www.iva.co.uk

Hi
I was wondering if it is ok to save for Christmas with a company like Park? Would it be ok to set up a direct debit with them to take £40 a month out? Not sure what to do as I have been accepted for an account with them to receive vouchers. It would make me save for Xmas and take it from other allowances and hubby's overtime each month. What do you think? Thanks

Hi. As long as the payment comes from your allowances and doesn't jeopardise your IVA payment, there should be no problem.

However, why save with Park? For every tenner you give them they make a few quid profit, so you are getting less for your money in the long run. There is also the possibility that they could go the same way as Farepack!!

Why not save the money to a seperate savings account?

We tried that this year but something always seems to come up and we use the cash we saved. Maybe I will look into the Post Office Christmas savings instead - that is like a savings account with no interest gained and you can't touch the cash until Christmas. At least then I can put away the money and know we can't get at it! Someone I work with suggested Park because of the vouchers. Just wanted to check I wouldn't get into trouble!

Hiya - I would definitely go down the Post Office Xmas savings club scheme. You know then that the money is safe.

The other thing you could do is each month buy gift cards for certain shops or savings stamps for supermarkets. Then if you did have a shortfall one month you could dip into it.

On-line surveys were a godsend last year for me. I claimed Tesco vouchers and kept them in the cupboard. Then one month when it was a bill being paid or food I just used one of the Tesco vouchers to get the essentials and paid the bill. Jan has written some of the survey sites on her blog. I only started doing them in June last year and made quite a bit which I used to treat myself through the year. If I had children I would have saved them all for Xmas.

You can save for Christmas via things like Park as long as it's not credit.

I do lots of online surveys and Christmas for us is pretty much funded via the vouchers I earn from those.

No, there wouldn't be a problem. Saving, where you can, is encouraged. It will help you get into good financial habits

Like Kazza and Kallis (would make a good duo) I use vouchers from shop and scan and save my Tesco points. Between them they pay for Christmas. The Tesco points pay for the food and the vouchers are given as gifts.

Thank you for your replies. Think it will be the Post Office Savings! Never thought about doing online surveys - sound like a good idea.

We have recently got a pre-paid credit card and put £100 onto this each month..... having finished our IVA, I am now too scared to use it as it is a credit card ....silly really as the money available to spend is physical money, but because it is on a card that says credit card it makes you think twice !

I would - I do get screened out of a lot of surveys but still do well out of them. Click on Jans name (kallis3) and then click on the link to her blogs and there's loads listed there.

I would just save the minimum you can with the Post Office though - it's not worth stretching yourself just for Xmas and if you save a bit, do some surveys and save a bit in a jar you'll have Xmas and emergencies covered.

I do get a lot from doing the surveys. Couldn't do Christmas without them.

Hi,

We've used Park "love to shop" vouchers for the past 3 years without any problem [:)]

If you do online surveys as well, it costs nothing other than time. That's what I love about them.

The only problem may be if an emergency comes up and you need the cash,do you have enough set aside for the cooker blowing up etc? If so then go for it and get saving up for next xmas!!

Paul

Hello Natalieann7

I got clearance from my IVA company to do the Park savings, it isn't really credit as you don't get the vouchers/goods until after you've paid in full. You don't actually pay anything more than the set amount as far as I can see, I can only assume they must keep all their customers' monthly payments in a high interest account or similar and make their profit that way!