Paylink, a leader in the financial technology sector, is proud to announce its groundbreaking product, ‘ReFi™’ – a unique, safe and secure automated debt consolidation solution which, since its inception has saved Salary Finance customers over £10 million in interest payments.ReFi™, piloted by leading financial wellness platform, Salary Finance, is the first True Debt Consolidation product that addresses affordability challenges in the lending industry by seamlessly automating the settling of legacy debt with a customer’s new loan.Embedded in either a lender or intermediaries’ journey, the digital experience validates the card, loan and overdraft products a customer currently holds, confirms settlement balances, pays legacy creditors directly and, if instructed to do so, evidences when accounts are closed.By using ReFi™, lenders can accept customers who have passed creditworthiness, income sufficiency and stability checks, who would otherwise have been declined for falling short on affordability calculations. By gaining certainty that a new loan will be used to pay off legacy debts, lenders can be assured that the customer’s new budget is affordable for them. As well as heightening the probability of positive outcomes, lenders can offer customers price incentives, reducing the likelihood of fraudulent activity, and build brand advocacy from new customers who they help to realise the opportunities access to affordable credit brings.For the customer, ReFi™ enables customers to access products which empower them to pursue their financial objectives. Unlike the traditional route to loans, ReFi™ surfaces offers that the customer would otherwise not see due to their extant debts. By securing a True Debt Consolidation loan through ReFi™, customers are able to save money in interest, consolidate multiple bills into a single monthly repayment on a date which best suits them, and relieve financial pressure on their household by receiving the money into their account within a matter of days.In coining the term ReFi™, Paylink’s goal is to destigmatise debt and instead encourage customers to embrace their true expenses by actively exploring opportunities to secure a budget that works for them, by refinancing. The aim is to replicate positive consumer trends, messaging, and mindsets from the US where budgeting and product switching are more engrained in consumer psyche.CEO of Paylink Solutions, Jake Ranson said: “Access to credit matters greatly

Ridhima Durham joins Coincover from Salary Finance, where she spent four years as Chief Commercial Officer.