What about problem debt?
Use these pages to help you deal with any debt problems
Cashflow is a new self-help resource developed by the Department for Business, Innovation and Skills and the Money Advice Trust with the involvement of the Advice Sector and the Credit Sector. It's for people who are having difficulties meeting repayments on credit cards, store cards, catalogues and unsecured personal loans.
The CashFlow process is as follows:
1) If you're having difficulty meeting your debt repayments, book an appointment with the Student Advice Centre (the Money Doctors Service is part of this - please click on our contacts page for our contact details at the Stoke and Stafford Campus). We can then go through your situation with you and if appropriate, we can send a CashFlow invite to your student or personal e-mail address (whichever you prefer) where you can click on the link to sign up to CashFlow and have access to the website.
2) If you're happy with the data protection information on the Cashflow website, register with the site.
3) You'll then have access to an on-line financial statement which you'll need to complete (there are notes to go with each section) and then return for another appointment with an Adviser at the Student Advice Centre. Once the financial statement has been checked and approved, the Adviser will help you to select a template letter on which you'll need to fill in your name, account details and give a brief description as to why you're in financial difficulty.
4) You can then either print out the letter and financial statement and send a copy to each creditor OR you can telephone your creditors and give them your CashFlow reference number. They will then log into the CashFlow website but will only be able to see you final one page financial statement and letter. They will then know that you've been through the approved Cashflow process with an Adviser and will write to you re whether or not they will agree to your reduced offer of repayment.
If you have further questions or require further information, please contact the Student Advice Centre. You can also watch the CASHFlow video.