the WHOLE thread before posting!

Maybe would be better to do one of the savings card things at the big supermarket instead. Large Tesco and Asdas sell such a wide range of stuff, you get a bonus in November and can get your money back if you needed to throughout the year.

They are a good idea for some people.

If you will shop at the shops covered by the vouchers then it makes sense.

Paying in and not being able to get at the money during the year is a good idea.

Ive done it before. The farepak thing put me off, but now I know there are safety measures in place, Id possibly do it again.

I only ever bought the vouchers which were like for like [put in £200-get out £200 in vouchers]

wouldnt bother with the meat hampers etc.

I save using Variety. A friend from work does it. We are rubbish with cash, but this is fantastic and we are covered should something happen. This Christmas we got £300 of vouchers and spent maybe only £50 cash so, for us, it's definitely worthwhile

Firstly Merry Christmas everyone . Can someone please tell me what these park vouchers are, I've never heard of them?
Thanks.

I save up for £500 of park vouchers every year. They are hugely helpful. I get £300 high street vouchers, £100 M&S and £100 Amazon. Big relief at Xmas knowing they are coming. If I tried to save up the money in an account it would get used for something else.

Why not save using the supermarket schemes? Lots of them offer savings card and generally they top you up by £1 for every £25 you save, or thereabouts. Even if you don't buy all your Christmas stuff from there you can buy a great deal.
I do keep meaning to do this but I always forget
Must remember to start one next year!

I saved via Park for a few years now. A fuel at my last work used to collect from us, and she would get commission on what we saved. When I left that job, I opened up my own Park account and just direct debit a fixed amount every month. I save for vouchers - usually High Street Vouchers ( which are taken in loads of places), M&S, Debenhams and Arcadia. I use them to buy pressies or to get something to wear at the Xmas party. I usually don't use all if them and end up having them to use over the year (virtually all gave no expiry date though).

Yes I could do the same to a bank account, but the temptation to use that money would be too easy. Using Park means I pretty much forget about it, and then at the beg if Nov I get lots of lovely Vouchers.

Or perhaps I should just get a grip and some will power as previously suggested

Fuel = girl

I save with our local credit union after having Christmas near wiped out by Farepak a few years ago.

Hey I'm not poor and I save with park .

I don't want just supermarket vouchers so it's pointless me saving stamps solely with asda and /or tesco

I like to know the direct debit goes out each month . I haven't got to worry and come November I have saved up a huge amount .

If it were left for me to do myself I'd be terrible with the money thinking I'll treat the kids /go out a few times / buy nice food for a change / squander it on nothing in particular .
I did it this year and I'm DUI g it again next year , infact my first DD came out. 1st December so already I'm saving for next Christmas

I use park and before farepak problem I used home farm hampers I only get the food stuff love it

I think it is a good idea for some that have trouble saving and also that will use the shops in the voucher scheme. I know a few who do it and all swear by it. Also know a few that do the PO Xmas savings which is simelar but a gift card. It is much better protected now and also if you pay by Visa etc you are covered even more I think.