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Press Release

 

 

CASHflow partnership scheme wins prestigious awards

 

 

18 May 2010

 

The Money Advice Trust has won both the Credit Today Money Advice Initiative Award 2010 and the Institute of Money Advisers’ Best New Debt Advice Initiative for CASHflow, an assisted self-help debt advice project based on a scheme created by Citizens Advice.  These awards highlight that CASHflow, a partnership between advisers and creditors, is recognised and endorsed by both the credit and debt advice sectors.

 

CASHflow is designed to increase the availability of help and support to consumers in debt who are able and willing to negotiate directly with creditors with minimal intervention from an advice agency. Almost 100 agencies across the UK have signed up to the scheme and over 2,000 clients have used the scheme since the pilot began in October 2009. The project enables licensed advice providers and their clients to agree an online financial statement which can be used by the client to draw up manageable repayment proposals. This statement can then be used by individuals to negotiate arrangements with creditors without the need for an advice agency to act directly on their behalf.

 

CASHflow, developed by the Money Advice Trust and funded by the Department for Business Innovation and Skills, is based on the recommendations from “With a little help from my friends”, a report written by Citizens Advice’s Creditor Liaison Policy Officer Alex McDermott in partnership with creditors, trade bodies, the debt collection industry and the advice sector.

 

Joanna Elson, Chief Executive of the Money Advice Trust said:

“We are thrilled to win these awards. CASHflow highlights what can be achieved when the creditor and advice sectors work together to support over-indebted consumers.

 

“With high unemployment rates we are seeing an increase in clients needing debt advice and who have the necessary skills and confidence to manage their own debt negotiations with guidance from advisers where needed.  Projects such as CASHflow free up adviser time so that they are able to help more clients and provide greater support to clients who are unable to self-help. We are calling on the new Government to continue to support the free advice sector in their work to help the 1,000 people who are seeking formal debt rescheduling every day.”

 

Alex MacDermott, Creditor Liaison Policy Officer at Citizens Advice, whose report identified the need for greater recognition for self-help clients, With a little help from my friends, said the award could not have come at a better time.

 

“Advice agencies have been providing debt advice on an assisted self-help basis for years. CASHflow overcomes many problems by providing a much needed standardised approach to assisted self-help debt advice, and represents a landmark in collaborative working between creditors, advisers and government.”

 

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