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?

Some people prefer X, other people prefer Y.

True, but would lead to a very quiet MN.

If I have a big car repair I need to be able to access my money. (this is important)

If I fancy more spend on holiday I can decide whether I would rather have the money now or at Christmas. (this is less important but I don't know that January-me gets to decide that December-me gets the money instead of July-me, when July-me might have different ideas).

'Why not just buy an amazon voucher every month?'

That could be an option for some people. I don't know how long the expiry is though? And where would you store them, would it be tempting to use them for birthday presents etc, does it seem as fun to build up a large amount to spend at Xmas etc. Many people like Park's vouchers as they can be spent in multiple shops. If one goes bust there are others you can use them in. You can get amazon ones as well.

Still unsure Trills. Maybe you would have a point if you were totally on the breadline and had nil money to run the car in your scenario. But I do have other accounts luckily. I use ISAs for the car for example. So dull! In worst case scenario you could close your savings account and pay £5 or £20 or whatever ad get refunded. Surely a separate Xmas account is OK?

mrshoarder the love2shop vouchers are accepted in a wide range of stores, including Toys R us and Argos, which is where I got most of my boys toys this Christmas.

Jelly, watch out for Asda they refuse to regulate and you must treat your card as cash. If you lose your card you've lost your cash!

If you have other accounts to pay for car repairs then what's the problem with having your Christmas money accessible? You would use your other account not your Christmas money.

I really don't understand how "I can't get the money out" is a good thing unless there are some benefits being given to you in return.

Saving accounts where you cannot withdraw the money until a certain point always have higher interest than easy access accounts precisely because not-being-able-to-get-your-money is a disadvantage that the consumer needs to be compensated for.

Park are constantly looking for other retailers to join the Love 2 Shop scheme.

Thanks zsazsaapplenod. Think I will stick to Park/PO.

Ah but Trills even the higher interest bearing accounts say over 10 months may still not give a return like you would get with commission from Park or Variety to that matter.

You're welcome jellybeans There are MPs fighting to try and force supermarkets to regulate.

^Trills Sun 30-Dec-12 21:38:05
If you actually do get something out other than "the amount of money you put in, but in a less useful form" then fair enough, but that doesn't necessarily seem to be the case.^

Of course, one could always try not spending so much on Christmas in the first

Place! Bloody iPod.

Is this like a pyramid scheme where you only get extra if you persuade other people to join up "under you" or am I misunderstanding?

I just want a separate account (or two) for Xmas that can build up without me being able to go into it. I just feel like giving it a go. If I don't like it I won't do the next year-no harm done. More fun this way thank boring accounts too! I know people who do it and look forward to receiving their vouchers for ages before. They have peace of mind for the next Xmas, maybe after struggling the year before. It is dull being mixed with other money. You can get more than the interest you would earn in vouchers for paying first month right away and paying by direct debit (as zsazsaapplenod says) so that doesn't bother me at all. Surely it is just like buying from Littlewoods/credit cards but the other way (better way) round?

Yakshemash I am actually pretty frugal. As much as possible with 5 DC anyway!

No trills you just pay at the end they give your total amount back what you paid for.

It is nothing like a pyramid scheme.

Everyone gets out what they put in.

trills its not a Pyramid scheme, so yes you have misunderstood.

Yakshemash what do you mean "not spending so much" - if people can afford it surely its their choice whether to buy presents, nice food etc at Christmas time.

Why not join a Credit Union if there is one near you. I was going to once but didn't. But they are a good idea for the community.

<a class="break-all" href="http://web.archive.org/web/20061007013746/www.farepak.co.uk/info.asp?page=aboutus" rel="nofollow" target="_blank">This from Farepak's web site in 2006:

"As a founder member of the Hamper Industry Trade Association, we adhere to the HITA Code of Practice which ensures the security of your savings and safe delivery of your hampers and gifts."

There's always some scheme in place to protect your money. And it's always safe until somebody finds a ways of losing it...

Indeed, as the banks have recently demonstrated.

Lord only knows who said it and got rinsed because she said it and told to check her facts but.....

Provident personal credit/ green woods credit ( both the same people) do collect for and sell Christmas hampers I know that 3 years ago they were park hampers.

To save for one you had to be a current loan customer and it was just the hampers not the other park products.

And who would think it but they still do

www.providentpersonalcredit.com/loans/provident-hampers/

Totally agree, too much of a risk