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?

Custardo it is a well known fact that Martin Lewis cannot stand any types of schemes such as members of the CPA.

wow, in 2012 wer're still berrating people for doing things diffrently!!

I get paid from a small job in e-vouchers, I request amazon vouchers, and store the codes in a buscuit jar on my window sill. I also use tesco and the double up in november/early december to pay for christmas.

I dont exactly give my money to someone else to save, but I also dont save cash in a seprate bank account and exercise slef controll either.

Am I wrong? or is it people who use companies like park which (has been mentioned several times now and evidence linked)is completely safe after farepac went bust.

yes be warey of these companoies just as you should be wary of any company and even bank at the moment curries, northen rock, mfi, la senza, jjb, whittards, woolworths just to name a few.

But lets not get the pitch forks out just because someone chooses to use a christmas savings scheme you dont personall feel comfortable with.

Anyway I AM keeping my park account going with pride. It was another MNetters on a budgeting thread in the summer told me about them.

Im with Park n Proud

I'm also immoral as we all have iPads, poor, think and lacking itself control - all from MN in 48hours blindly.

Dubsgirl I remember at the time being upset but it didnt ruin my Christmas as it was only £100 M&S vouchers I was saving towards, but my agent lost £900, it was awful.

I do resent being told I dont have any "self control" because I think its a good way to actually save towards Christmas unlike putting it all on credit cards etc like half of people seem to have done this Christmas according to the news.

joins feeling ..................

WTG Feelingdetached my mum has already paid £60 towards 2013 order

I think the problem with saving actual cash is that it's accessible if you get caught short whereas Park isn't.

That sounds like a plus on the side of a savings account. No point having money put away for Christmas that you can't access if the boiler has just exploded.

im with you shesariver

why does he not like them? zsa zza

why are you immoral detached?

Do you have to decide now what vouchers you are saving for and how much? I can't get it up on my phone

Shesariver It did ruin Christmas for an awful lot of people. Thankfully I only lost around £300 but I felt so guilty as my agency lost over £1,000 and those were family members.

In 2006 an awful lot of Farepak "victims" used credit cards, provident and even loan sharks to fund their Christmas and were still paying it off in 2007. However, people who did not save with Farepak also funded their Christmas 2006 with credit cards as they do year after year.

What I detest about Farepak is the fact that it is associated with being financially illiterate, no self control and plain stupid. It really gets my goat!

My second £85 payment will come out in four days, yes it will

you have a choice of different ones,you pick which ones and order,if there are any changes the company will let you know and offer to change them of refund normally(say a store closes down etc)

Yeah moomin, there are mainly highstreet vouchers and mns I think.

If you opt into any other packages like goods or hampers if it is not paid they convert them to vouchers and send it out as balance.

Custardo he believes they represent poor value for money.

And you pay by standing order?

custardo there was a thread about buying iPads for children, I have so therefore I am. So judgelicious on here at the moment!

you can pay by standing order, make online payments, send cheques, pay over the phone, at the Post Office, Bank etc.

Yes I'm paying by direct debit, fixed amount every month. I can cancel it online on their website or at my bank, so there is always that too...

Banks are properly regulated. If they go under, you will get all your money back.

Banks pay you interest. It's not much, but you get out more than you put in.

Banks give back your money in the form of cash so that you can spend it on anything and in any shop. This enables you to shop around for the lowest prices rather than being forced to buy only from certain shops.

Zsazsa, your mum spends left over vouchers in the sales? You see I think many people with leftover vouchers would do this. I bet they feel its like Monopoly money - not real proper hard cash, "it's already paid for so I may as well use them" type of attitude. So they go out and buy a lot of tat in the sales simply because the vouchers are sitting there, I bet. When otherwise they might not. Perhaps.

Also, what happens when you get odd little amount of vouchers left here and there. If EVERYONe who has vouchers have odd little amounts of them left then might they top up it with cash in a shop to buy an item? In which case the shops must be laughig if thousands of people are doing that. Or conversely, just think "oh it's only 3 quid" or whatever and stick it in a drawer forgotten about? (Again if there are thousands of people doing that, then Park wins.)

I just don't see that it's actually that beneficial for the consumer. Profits for Park, profits for the shops. Not much in it for the shopper apart from having their money babysat for them.

They must be making a huge profit out of it, these companies. They're not operating out of the goodness of their heart.

I can never really see the point of these either.

Yes saving for Christmas is a good idea, I save each month by DD into a separate account with a different bank so that the money is away and out of sight. I can see that if you had it with your normal bank and you had a tight month that it would be tempting to 'borrow' it when you were using internet banking.

It is very nice to know that the money is there and waiting, but I would much rather have the freedom of spending anywhere and being able to pick up good deals than be limited with vouchers.

zsazsa I remember it all well, I spent a lot of time on the Unfarepak website which was a good support. It was the first year I had did it, otherwise I probably would have lost more. It was because of that I got into my local credit union - usually you have to have savings with them before they give you a loan but because of the Farepak fiasco they were offering loans without savings at the time if you had lost money with Farepak, this I took out and have continued to save with them and use them for loans if need be.

The thread that keeps giving

I buy tat I the sales too.....

It's a hoot this is a hoot I tell ya