Posts by Adrian Davies
What is an individual voluntary agreement (IVA)?
An Individual Voluntary Arrangement (IVA) is a form of debt management and alternative to bankruptcy. They are designed to help individuals who are struggling to manage their debt. How do they work? IVAs work by ‘freezing’ an individual’s debts (including interest and charges) for a fixed period of time (usually 5 – 6 years). Over…
Read MoreThinking of consolidating your debts?
Debt consolidation is a form of lending used to bring together existing borrowing into one loan with one monthly repayment. Debt consolidation can be a good option for people with multiple debts (such as credit cards, store cards or overdrafts), who want to simplify their finances. Example:Debt consolidation can make it easier to manage your…
Read MoreFeature Spotlight: credit score reasons
Credit scores are complex three-digit numbers that can baffle even the most experienced loan officer. Because of this, the NestEgg Decision Engine explains the main factors that are driving an applicant’s credit score. Listing out credit score reasons makes it faster to find and focus on the problems with an application. In the example below…
Read MoreChoosing NestEgg for Open Banking
Open Banking has revolutionised credit assessment. It provides more up to date information. Open Banking reveals spending patterns that are absent from credit data. However, Open Banking can only offer proxies. You can’t be certain that a bounced direct debit means that the loan repayment will be missed. Open Banking can’t tell you overall balances…
Read MoreNestEgg wins Innovate UK Grant
NestEgg has won a grant from Innovate UK’s Innovation in Financial Services Competition. The Innovate award recognises NestEgg as an innovative company that is improving the use of Open Finance. Open finance is the next iteration of Open Banking. In addition to connecting bank accounts, people can choose to share information about their assets including…
Read MoreNew features for the Decision Engine
December has been a bumper month for new features for NestEgg’s Decision Engine. Here we describe how we’re using Open Banking and recent search history to further improve loan assessment. Open Banking self-categorisation One of the biggest challenges with Open Banking is the lack of categorisation. If transactions aren’t allocated correctly, affordability assessments won’t be…
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