Assisted self help scheme ‘CASHflow’ rolls out nationwide

[Legal Beagles]

Consumer Minister, Kevin Brennan launched a new service to assist individuals who are keen to negotiate debt repayment plans yesterday.
CASHflow is a streamlined, assisted self-help service designed to increase the availability of help and support to over-indebted consumers who are able and willing to negotiate with creditors with minimal intervention from an advice agency.
The scheme has been developed by the Money Advice Trust (MAT) in partnership with creditors, trade bodies, the debt collection industry and the advice sector. CASHflow is available in all four administrations of the UK and has been piloted over the last six months under an initiative funded by the Department for Business, Innovation and Skills (BIS).
CASHflow enables licensed advice providers and their clients to agree an online financial statement that can be used to draw up manageable repayment proposals. This statement can then be used for individuals to negotiate arrangements with creditors without the need for an advice agency to act directly on their behalf.
For more information on CASHflow visit the MAT website.


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[Latch Key Kid]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

Looks like a big step in the right direction, having said that, the principle of self help or assisted self help have been around for some considerable time. The big questions of course, are..... will creditors accept the offers (including token ones) and freeze interest and charges.Also, what long term impact will this system have on the fee charging debt management outfits (and some so called charities even) if it becomes widespread and successful? After all, the list of supporters looks quite interesting.</p>

[Latch Key Kid]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

Hello

Having had chance to look further into this and actually try the Cashflow System.

Cashflow does look like it has been well thought out and more or less covers all the angles with regard to Assisted Debt Management Self Help and I would say that on the whole it is slick and quite impressive.

According to what I was told creditors are co-operating and accepting offers of payment (and so they should as the system costs them nothing)

The Cashflow system will not be suitable for everyone but in my opinion it is certainly a big step in the right direction and in a piecemeal fashion, its use and reputation is likely to increase and grow.

It will be interesting to see how the Debt Advice Industry responds to this, at the moment they seem to be quiet, but I suppose they would be, mind you I have heard that one of the big players are involved in talks with regard to administering payments to creditors via the Cashflow system.

I think we may well be hearing a lot more about Cashlow in the coming months.

These are just my views and opinions, if anyone else has any experiences,, opinions or views please feel free to comment.

[Amethyst]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

It's great to hear someones first hand opinion, could you tell us a little about how it works please as I have been trying to work out whether to recommend it but so far as I can see you have to be actually on the CASHflow system to access the information, and the only way to get on to it is to go via an appointment with a CAB Advisor ?

[Latch Key Kid]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

It's great to hear someones first hand opinion, could you tell us a little about how it works please as I have been trying to work out whether to recommend it but so far as I can see you have to be actually on the CASHflow system to access the information, and the only way to get on to it is to go via an appointment with a CAB Advisor ?

Hi

Yes I can confirm that I have tried the Cashflow system, on an invited trail basis only as things currently stand.

I will come back on here later and explain to the best of my knowledge, I can't do this now as I am going out for the afternoon and would not really have time to do it justice.

Hope to speak to you later.

[Amethyst]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

Thank you appreciate that xx

[pfloyd]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

It will be interesting to see how the Debt Advice Industry responds to this, at the moment they seem to be quiet, but I suppose they would be, mind you I have heard that one of the big players are involved in talks with regard to administering payments to creditors via the Cashflow system.

It was the Debt Advice industry (The not-for-profit ones) who have helped to pioneer CASHflow. It is still very much in its infancy as a project but seems to have had a positive reception so far. The great thing is that assisted self-help ensures that an individual's financial statement will adhere to common financial statement figures, which means that a creditor is very likely to accept it first time, thus saving LOTS of time (and stress!). I know some of the individuals involved with the project, they are a committed bunch (and good guys)

[Latch Key Kid]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

It was the Debt Advice industry (The not-for-profit ones) who have helped to pioneer CASHflow. It is still very much in its infancy as a project but seems to have had a positive reception so far. The great thing is that assisted self-help ensures that an individual's financial statement will adhere to common financial statement figures, which means that a creditor is very likely to accept it first time, thus saving LOTS of time (and stress!). I know some of the individuals involved with the project, they are a committed bunch (and good guys)

Hi pfloyd

It looks good to me. and on the face of it, well thought out.

I understand there is also a facility to go outside the CFS if necessary, with a box or section to give a brief explanation as to why.

I definitely dont think it wll be suitable for everyone though and it is early days like you say, but hopefully it will be a long term success.

The rumour I heard is that a well known company may be in talks about a payment system to creditors as I dont believe Cashflow has this facility to date, I will leave that one with you.

We are going to give the Cashlow system a try very soon (hopefully anyway).
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Thank you appreciate that xx

Hi Amethyst

I tried to post the other night, but somehow lost everything (my fault)

Today I got hold of a copy of the latest edition of the IMA Quarterly Account magazine that has a fairly comprehensive write up on Cashflow (pages 14, 15 & 16).

I would imagine you are familiar with the above magazine and would suggest you have a look there first if possible as it explains the basics very well and most likely better than I could on here.

Hopefully be back again soon with more information.

[Tools]

Re: Assisted self help scheme ‘CASHflow’ rolls out nationwide

Is it possible you could scan up a copy of those pages please.