YORK Credit Union (YCU) has launched a special Christmas account to stop savers falling victim to another crisis like the collapse of Farepak.

Savers lost an estimated £40 million when the York-based hamper firm collapsed in October, with an estimated 150,000 customers - mainly on low incomes - losing an average of £400 each and some losing closer to £2,000.

Now YCU has launched a Christmas saver account for those eager to start squirreling away the cash for another festive blow-out in 12 months' time.

Mike Horncastle, YCU's manager, said: "Unlike with Farepak, with our account their money is protected, so whatever happens they will get their money back.

"During the year, there will also be some additional benefits for people using the account, but we can't tell you what they are yet."

He said YCU had already had their first Christmas saver customer - on the day the account was launched - who deposited £100.

He said YCU had not been hit with a rush of customers on "Black Tuesday", when bank managers, debt counsellors and other advice bureaux are traditionally braced to deal with the post-Christmas fall-out.

He said people usually approached debt management organisations first and are then referred on to them, so YCU expects to be very busy later in the month.

Citizens Advice Bureaux across the country were expecting to receive more than 5,000 calls from people worried about debt yesterday.

The Press told last month how some families were facing Christmas without a roof over their heads as the city's debt crisis worsened.

Rosemary Suttill, of York Citizens Advice Bureau (CAB), said three or four clients a week had been in so much debt that they had been at risk of homelessness at Christmas.

Dr Suttill, the CAB's development and social policy manager, said: "We have never been so busy. Our four debt advisors are constantly and exclusively dealing with the problem, and all our other advisors are trained to give advice on credit and debt too.

"Some people just take their eye off the ball, and all they are thinking about is an enjoyable Christmas. People end up thinking so much about Christmas, they don't keep up with other payments."

A shocking survey found people in York are among the biggest Christmas spenders in the entire country, but only a third set a budget and stick to it.

Karen Woodall, director of York-based charity Centre for Separated Families, said: "People borrow and don't think about it until it gets to January. We know that some people are going to get themselves into debt and we try to provide as much help as we can."

For more information about YCU, phone 01904 676 633.