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AIBU?

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Original poster

To think that Park must be a con

128 replies

Favouritethings · 23/01/2015 16:00

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'?

OP posts:
WastingMyYoungYears · 23/01/2015 18:33

flipchart, some people very much can't save for a holiday or a car etc. though. However, most of these people will want to save for Christmas or another special occasion.

I do think it's easy as a comfortably off person just to say Well, just don't touch your savings. But that's because all of your needs are met before any excess is moved into savings. It's much more difficult as a struggling person to say I'll just leave my savings, even though I or my DC really need X / Y / Z.

CelibacyCakeAndElevatorMuzac · 23/01/2015 18:35

I've saved every year with Park for about 5 years.

I get vouchers.

I put anything from 5-10 a week in. I get my (benefit) money on Friday, walk to the shop and put the money into my account via Paypoint.

It's easy, convenient and I get back what I put in. It's also insured to the hilt so that should the company go bust, all monies paid in are protected. There's a section that explains on their website.

If I were to use my savings account (of which there is rarely £50 in) I would use it on the various emergencies that occur through the year.

Some people are able to save, others like me aren't.

The first year I used them I was earning £23k, still found it an easy way to save.

If you don't like or trust or you are able to have a savings account for Christmas, then do what you want of course.

CelibacyCakeAndElevatorMuzac · 23/01/2015 18:36

WastingMyYoungerYears exactly that!

jellybeans · 23/01/2015 18:40

I love Park and this will be my third year. I used to be skeptical about it but money is protected now and it is risk free. I get Amazon cards and high street vouchers which really helps with a big family.

Yes i could put the money in a bank but then it invariably gets spent on other things. I did also do a Post Office card but that was much more complicated.

FamiliesShareGerms · 23/01/2015 18:40

You could open a savings account with a 21 day notice period: you can still get your money in an emergency but the penalty for a no notice withdrawal might be sufficient to put you off dipping into it otherwise?

HelenaDove · 23/01/2015 18:40

It was Farepak who went bust and i didnt think the customers got their money back either.

CelibacyCakeAndElevatorMuzac · 23/01/2015 18:43

From their website.

To think that Park must be a con
justbatteringon · 23/01/2015 18:43

flipchart I've never been on holiday don't even have a passport and I can't drive.
For Rainy days, I put some money in my paypay account but I've just had to dip into it.

Summerisle1 · 23/01/2015 18:44

I don't have much confidence in these organisations and it seems a little silly to use them, let them have the benefit of earning interest on your money and end up paying well over the odds for the goods they sell too.

Much better to use a credit union. Or, if you have the willpower, a savings account with a withdrawal penalty.

EvansOvalPiesYumYum · 23/01/2015 18:45

But if, as Bunbaker said, you place your weekly/monthly savings into a restricted-access account, at least you will be earning some interest on it, and you know for sure that your money is safe. Even if one of these Christmas Companies is insured if it goes bust, surely you would have a long waiting time to get your money back from the insurance company, and you would have to produce all sorts of documents to prove your membership, etc, etc, etc. You may get your money back in the end, if the company has insurance, but it wouldn't help a customer if they wanted that money at Christmas, if the company should go bust at that time. What would you do then? Company might dissolve in November, you need your money (or goods) for Christmas. Insurance covers it, but you might not get it back until March or April (if you're lucky). How will that help your Christmas spend?

Bogeyface · 23/01/2015 18:46

I have saved with them and I like them, but then I save for vouchers as I dont want to a) try and guess what the kids will want next Xmas a year in advance and b) they are over priced.

With the vouchers I get exactly what I have put in, plus a bit extra for the commission and they are accepted in most shops so I can still take advantage of the 3 for 2's etc.

I checked it out thoroughly first though, after the farepack thing, and I am confident my money is safe. I know a lot of people that do it and it really does make it easier to save for Xmas as you dont have access to the money once you have paid it in, so you dont find yourself borrowing a bit out of your Xmas savings and then not putting it back.

CelibacyCakeAndElevatorMuzac · 23/01/2015 18:47

Yes, flipchart I don't have a car because I can't afford to save for one let alone run one. Holidays only happen if my parents invite and pay.

I'm not feckless, I budget to the penny, I've worked hard all my life, circumstances beyond my control have put me in this position.

Having said that, life ain't too bad, finances aside Grin

GotToBeInItToWinIt · 23/01/2015 18:48

flipchart we don't save for cars, holidays or a rainy day. We don't have anything left after bills to save for those things.

justbatteringon · 23/01/2015 18:48

summerisle I actually tried to use a credit union but I was always forgetting to or couldn't get to town and put the money into the account. By the time I remembered I was skint with park I can just transfer it online. I also looked into accounts that couldn't be touched but u couldn't find one that would deter me enough.

jellybeans · 23/01/2015 18:49

I use Park in additions to savings and ISAs. Nothing silly about it. I enjoy it and it is good logging in and seeing your savings build up. I dont see why other people are so bothered. If people enjoy it and find it useful then that is a good thing. Better than getting into debt too!

NecklessMumster · 23/01/2015 18:50

I have a Christmas savings account with the credit union, I can take it out in November. I also put £50 a month in a used to be Brittania account that only allows 2 withdrawals a year. Drawback is trying to do all christmas shopping in one big spend.My friend has a terrimundi pot that she saves all her £2 coins in and smashes it open in Nov

Pantone363 · 23/01/2015 18:51

Ah the blissful ignorance of the "why not just put it in a jar/savings account" posters.

Most people don't buy the gifts or hampers, they use it for amazon vouchers or high street vouchers, equal to the amount you save.

Hulababy · 23/01/2015 18:52

It doesn't seem like a good deal if at the end of it you have to pay much more for each gift than you would do if buying from elsewhere

LMGTFY · 23/01/2015 18:52

I've done park for a few years now, I just get vouchers. I know I'd do better putting it in a savings account but I'd end up robbing it for a weekend away. It's paid for Christmas for years now, I used to get into debt.

herethereandeverywhere · 23/01/2015 18:52

I agree with wasting. It shows a lack of understanding of what living long term on a low and or non-guaranteed income is like to say 'just have a savings account and don't dip into it'.

My grandparents would use similar schemes to Park, as did many friends families growing up. My nan called it the 'Tonny' from the word tontine. Park has been running for many years (its a local business where I grew up) but I have no idea of its financial security nor its obligations to ring fence or safeguard customer money.

People who live so close to 'hand to mouth' simply can't rely on a 'Xmas savings account' to be there at the end of the year. As soon as the boiler breaks down/car needs MOT/child needs new shoes/[insert other need for cash at short notice] then the Xmas fund gets dipped into. Park prevents that, though introduces the element of risk if they go bust.

Tinkerball · 23/01/2015 18:52

I lost money with Farepak, thankfully it was only £100 and didnt ruin Christmas the way it did for many others. You dont need to buy their goods or hampers as I do think they are overpriced. However the vouchers are good because you get back exactly what you put in. I have not saved with Park but they are completely different from Farepak and if the worst happened everyone would get their money back.

I don't have much confidence in these organisations and it seems a little silly to use them, let them have the benefit of earning interest on your money and end up paying well over the odds for the goods they sell too

There is no risk with your money with Park and as I said vouchers are the best option.

I do think Credit Unions are a good option though, as many have Christmas saving schemes as well as regular accounts where you save money and can get low interest loans based on your savings.

Pantone363 · 23/01/2015 18:52

Yes our credit union is open 2 hours a day, 3 days a week.

Fabulous if you work or have other commitments.

justbatteringon · 23/01/2015 18:53

I don't understand how people get enough £2 coins to do Christmas i couldn't tell you the last time I had a £2 coin in my purse but I honestly think never.

Hulababy · 23/01/2015 18:53

xpost with the post saying you can buy Amazon vouchers - that would seem the best way, so long as you definitely get the full value.

I am still sceptical that they are totally safe though and that all monies wil be returned if they went bust .

Tinkerball · 23/01/2015 18:54

And I do find it completely patronising that some people say "oh just open a savings account and save" type posts.