Hi

Rumours sometimes turn out to be true as well known CAB Branch launch new debt solution tool & FREE ONLINE Assisted Self Help Debt Management Plan System.

http://mymoney.nedcab.org.uk

Could make things very interesting in the long run

Pincer

Hi

For anybody involved in or considering a Debt Management Plan the recently revised / updated OFT Debt Collection guidelines are well worth a read in my opinion especially if you are using the Cashflow or managing your own plan.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/debt-collection#named1

Pages 20, 21, 25 & 26 are of particular significance (with the mention of Cashflow very recently added to page 26 I believe)

Reading these guidelines you would think that creditors and collection agencies will now have to more or less accept offers made in line with The Common Financial Statement or similar or they could face action against them.

http://www.cfs.moneyadvicetrust.org/

The OFT do seem to mean what they say with these guidelines and are perhaps upping the momentum a little.

This has to be great news for people engaged in Debt Management Plans esprcially those conducting their own.

I personally do not believe the potential significance of the OFT updated guidelines as far as Debt Management Plans are concerned have yet sunk in (or maybe they have and people are keeping a little quiet so to speak)

PS - There is a very strong rumour that a well known agency is within days of delivering some news on Assisted Self Help Debt Management that they believe the OFT guidelines should compliment in a very positive way..

Pincer

Hi

A little update.

I understand that CASHflow have a website where participating agencies will be able to access sample documents to allow them to work with clients who have been 'identified' as having the confidence and skills to negotiate and maintain their own debt repayment arrangements.

Think this is how they hope it will work - Assisted Self Help that is suitable for clients who would be happy and confident with self help. Initial advice is provided and a review of the clients budget, ensuring the client is fully advised of all options and has a badged financial statement that is recognised by creditors and debt agencies.

Sounds simple enough, however in the 'real world' of informal arrangements I would be surprised if this system does not face the same old issues & problems (unless certain creditors & collection agencies have a dramatic change of heart of course).

Will have to see how this one develops.

PS on a similar note I have just read on another forum about a free DIY type Debt Management called MoneyManager that seems to have also recently appeared on the scene and that the DMC's may not be to pleased about this ones arrival.

Interesting and possibly changing times for the DM sector perhaps?

Pincer

Hi

Anyone any knowledge, experience, or / and opinions of the recently announced CASHFLOW SELF HELP Debt Management approach / scheme ?

http://www.moneyadvicetrust.org/content.asp?ssid=76

Pincer