ReFi:

The challenge

• Consolidating legacy debts into a new, more affordable loan can help people make their debts more manageable.
• Debt consolidation is the number one reason UK consumers search for loans on the Experian Marketplace. 

Our solution

One reason people don’t get approved for debt consolidation loans is because both the original debts and the consolidated loan are included in affordability assessments. https://www.experianplc.com/newsroom/press-releases/2024/refi--from-paylink-solutions-becomes-part-of-experian-to-enhance

This makes their total debts appear much larger when lenders are assessing whether they can afford the loan.

We’re using innovative technology, known as ReFi, to solve this issue of double counting. ReFi works with lenders and consumers to settle an individual’s debts directly with existing creditors.

This gives lenders confidence that a new consolidated loan is affordable and will be used to clear previous debts, such as credit cards and loans.

ReFi, acquired from Paylink Solutions, is now part of the Experian Consumer Services Marketplace. Oakbrook was the first lender to go live with ReFi-enabled loans on the Experian Marketplace to give consumers better access to credit and help them simplify their financial commitments.

Impact

ReFi enables customers to simplify their finances and save money by consolidating their existing credit commitments, including personal loans and credit cards, into a single, manageable debt consolidation loan.

• Over £70 million in debt consolidation loans enabled by Re-Fi to date
• Monthly debt repayments for consumers reduced by £139
• Over £5,000 in interest saved for a typical consumer over the term of a 36-month loan