Money Advice Trust launches revamped CASHflow tool

The Money Advice Trust has today announced the launch of the updated CASHflow resource, an online tool which enables people to self-manage their debts, with the support of an adviser. The recent revamp of the online tool brings the style and format of CASHflow from the old Common Financial Statement (CFS) to the new Standard Financial Statement (SFS).

CASHflow, which was first launched in 2009, is an online tool that helps people in debt to create a household budget, work out how much they can afford to repay towards what they owe and provides access to sample letters,

The updated site takes people through the process of completing a financial statement using step-by-step guides and onscreen prompts. This approach allows the person in debt to complete the process in their own time. A money adviser then checks the details, including the income and expenditure in the budget, before signing off the statement.

Once agreed, the financial statement gets a unique ID number and the CASHflow logo. The statement is then ready to be shared with creditors, who seeing the CASHflow logo, can know that the information presented is a fair representation of the individual’s financial position.

CASHflow provides a unique combination of empowering clients whilst retaining support from an adviser. It also frees up adviser time to help those people needing casework or face-to-face assistance, whilst for creditors, the process provides assurance that the information in the financial statement is accurate and that the person has sought advice about their debts.

Jane Tully, director of external affairs at the Money Advice Trust, the charity that runs National Debtline, said: “Helping people in debt to deal with their situation themselves is an important part of our approach to debt advice.

“The new CASHflow website, available for the whole debt advice sector, provides people with the tools and confidence they need to start the process of engaging with creditors, safe in the knowledge that they have the support of a trained adviser behind them.

“The benefits are numerous for creditors, advice agencies and clients alike. Creditors know that the financial statements they receive are accurate, advisers’ time is freed up, and importantly, the person is empowered by working through their financial situation themself to start the process of dealing with their debt.”

Daniel Kelly, coordination and engagement manager, Money Advice Service, said: “For a customer looking to work with their creditors directly, understanding and communicating their financial circumstances is a crucial step towards resolving their debt problems.
“That’s why the Money Advice Service (MAS) is delighted that the revamped CASHflow system is incorporating the Single Financial Statement (SFS), meaning customers can communicate with creditors in a format they will instantly recognise and trust.
“This will help us achieve the right outcomes for people struggling with their finances, allowing more customers to benefit from innovations in the SFS such as the savings category.”

CASHflow is facilitated by the Money Advice Trust.

Advice agencies who want to use CASHflow need to have an SFS licence and request a CASHflow account.