CASHflow self help debt management

[Amethyst]

The BBA and its members have been working with Citizens Advice and other advice organisations to develop a "common assisted self-help" debt advice process. The process will help those clients who are able to carry out repayment negotiations directly with their creditors, as the creditors would treat these the same as if they came from the debt advice agency. This is part of the Government's 'Real Help Now' strategy and the working party, which includes the BBA and our members, reports progress into the Government's Consumer Finance Forum that oversees the development of this key initiative.


The working party is now at an advanced stage in the development of the common assisted self-help process, which will be branded as "CASHflow". The first phase of the implementation is expected to be on the 7 October 2009 before phase 2 is scheduled to commence in December 2009.




hmmmmmmmmmmmmmmm

[Amethyst]

Re: Citizens advice team up with the BBA

Seems to come from this CAB report originally, can't find anything on BERR

http://www.citizensadvice.org.uk/wit...inal-pdf-2.pdf
sponsored by Rbs

We recommend that the
working party should complete all the
tasks outlined above by December 2009
and its recommendations implemented by
the credit and debt collection industry
and advice sector by June 2010.

To do this, a self-help approach to debt advice has been developed. This approach gives people who are willing and able to deal with their own debt problems the information, advice and support they need to do so and allows the agency to provide a more intensive service for those who are unable to deal with matters themselves. These self-help services involve providing clients with advice on their financial situation, helping them budget and draw up a financial statement, which shows a breakdown of their income, expenditure, debts and offers of repayment. It also includes sample letters which can be sent to creditors and further information is then supplied in comprehensive packs or fact sheets covering specific subjects like bankruptcy. These services can be provided both face-to-face or by telephone. This approach to advice delivery is not new. National Debtline, for example, has been providing self-help debt advice since 1987 and their telephone advice service is focused on referrals and self-help rather than taking on cases and negotiating on behalf of people in debt.
However, these self-help services do not seem to be working as effectively as they could. Advice agencies are now reporting that people negotiating with their creditors themselves are being treated less sympathetically than those whose negotiations are carried out by an advice agency. As a result, advice agencies are forced to take over negotiations when creditors reject offers made by the client themselves or demand a letter from the advice agency on headed paper confirming the client’s offer.
This situation presents a strange conundrum. On the one hand the credit industry provides a substantial amount of funding to the main provider of self-help debt advice services, National Debtline, and sponsors the production of self-help packs and other materials, yet on the other hand, they often treat people who use the self-help materials less favourably than those who have an advice agency negotiate on their behalf. This means people in debt are finding it harder to sort out their financial situation and make sustainable offers of repayment to all their creditors.

[Amethyst]

Re: Citizens advice team up with the BBA

BBA quote

''CASHflow readies for launch We have been working with members and advice agencies to develop a standardised method of providing self-help debt advice to people in financial difficulties. The CASHflow scheme will introduce a self-help advice toolkit, supported by a CASHflow website and advice from licensed providers - either on telephone helplines or face-to-face.
Offers of repayment will be exactly the same as those from advice agencies. The offers will be made on easily identifiable financial statements and letters all clearly badged with the CASHflow logo. The first phase of CASHflow will start in mid-October with 24 advice agencies across England, Wales, Scotland and Northern Ireland taking part. A further 76 agencies will deliver CASHflow from early January 2010.''

[natweststaffmember]

Re: Citizens advice team up with the BBA

Cash Flow Calculator - Bplans.com
This one uses CASHflow for business plans.
------------------------------- merged -------------------------------
UK Factoring Broker for factoring, invoice discounting asset based finance advice: Cashflow UK factoring company
They mean this one I think.

[Amethyst]

Re: Citizens advice team up with the BBA

neither of those nattie. all will become clear in October.

[Amethyst]

Re: Citizens advice team up with the BBA

Article from BBA about Cashflow (and a bit about CMC regulation)

[Amethyst]

Re: Citizens advice team up with the BBA

CABs report - http://www.citizensadvice.org.uk/wit...inal-pdf-2.pdf

[Amethyst]

Re: Citizens advice team up with the BBA

New debt advice pilot project goes live across the UK

Date: 20 October 2009

The Money Advice Trust is working in partnership with lenders, the debt collection industry and the advice sector to develop a streamlined, self-help debt advice service to increase the availability of debt advice.
Currently, demand for debt advice outstrips capacity and advisers are seeing more clients who are able to work on resolving their own debt problems. This new initiative, CASHflow, is being funded by The Department for Business Innovation & Skills.

CASHflow is an assisted self-help debt advice resource, which will support clients to make repayment offers directly to their creditors, with assistance from a third-party money advice agency. The project builds on the work carried out by a self-help Debt Advice Services Working Party, comprising advice providers, major lenders and trade bodies. The forum was set up to take forward recommendations made in a report by the national charity Citizens Advice. View the full report 'With a little help from my friends'.
Important features of CASHflow include;

• Use of a logo that will be easily recognised by both lenders/creditors and clients to provide reassurance that the advice provided is independent and that clients have received holistic money advice.
• Consistent working practices and standards of advice across all CASHflow advice providers.
• An agreement from lenders/creditors to treat offers made by people using CASHflow in the same way as those made by third party debt advice agencies.
• Development of a streamlined advice process which should free up advisers’ time to deal with other clients whose debt problems are not easily addressed through the assisted self-help route.

Joanna Elson of the Money Advice Trust has stated “The CASHflow, self-help route will enable people in financial difficulty to ‘self-help’ and will free up advisers’ time to work with clients who require on going face-to-face support. This week, the pilot project goes live in 24 advice agencies across England, Wales, Scotland and Northern Ireland, which we expect will help many more people with unmanageable debt going forward”.
Kevin Brennan MP, Minister for Consumer Affairs welcomed the initiative saying: “The Government is determined to put consumers back in the driving seat of their finances. CASHflow is an important project giving people who are having difficulty dealing with their debts access to a streamlined web-based, phone and face-to-face advice service to help them to help themselves."