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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

CelibacyCakeAndElevatorMuzac · 23/01/2015 19:28

*and there are only 2 banks who offer a current account to people with bad credit history.

Bogeyface · 23/01/2015 19:31

Celibacy, Halifax easycash is a basic account that offers internet banking :)

cricketballs · 23/01/2015 19:37

we purchase 3 stamps from Morrisons every week and put £3 on a Sainsbury 'student' card every week this pays for more than the big shopping and use necter points to purchase presents (helps that DH fills up his work van at BP!)

Tinkerball · 23/01/2015 19:38

Some of the points that are starting to appear here remind me of some of the comments on a forum I was on at the time of Farepak, ridiculing saving like that in the first place to making out losing money was what we deserved.

FatJerseyPostXmasSpud · 23/01/2015 19:40

One word.

Farepak.

flipchart · 23/01/2015 19:41

tinkerball Nobody deserved what happened with fare pack. It was a bloody disgrace!

CelibacyCakeAndElevatorMuzac · 23/01/2015 19:42

Bogey, I didn't know that! I'm with the Co-Op and the last time I looked into it I was told it wasn't available.

My ex told me Halifax are crap....which is why I haven't looked into them

I'm about to embark on a big utility, broadband, insurance money saving expedition, so I need to look into a change of bank as well. Thanks.

CelibacyCakeAndElevatorMuzac · 23/01/2015 19:42

One word well three

Read the thread.

CelibacyCakeAndElevatorMuzac · 23/01/2015 19:46

cricketballs I was thinking of doing that with Sainsburys (only shop in Aldi as it's closest and cheapest, but get some bits from Sainsburys so.would be a good way of doing it....as long as.i didn't spend anything prior to Xmas!).

flipchart · 23/01/2015 19:50

celabicy if you are looking at doing all your broadband and utilities may I suggest going through Top cash back if you're not already signed up!

CelibacyCakeAndElevatorMuzac · 23/01/2015 19:53

Oh you can, all suggestions very welcome. I have had a very quick look at the Martin Lewis site and realised I need to spend a proper day (rather than DS's 30 min nap) sorting it all.

Thanks

DecaffCoffeeAndRollupsPlease · 23/01/2015 20:02

It makes more sense to save in your own savings account. If you can't be trusted not to dip into it frivolously then if you have a trustworthy relative, perhaps save in their name. I know if I had enough spare money to save for things my Dad would do it i his name for me.

DecaffCoffeeAndRollupsPlease · 23/01/2015 20:07

I suppose I am lucky that I have a few people I could trust with my money to help me to save if I were able to. Because I am so bad with money, I probably would use this kind of scheme to save for Christmas if I din't have such trustworthy people in my life and wanted to save money. Not everyone has people so trustworthy who are in good financial situations themselves to help them, so although I don't think they're great value, I do understand they can be appropriate for some people's circumstances.

Welshmaenad · 23/01/2015 20:09

It's not that secure.

www.bbc.co.uk/news/uk-wales-25499480

These people who gave money to a park agent did not get their money back.

If you're going to do it, I'd recommend not going via an agent.

Bunbaker · 23/01/2015 22:22

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

Why?

If you have a restricted access account and can get interest on your savings why save your money in account where Park get the interest instead of you?

Tinkerball · 23/01/2015 22:31

Lots of reasons Bunbaker, how about because of the risk of spending your own money, no matter how restricted. Saving for Park vouchers has many benefits.

lbsjob87 · 23/01/2015 22:33

Me and my mum have our own Christmas savings account. I give her whatever I can afford when I get paid, and she puts it in the bank in a joint account (set up for this one reason).

That way, I can't spend it without asking for it, and she can't get it out without me knowing. Not that we don't trust each other, obviously, but we've found it makes us think harder before we spend money on other things.

I wouldn't trust Park - even if they are insured, if they went under, how long before you get your money back? Same with the vouchers. I know Love 2 Shop are taken in loads of places, but that restricts me to buying in those places, and I might end up having to either pay much more for an item or buy it cheaper from somewhere that doesn't take them, which defeats the object, IMO.

MrsGSR · 23/01/2015 22:54

Ahh, ok. Thank you for explaining Celibacy, I didn't think of that.

For what it's worth, I've been with Halifax for 10+ years and love them, I've never had any problems and they were great when my sister was scammed.

CelibacyCakeAndElevatorMuzac · 23/01/2015 23:07

That's good to know MrsGSR . I don't normally base financial decisions on my ex's opinion I just had 2 options, no experience of either, was in a bad place emotionally, so based my choice on his advice - 2 years ago!

I will be looking into Halifax though because although I love the customer service at the Co-Op, the account is pants.

CurlyhairedAssassin · 23/01/2015 23:27

I think Park type schemes are good for people who are not that good with money. My sister uses them. She has a good job but will admit that it doesn't matter how much money she has each month she would just spend it all.

I am quite anal over budgeting for things. I have 2 savings accounts. Well, 3 if you count the joint one I have with DH. That one we both pay into each month and nothing goes out of it. Just proper emergencies. Only dipped into every few years. One time we had to put the money towards a car because One we had was written off and we couldn't find a decent one with the insurance payout so we got a newer one using our emergency savings.

The other 2 are savings accounts i pay into with a view to saving for a specIfic goal. So one is towards Christmas or a new piece of furniture etc and the other an annual holiday. I don't touch that money till I need it for the thing in saving for.

My sister as I say is on 3 times the salary I'm on and just doesn't operate this way. She is the type of person to throw unopened bank statements into a drawer whereas I check my accounts every other day. She will go out with the family for pizza on a weeknight on a whim whereas we are more careful and only tend to go out for family meals on birthdays etc.

She would say I'm boring and anal and I would say she's frivolous and disorganised. They're both insults. No-one is "right", we just operate differently when it comes to finances. So for people like her, those schemes are invaluable.

limegoldfinewine · 24/01/2015 00:37

I think there is some statistical data showing that being poor makes it more difficult to delay gratification. It makes sense that people need to construct schemes to force them to save money, otherwise they would just spend it over the year.

I think the real problem with stores like Park is not that people are living hand to mouth and need someone to budget for them so they can't spend it, but that it encourages them to spend that hard earned money on xmas presents. People feel richer than they are and all that saving is being diverted to consumption only.

I would love a rule for Park, Wonga, Brighthouse and all the others: the services can exist but amount equal to 30% of everything that you "save" weekly with Park or pay weekly to Brighthouse must go into a real savings account that can't be touched for X years. So it would make Park slightly more expensive but then after a few years you would have a lump sum of money for things other than buying stuff.

SoonToBeSix · 24/01/2015 00:46

The post office do a Xmas saving scheme where you can't access your money until November.

Bogeyface · 24/01/2015 00:53

Celibacy

YY to cashback sites but be prepared to put some time in as you need to go through the comparison sites AND the cash back sites and then compare all the numbers. Worth it though as it can save you hundreds.

Then when you have done that, ring your current and second place suppliers and ask them what they can do for you (especially for broadband) as you are looking to move/take advantage of cash back etc. Then, go back to your original list and rejig it over the contract period (dont forget to take that into account, a cheap deal for 6 months is no good if it overcharges for the following year and a half).

THEN.......if it looks like you have to change, go back to your current supplier, give them the figures and ask them if they can beat it (be that direct) and if they cant, change.

Companies will do anything to keep your custom, so push your current suppliers to beat what you have found on line. I did this with Sky and now have fibre broadband and a better TV package for less than I was paying before, and even signing onto an 18 month contract it will be less over that period.

SoonToBeSix · 24/01/2015 00:53

Celibacy nationwide also offer internet banking with a basic bank account.

sashh · 24/01/2015 06:51

justbatteringon

Try putting it somewhere difficult to get at. I have an old building society account with a pass book, the only way to get money out is (because I moved) a 200 mile round trip or to send the book by post and wait for a cheque by post.

But I can pay money in using online banking from my current account so it is easy to put the odd £1 in.

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