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'?

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

Its not, thats why the vast majority of their business is the vouchers.

Even with their love to shop vouchers you get the amount you paid infact you usually get commission. I really don't know why people think you get less than you put in.

I think these companies are awful. They are making money from those on low incomes. As has been pointed out, they keep the interest on your money. They also no doubt make money from the limited companies for which they give vouchers. And as has been pointed out, goods bought through them are more expensive.

I have been in my Credit Union for over 20 years and you can pay money in through a standing order, loans can also be paid directly into your bank account.

Those who invested with Farepak did get back around 50% of what they put in, but it wasn't until a while later. So it did ruin that Christmas.

I think that is what I would worry about, this kind of thing is most likely to go bankrupt just before Christmas, when everyone starts cashing in. Even if it is insured it might be a few months before people get their money back, probably after Christmas.

Panatone. It's not blissfully ignorance though.
posters, including myself, have been offering beer value suggestions or ways to protect yourself if 5 he company goes tits up as one famously did the other year.

Also we can't know everybody's personal circumstances but it seems reasonable that if there is a tenner to go to a hamper company the same tenner could go into a limited withdrawal savings account.

I'm not fussed what people do,I was just taking part in a conversation.

For me to save £20-£40 a month by Direct Debit.into a savings account.

I would have to ensure that there was £40 there available to go out. I can not guarantee that on every 1st day of the month (for example) that I have a spare £40 in my account.

For me to physically take my money to the bank and pay it in,I either take a weekly trip on the bus to town (£5 return) which blows the no-interest point away, or I keep the money somewhere safe and make one trip. But then, I am still spending £5 to get there and back and I am leaving accessible money in the house.

I know how savings accounts work, I know the risk associated with saving this way. It is very low (I say this as an ex Farepak customer) and weighing up my other options for saving, it is the most cost-effective and timely way to do it.

Park make money from the interest and the vouchers etc as the shops get less back than if they were getting cash. Not sure how much, maybe 90 odd pence. That is why not all shops agree to accepting it.

I think these companies are awful. They are making money from those on low incomes

So? All businesses exist to make money, I dont see the problem as people get back what they pay in and its a good way for some people, not just those on low incomes to save for Christmas.

For a standing order I go in get a letter and keep it at the same amount. What if one month I couldn't afford it and it came out any way and I could still just walk into the branch and lift the money not only that but credit unions charge you a fee

I'm lucky with my credit union as I work for the council and I have my contributions to the c u deducted from my salary .

I use them to save for Amazon and m&s vouchers- it's like any other bill now but at the the end of October I get £600 to cover all of Christmas and DS's Birthday (in January). I get to enjoy shopping without worrying about how much it's costing me. :)

Neckless thats like me with my works Credit Union to, Im in that as well as a local one.

Just to confirm, we are not low income but Christmas was stressful because I needed to have £600 spare each year and I'm never that organised!

I dont see them as some baddie making money on low income people. Many people swear they help them enjoy xmas and stay out of debt. How is that a bad thing? Also not all savers are low earners. We would be classed as middle earners and use them so they are not really praying on poorer people...

Dont just stereotype users as all 'one type' in a negative way, a variety of families use them. Also Park grew from a small local xmas club and are not some huge money hungry exploiter. Listen to the people here who actually use them than people making (wrong) assumptions.

I definitely don't equate Park with Wonga-type loans or Bright House shopping -type rip offs.

When I first started with Park we did not class as low income by any means. They just before Xmas H was made redundant by a company going into administration and then reopening the next day, so writing of millions in debt (The owners of Rileys snooker clubs if anyone is interested). He wasnt paid wages, holiday pay or severance.

My Park savings meant that although we had no cash, at least the kids could still have Xmas.

*my mum earns £40k a year has savings and ISA's but gets £600 of.vouchers every year. She says she enjoys getting the vouchers through.

The only thing that puts me off is the fact I can't shop everywhere with them.

I don't understand arguments like this: 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.

Or 'but I'd end up using it for emergencies or when we needed something'

Surely,your boiler going bust or your kids needing shoes is a bit more important. If you would be dipping into savings for these things (as many do) how do you pay for them when you don't have savings because you've put your money away with Park instead?

Do you ignore the emergencies and decide that a possible extra present,several months away,is more important than heating your home? OR do you have the money spare anyway? In which case,how can you manage to have not spent and wasted that but are unable to use a savings account and pay back.

Genuine question as it makes no sense to me.

And regarding them being insured,yes they are. But you won't get your money back in time for Christmas shopping if they collapse towards the end of the year!

CelibacyCakeAndElevatorMuzac

I might be being stupid, but couldn't you just use internet banking to transfer drips & drabs as and when you can? It doesn't have to be direct debit or cash.

From my memory about what happened with Farepak the money saved wasnt ring fenced and I think this is different with Park.

Triptrap, I don't have savings. I budget for clothes and shoes. The months I have to buy them, we.eat frozen chips and fish fingers and endless pasta dishes to balance the books.

As for saving for presents, my child's well-being is important so it is important to get Christmas and birthday gifts(2 days apart).

Why, if you (general) aren't in this situation, are you picking apart the decisions of those of us who live day to day with these financial issues? Why not accept that, yes we know a savings account is better/safer,but having weighed up the pros and cons we've made a decision.to not get into debt the best way we are able.

I'm not stupid.

I'm not frivolous.

Every penny is accounted for.

I can't use internet banking because I can only get a basic account due to credit history.

Don't want to go Into details,but circumstances beyond my control led to ccjs.