The startup is free for consumers and created to improve financial education and make it easier for people to manage their money and repay debts faster.
The start-up’s innovative approach to money management has caught the attention of like-minded industry names such as Nationwide.
Currently, the debt of an average UK household has reached a record GBP 15,400, amounting to a combined total of GBP 482 billion across the UK. Thousands of people struggle with debt every year and it is estimated that the accompanying physical and mental health impacts resulting from debt stress, costs UK employers as much as GBP 51 billion per annum.
Tully uses Open Banking technology to give people a realistic picture of their financial position in minutes – all done online and completely free.
Every user receives a personalised financial plan, tailored advice and for those in more severe difficulty, the revolutionary option to choose a flexible debt repayment plan that adjusts to the user’s financial situation every month.
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