Virgin Money welcomes fintech partner Flexys' technology for delivering the UK government's Bounce Back Loan Scheme (BBLS) PAYG repayment choices. 

British businesses who suffered during the Covid-19 epidemic were granted relief through the government's BBLS. Virgin Money lent around £1 billion to 34,000 businesses. 

PAYG repayment alternatives were introduced in September 2020, and Virgin Money picked Flexys in 2021 to help BBLS customers grasp them. Flexys' digital self-service has enabled over 10,000 BBLS PAYG debt restructures. 

Users can change their repayment arrangement three months before their next payment. Customers can select a repayment option five times while the loan is still active. Each time, the service presents the PAYG schedule and total costs of each choice, allowing the user to choose what's best. 

Jon Hickman, CEO of Flexys, said the company developed a bespoke platform with complicated capabilities to meet the tight deadlines. Our goal was to help Virgin Money adapt rapidly to legislative changes, tell clients about their alternatives, and provide exceptional 24/7 digital support. 

Fraudsters stole between £4.9 and £3.5 billion from the Bounce Back Loan Scheme and others during the pandemic. 

Lord Agnew, an anti-fraud minister, accused Starling Bank of failing to stop fraudulent activity around state-backed Covid-19 loans. He said the bank used the Covid loan scheme as a "God-sent opportunity" to swell its balance sheets without conducting adequate checks on loanees' ability to repay the debt. 

Anne Boden, founder and CEO of neobank, responded to the claims by writing:

"Your assertions are defamatory, and I must beg you to withdraw them. You insist you have no evidence, but you keep repeating them despite Starling's warnings".

Boden called Agnew a "public school-educated landed gentleman" who "made a fortune offshoring." 

"Starling reserves all rights in connection to your defamatory claims," she said, accusing him of trying to avoid personal responsibility for the Covid loan fraud.