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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

291 replies

Whoknowswhocares · 25/12/2012 11:19

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?

OP posts:
zsazsaapplenod · 30/12/2012 18:22

whoknowswhocares Farepak were NOT the biggest company on the market. Park have always been the biggest.

They were obviously affected by the Farepak debacle but worked extremely hard with government insolvency service to protect customers funds and have been doing so since early 2007 now.

Plus, Park's business model was competely different to Farepak's. Park also had and still have a clean balance sheet whereas Farepak and European Home Retail owed millions to HBOS.

Only this year, the FSCS has began protecting funds with a member of the CPA Christmas Prepayment Assocation which Park was a founder member of.

The people to worry about saving with are supermarkets who refuse to regulate and vouchers in general as they are also not regulated!

zsazsaapplenod · 30/12/2012 18:25

Spartak but Asda and Tesco refuse to regulate their saving schemes! Asda in particular refuse point blankly. You lose your card, you lose your money - simples!

ddubsgirl · 30/12/2012 18:26

i was with home park hampers i lost some of the gifts ordered but got a full refund and then they were brought out by park,i have had no trouble with park either,i was upset for those with farepak and most still havent had money back,but things were put in place after to stop this happening again,end of the day its up to that person what they do,i save with them and i know all my food is sorted and lasts well after xmas saving me money.

zsazsaapplenod · 30/12/2012 18:27

Nowahousewife You can find out about Park here www.getpark.co.uk

It is a way of saving each week/month for the following Christmas.

Tortington · 30/12/2012 18:27

it;s another way of screwing over poor people, pay through the nose all year long - often its the same person who gives out the provvy loans or similar if they go door to door.

saving when you have shit all and can't get on your feet is hard.

I would urge anyone and everyone to please for the love of all that is holy, seek out your nearest credit union.

zsazsaapplenod · 30/12/2012 18:28

ddubsgirl The majority of Farepak savers have now finally received approximately 50% back. That is all they will receive though. Farepak is in the winding up stage (ie death of company).

Tortington · 30/12/2012 18:28

change your bank account to the coop or nationwide - if you can, stop letting these rich fat fuckers go on yachting holidays with your fucking money.

ddubsgirl · 30/12/2012 18:30

i had a credit union account and they closed it down :/ without telling me and were rude when i asked!

zsazsaapplenod · 30/12/2012 18:31

Custardo It is nothing like a provident loan. I respectively suggest you check your facts. As I said in an earlier post, due to interest being so low for so many years now, you get more commission with a member of the Christmas Prepayment Association than you do in a bank.

As for Credit Unions, yes they are better than a loan from provident or cash advance etc but there has been a lot of fraud within Credit Unions and also they go bust as well albeit they are protected by the FSA.

Tortington · 30/12/2012 18:33

www.eastsussexcu.org.uk for ddub

www.abcul.org/credit-unions in general

HollaAtMeSanta · 30/12/2012 18:35

I can see how it's a good thing for you Bogeyface, if you're acting as an agent and making money off other people's savings. But what's in it for an individual saver? Say you put in £50 per month - that's £600 over the year - what do you get at the end? £600 in vouchers, or more?

ddubsgirl · 30/12/2012 18:36

yes i earn comission on my park account,i use mine to pay towards my order.

ddubsgirl · 30/12/2012 18:37

yes if u buy £600 of vouchers u get £600

shesariver · 30/12/2012 18:38

Custardo whilst I do agree that saving with a credit union is a great idea you are wrong about schemes like Park - you don't pay throught the nose all year round - you save towards specific voucher amounts, what you put in is what you get back so confused about what you mean!

AmberLeaf · 30/12/2012 18:38

If you save for vouchers you get back what you pay in.

ddubsgirl · 30/12/2012 18:41

and as an agent you earn x amount of comission on those sales aswell as your own order,if you dont want others to earn it then open your own account and earn your own comission.

AmberLeaf · 30/12/2012 18:41

The local Avon lady was the Park woman when I used to get them.

Provident is a con I cant see a provident rep also doing park, no one would bother with the provident loans! because park makes more sense because of no interest.

zsazsaapplenod · 30/12/2012 18:41

You can still save for yourself and not run an Agency and receive commisson.

Here are the commission figures here

www.getpark.co.uk/pdfs/Park-Commission.pdf

Feelingdetached · 30/12/2012 18:41

Well can't believe it's been described as what poor people do. ^^ Shock

We have a very comfortable income and I'm saving for a second time with Park. Im saving £85 per month. I just like the idea of the vouchers being me
T separate, you can't dip into it, though I do have emergency funds if boiler breaks down.

I'm saving that much as I think I will send vouchers next year as pressents and have orderd an MnS card which I plans to use for our Xmas food order, winter coats etc.

It's just another way of saving, don't know what all the fuss is about.

For poor people indeed.

Original poster
Whoknowswhocares · 30/12/2012 18:42

So some people earn commission. If you are one of those I can see an incentive. Fair enough, well played.

But if i understand the way it works, you are earning on the backs of others. Others who could be earning interest on their savings. For those people, I don't see much of an upside

OP posts:
AmberLeaf · 30/12/2012 18:43

How much interest would you get on £600 saved across say 11 months? in any of the building society accounts?

Feelingdetached · 30/12/2012 18:44

Provident is entirely different, you receive cash or vouchers up front, accrue the debt then pay it off with interest yes?

Park is a saving scheme.

I suppose IBU to save up club card points, advantage card points, Amex points. I have all these little pots of money that I use for treats and Christmas - I must be vair, fair poor.

poor poor poor Hmm

ddubsgirl · 30/12/2012 18:44

thats up to them,for some its easier to hand the money and not have to worry,my friend does this she gives me her weekly payment,i pay it in,come xmas time all her food is delivered.

AmberLeaf · 30/12/2012 18:45

You can open your own account directly with Park and just sae for yourself, that way there is no agent earning commision off your savings if that bothers you so much.

zsazsaapplenod · 30/12/2012 18:45

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!