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Money Advice Trust work towards better self help advice solutions

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  • Money Advice Trust work towards better self help advice solutions

    ASSISTED SELF-HELP
    Advice providers, major lenders and trade bodies
    have come together to form a Self-Help Debt Advice
    Services working party. The working party takes forward
    the recommendations in the recent Citizens Advice
    Report “A little help from my friends”, which highlights
    that self-help debt advice services are presently not
    working as effectively as they could, and that only 20 per
    cent of individuals in a survey of self-help clients had
    reached agreement with all their creditors, and almost 90
    per cent had a bad experience with at least one
    company. The working party, chaired by Alex McDermott
    of Citizens Advice, has agreed to the process highlighted
    in the chart below (see Welcome to Money Advice Trust
    images/flow chart.JPG for a full size version). A grant
    from the Department for Business, Innovation and Skills
    (BIS), as mentioned in the Consumer White Paper, is to
    be used to develop the Toolkit, and to support the
    development and provision of training to advisers in
    Debt advice agencies. MAT will co-ordinate and facilitate
    the development and completion of the Toolkit and the
    training of advisers to the required level.
    Key features of the project:
    • Developing a licensing arrangement with participating
    advice agencies
    • Creditors agreeing to treat offers from assisted self-help
    customers in the same way as they would treat offers
    from a third-party money advice agency using the
    Common Financial Statement principles
    • Producing a learning pack that enhances the skills of
    advisers when identifying if self-help is an appropriate
    mechanism for individual clients
    Aims of the project:
    • More people being able to negotiate workable
    repayment arrangements with all their creditors without
    the need for an advice agency to act directly on their
    behalf
    • More people in financial difficulties being helped in the manner that best reflects their individual needs.
    • Development of a streamlined advice process and the freeing up advisers’ time to deal with clients either less capable
    of self-advocacy or whose debt problems are not easily addressed through the assisted self-help route
    • A more consistent approach across the money advice sector to the provision of assisted self-help debt advice
    • More informed understanding on the part of creditors of the role of assisted self-help debt advice, leading to greater
    consistency in dealing with the offers made by assisted self-help customers
    #staysafestayhome

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