To think that Park must be a con

[Favouritethings]

So the irritating Park christmas savings ads which are on the TV... Are they a con? Or have you saved with them and found it a good way to save for 'a debt free christmas'?

They're a con like any catalogue type business in that you pay much more for things which are available cheaper if you buy them outright.

Better to join the Credit Union and save all year. They offer small loans interest free.

Its risky. My friends mum lost a whole load of money on one of those types of schemes when it went bust before christmas a few years ago. She got nothing back.

Example

here is an Asda Firestorm bike it is 62 pounds

same bike from Park 109.99 pounds.

I use park it's very handy just transfer a tenner every week and you get vouchers at christmas I wouldn't get any of their hampers or other things though I think they're very over priced.

Although sometimes a do worry they might go bust.

I used them once a long time ago. It's not a con but it is over priced. I bought a hamper, it was all branded stuff and I realised I could get it a lot cheaper at the supermarket using own brand stuff.. I guess it's useful if you aren't able to put some by on your own and it feels great when it arrives. Like an early mini Christmas.

I suppose it's ok if you just get vouchers, but we had a very near miss with Farepak - decided not to bother just before they went bust. Our neighbour lost £££.

I honk it makes more sense to put a tenner or whatever into your own Christmas savings account tbh.
I have several saving accounts one is for Christmas where I Putin £15 a week. I'm nor worried about it going bust like the comany did the other year. If I have any money left over (ha ha!) I can leave it or transfer to holiday savings.

Honk! What a typo! I think it makes more sense.....

if I put it into a savings account I would just spend it I really struggle to save.

justbattering. Ifyou would spend it if it was in a savings account how do you manage to buy/ save for bigger purchases like a holiday, car or a rainy day.

Years ago I joined a Christmas club at work. The money was deducted out of our wages. It was such a good idea. The money was paid out in the first week of Dec by the organisers. They made money on the interest, and we got a lump sum which we couldn't touch all year. My DM used to save with the local butcher's Xmas club, but she had to be disciplined and actually hand the money over every week! Maybe you could save supermarket stamps, OP.

I remember that company which went bust, presumed that they had some insurance so that everyone got their money back! How awful
Might just open a saving account as suggested.. Although I'm not great with money and think I might end up dipping in to it. Xmas 13 I ended up in debt. Xmas 14 I didn't take on any additional debt (still paying off previous debt I accumulated), but this month has been so tight! I'm determined that Xmas 15 will be planned for financially!

Something like this is probably better. If I remember correctly you can put a few quid on it each week when you do your shop.

cards.asda.com/christmas-savings-card/about

I think what I don't like about them is that they are making interest from your money, when you could have it in your own bank. Also, is something terrible happened and you really did need that money for some unforeseen disaster, well cash is more useful to you than a handful of vouchers, even if it does mean scaling down on Chhristmas.

That makes a lot of sense flipchart

I think they're a very bad idea. There's absolutely no security for the saving shopper. If that company goes out of business, they take all those precious savings with them, as iklboo mentioned above regarding Farepak. And as someone else mentioned, the items can often be bought much more cheaply. Complete rip-off.

There are better ways of saving. Even a piggy-bank that you have to physically break to get at the money at the end of the year would be enough of a deterrent for me to not need to get to £10 or £20.

I have used park for years and save up for the vouchers. It suits me and I get the vouchers at the end of November. I can't touch it and that's what I like about it :)

I can't understand all this Christmas savings companies nonesense. Why not set up a special bank account for Christmas saving, and put money every month in there if you wish.

"I remember that company which went bust, presumed that they had some insurance so that everyone got their money back! "
Nope. Everybody who was 'saving' with them lost their money . I wouldn't touch any of these firms with somebody else's bargepole.

If you worry you would dip into a savings account that you set up specially for Christmas, could you maybe give the passbook to someone you really, really trust? Or put it somewhere like the loft that it would be such a faff to retrieve that the temptation would pass before you got it down?

Yes the loft would be perfect! I never go up there in case I see a spider!! I can put dh in charge of adding our money to it each month. Fab idea

It's not a con at all. And they are protected by insurance schemes so you would get your money back if they went bust - unlike that other one a few years ago.

We use them every year. We find it an easy way to save and if we just put it into a savings account we would just use it again. We order the love to shop card and pay for it monthly. It's a massive help for us.

No you dont always get it back.

I stick £20 in a jar each week to save up for gifts and food at Christmas.

"I can't understand all this Christmas savings companies nonsense. Why not set up a special bank account for Christmas saving, and put money every month in there if you wish."

This.

If people have enough to be able to put some money by each month why on earth would they risk it by saving with a company I have never heard of until today? Why not stick it into a bank or building society account that restricts access.