Advice for friend (honest)

kpwll

My friend has been on a DMP for over 2 years and things are going reasonably well. She is due to come into some money and would like to open a savings account, at the moment she banks with Smile (opened when she had to change accounts at the start of the DMP), she is wondering if/where she would be able to open a savings account due to her circumstances. Any thoughts or advice I can pass on please.
Thanks,
Karen

fatbelly

The answer is 'anywhere' but obviously it should be with an organisation unconnected with existing debts.

I take it she's going to use the money to try full & final settlement deals.

kpwll

Thanks for the reply. It's only a couple of thousand, so nowhere near enough to offer F&F's, but she would like to have a little behind her to cover unforeseen circumstances. I suppose what she's really asking is do banks/building societies do a credit check just to open a pure savings account.

RAS

Some sort of do as they would like to use the opportunity to sell all sorts of other services.

It will not stop them accepting here for a savings account though.

Have read of the ISA page and pick one that allows instant access.

fatbelly

kpwll wrote: »

It's only a couple of thousand, so nowhere near enough to offer F&F's

I recently offered Barclays 22% as a F&F - it was accepted without negotiation. Another thread on here got 18% accepted. So a couple of thousand might write off 10k.

It's her decision and her life of course but it's worth noting that the big banks are a bit desperate for cash at the moment and a couple of F&Fs might make a big difference to her debt free date.

Of course I don't know the details....