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4 December 2020, 11:27
The money expert has said that customers could risk missing out if they don't act quickly.
Martin Lewis has issued an urgent warning to anyone who currently has a Topshop gift card.
It was announced earlier this week that the Arcadia Group has gone into administration, which consists of high street stores including Topshop, Dorothy Perkins and Burtons.
And Martin has said anyone with gift cards for these shops should 'use them quickly' as the administrators could refuse to accept them.
Appearing on This Morning, the Money Saving Expert held a phone-in for viewers to ask their financial questions.
Hosts Holly and Phil accepted a call from a woman named Alannah who has bought £60 worth of Topshop vouchers for Christmas presents.
And Martin had some bad news for the caller, as he said: "What's happening with Topshop is that it's gone into administration, technically they don't have to honour your gift vouchers at all in that scenario.”
Luckily, the vouchers won’t be completely wasted, as he continued: "What they've said though is that you can use your gift vouchers towards 50% of a purchase.
"So, let's say you've got a £10 gift voucher, you can't just go in and buy something for £10, you can buy something for £20 and use your £10 gift voucher towards it."
He went on to say that those with gift cards for Topshop, Topman, Dorothy Perkins, Burton, Evans, Wallis or Miss Selfridge should get rid of them quickly in case the rules change again.
"I certainly suggest anyone with those vouchers, I would go and I would be using them relatively quickly in case policies change,” he advised.
"They say Topshop is going to continue, but administration is a changeable business.”
Martin has always made his feelings clear about buying gift vouchers as presents, saying they are ‘not safe’ for consumers.
He added: "Some people notice my hair is thinning and that's because for the past 10 years I've been pulling my hair out, telling people gift vouchers are not safe, be very careful, do not buy gift vouchers, especially during a troubling time."