It is sometimes possible to move your scheduled repayment date — for example if your company's income cycle changes — but this is treated as an amendment to your facility and may carry an administration fee. Any change also affects the interest accrued between your original date and the new one, so the practical cost includes both the fee and any additional interest days.
How does a date change affect interest?
Interest on your facility accrues daily on the outstanding balance. If you move a repayment date later, extra days of interest accumulate on that balance. Illustrative, not a quote: pushing a repayment back by ten days on a £25,000 outstanding balance means ten additional days of interest at your agreed daily rate — that amount is either added to the next repayment or collected as part of the amendment. Moving a date earlier reduces the interest for that period.
What is the process for requesting a date change?
Submit your request through the client portal or contact your account manager at least five business days before your current payment date. Requests received after the direct debit has been submitted to BACS cannot be stopped for that cycle. Your account manager will confirm whether the change is possible under your agreement, the fee (if any), and the revised payment schedule.
Can I change my payment date permanently?
A permanent date change restructures your repayment schedule for the remainder of the term. This requires a formal amendment to your agreement, and an administration fee is more likely to apply than for a one-off deferral. The amended schedule will be issued in writing and must be signed before the change takes effect. Repeated date changes are subject to lender discretion and are not guaranteed.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What is charged if my company misses a repayment?, How is the total cost of borrowing shown on my offer?.