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 agree Bogeyface. It is, after all, a savings scheme.

That wasnt aimed you Birds btw, just bad timing! It was in response to the other posts about not having self control.

Feeling, it costs retailers to become a member of the scheme so Park makes money that way. Furthermore, deposits by customers are paid into interest bearing accounts.

They do make money from hampers and goods obviously and then there is their corporate side.

They also work throughout the rest of the year packing for other companies etcetera.

The Park business model is not just based around the Christmas saving scheme.

Detached, I just don't like the thought that a third party is profiting from me like that though. It just doesn't sit right with me. Whereas money I earn in interest is mine.

I bought vouchers with Variety once from my friend, and was a bit pissed off that some of the shops wouldn't offer change, they just kept the whole voucher if what you bought came in at less money than it was worth.

I hope this has changed.

Thanking bogeyfaces reasoning. I'm also saving club card points for a holiday.

That's fine curly I have a holiday savings account we are suing for out buggy next year.

I just do my Christmas money this way, I just do. I havnt got a problem with savings based accounts or scheme anywhere, but some people seem to re Park.

I agree Bogeyface. Spending money you don't have on credit cards for a foreseeable expense is daft. It's not as if Christmas doesn't come round at the same time each year

There were however some replies early on where people said that the only way they could be sure they wouldn't just spend the money early was to use Park. I suspect this is why the lack of self control comments started

Line, which companies did not offer you change?

Agree with you there birds. Its a funny world when you get criticised for saving rather than running up credit!

Saving for the biggy

I think it's total madness. In view of that Hamper company going broke a few years ago and these poor people losing everything.

I remember at the time of Farepak a friend of my emailed a journalist at the Times asking her if she thought we were all "Sun reading, lager drinking, chain smoking idiots....." due to a derogatory article written by this journalist saying she thought "schemes like Farepak had disappeared with coin operated televisions"! My friend went onto list her various types of bank a/c's the fact that her mortgage was almost paid and she simply did not wish to use a credit card for Christmas as she "enjoyed, saving this way...."!

That is true whocares and I am one of those people who likes to keep it out of way. One reason is in the past I buy stuff during the year, forget what I have bought, end up with too much, and actually stuff that my ds may not want or appreciate at all. I knows you see I've made this mistake before.

That still happens with vouchers Line so I buy the cards so you can spend the exact amount.

Curly that makes no sense. Every company or bank is profiting from you in some way! The interest the bank pays you is miniscule compared to what they make from investing it. I prefer to use Park as it works for me, and as has been pointed out, the interest on £500 at the moment is so small as to be negligible, so it doesnt actually make more financial sense to stick with the bank atm.

Jeez, what did I start here???????

zsazsa, racking brains, this was a good ten years ago. I have a distant memory of ELC pissing me off one Christmas (but that could have been about all sorts of things tbh).

It just struck me as a way that shops would make a few bob by selling vouchers at a discount to the Park/Variety-type companies.

vivienne is that poor as in no money people or poor as in pity then? And regulations are completely different now compared to 2006.

I don't think anyone on here would disagree with the fact that using a scheme such as park is more financially savvy than overspending on the credit card.

Vivien, Farepak (the hamper company you are referring to) went into administration in 2006 and is now being wound up.

The directors faced court this year where Mr Justice Peter Smith SLAMMED guess who - not the directors - the BANK, HBOS!!! HBOS knew exactly what they were doing with over 114,000 customers' monies.

mother of pearl don't mention nearly paid up mortgages tonight.

I am saving £450 amazon vouchers as that's where I do most of my christmas shopping. I Received an extra £25 worth of vouchers for setting up a direct debit when I joined and £25 for referring my mum. Plus £4.50 commission on my own order. So I've made £54.50. Would not get this much in interest if I saved £40 per month in a bank account!

Line, the shops are not obliged to give you change but what you will find is that most do. Toys R Rus certainly give change. Argos give you their gift cards with whatever amount is left on it and I know of others that do similar.