Re Park Hampers

second_chance

Hi just a quick question wondering if anybody could help me:D
I've started a dmp and I'm getting back on track....to avoid the disastrous xmas I've just had I've started saving with park...only thing is i gave the cheque to cover the first payment weeks ago and didn't realise it hadn't gone out...its due to bounce today :mad:so cross with myself...will they represent the cheque in a few days?or what will happen? thanks x

MrsTinks

Call them - and try to avoid paying by cheque.

Actually personally I'd avoid park like the plague but that's probably just me - I don't like these unregulated savings schemes...

http://www.moneysavingexpert.com/family/christmas-savings-clubs

second_chance

i thought they were now safe and protected ....i do need to learn to not give out cheques I'm hopeless if they don't go out within a few days!

sourcrates

Basically if park go bust, you lose all your money.

Better to put it away in a savings account every month.

Come Christmas, you can spend it where you like instead of on their overpriced items.

MrsTinks

second_chance wrote: »

i thought they were now safe and protected ....i do need to learn to not give out cheques I'm hopeless if they don't go out within a few days!

Common misconception - they adhere to a voluntary set of guidelines/rules/whatever you want to call them. The key is it's probably safer than it was, but it's still not protected like savings are.

And there are other pitfalls like if vouchers get stolen etc etc etc

Ilona

Hi. So where is the cheque now? Have Park still got it? If I was you I would ring the bank and put a stop on it, then open a savings account with the Post Office or suchlike, perhaps buying premium bonds.

Hampers always contain stuff you don't like or don't need. Best save up and make your own hamper with what you do like.

Ilona

MrsTinks

Ilona you don't actually buy hampers usually It's just called that because I assume that used to be what you bought - I'd call it a quirk of british tradition

With Park you either buy from their catalog or you get love2shop vouchers near christmas.

Ilona

MrsTinks wrote: »

Ilona you don't actually buy hampers usually It's just called that because I assume that used to be what you bought - I'd call it a quirk of british tradition

With Park you either buy from their catalog or you get love2shop vouchers near christmas.

Thanks Mrs T, I thought you get a hamper sent by parcel delivery. So Parks is just a catalogue, choose your own items, or get vouchers. Sounds a bit daft to me. I bet the items are a lot cheaper to buy from a shop.

OP, you seem to have had problems with cheques before, not knowing when the money is going to be taken from your account, and finding that you maybe haven't enough in to cover them. May I suggest you try and do some of your transactions in cash. Put a £2 coin away every week in a tin, for a year and you will have £104. That should cover your Christmas food. Put more away if you want to save for presents.

Ilona

MrsTinks

Ilona wrote: »

Thanks Mrs T, I thought you get a hamper sent by parcel delivery. So Parks is just a catalogue, choose your own items, or get vouchers. Sounds a bit daft to me. I bet the items are a lot cheaper to buy from a shop.


Ilona

You've pretty much nailed it there

It's improved a little in that you can take your money as vouchers, but yeah... I'm not a fan.

They were popular originally because obviously people didn't have the same access and trust in banks. It's quite common to have a savings scheme with a local butcher for the turkey etc and I guess it grew commercial...

A few years ago one of the biggest schemes actually went under loosing I think over 100,000 people money - I think they got 50% of their money back but only after 6 years or so... Problem being that the money is not secured like it is in a bank.