There are alternatives to traditional savings schemes such as hampers in the run-up to Christmas, the Office of Fair Trading (OFT) asserts.

In June, the organisation launched its Save Xmas campaign to raise awareness among consumers of issues relating to the Farepak collapse.

When the hamper company went out of business in 2006, many of its customers were left without the goods they had saved towards and with no refund.

An OFT spokesperson comments: "For some people the hamper schemes are good because of the fact they come to your door and community.

"We're not saying how to save your money, we're just saying be aware of your options."

Homeowner loans could prove an effective means of releasing funds to spend over the festive season.

Britons who have not saved as much as they would like in the run-up to Christmas might welcome the extra money.

And with fixed interest rates and a scheduled repayment period, homeowner loans could help people to plan their finances over the long-term.ADNFCR-1287-ID-18318457-ADNFCR

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