UK startup Tully has launched, promising to help debt-laden Brits by using Open Banking technology to provide a clear picture of their finances along with a personalised, flexible repayment plan.
The debt of an average UK household now stands as £15,400 with millions on Brits saying that they have money worries.
Taking advantage of Open Banking, which lets people give third parties access to their bank data, Tully says it has built a system that builds an accurate and realistic picture of peoples' financial position in minutes.
Then, the free online service gives every user a personalised financial plan, tailored advice and for those in more severe difficulty, the option to choose a flexible debt repayment plan that adjusts to the user’s situation every month.
Tully is one of seven fintech startups taking part in Nationwide Building Soceity's Open Banking for Good challenge.
Stuart Bungay, CEO, Tully, says: "By providing an easy to use, free, online tool we can help more people get a better understanding of their money, reduce their stress and help build financial resilience."