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When I look at the loan statement, I wonder whether the upgrades were worth the angst of carrying extra debt.
It claims to do this with a combination of AI and publicly available consumer data, and with additional information garnered through talking a photo of your existing loan statement, including your repayment history.
"All the consumer has to do to save a bunch of money is to snap a picture of the credit card bill or loan statement and we do the rest.
Refer to your most recent loan statement and add the balance of your mortgage to the amount you wish to borrow.
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It was found that many people's loan statements failed to include the original amount borrowed.
In August the bank revealed it was setting aside $367m£218m8m) to cover compensation for mistakes in loan statements to UK customers.
UKAR also revealed a £47m bill for a mistake in the wording of loan statements to some Northern Rock customers which has already cost taxpayers £270m.
But it also faced a further £47m bill for a mistake in the wording of loan statements to some Northern Rock customers which has already cost taxpayers £270m.
As Britain's biggest bank revealed it was putting aside $367m£218m8m) to cover compensation for mistakes in loan statements to UK customers, Douglas Flint said there was an "observable and growing danger of disproportionate risk aversion".
Executive bonuses were axed by 20% as a result of the £270m bill left for the taxpayer from a mistake in the wording of loan statements to 152,000 customers, in breach of the Consumer Credit Act.
After Northern Rock was nationalised in 2008 at the start of the financial crisis, the Consumer Credit Act, which covers unsecured loans under £25,000, was changed to ensure that borrowers were informed of three figures in loan statements — the original sum borrowed, the opening balance and the closing balance.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com