If you anticipate that your company will not be able to make a scheduled repayment, the most important thing you can do is contact us before the date — not after. Early contact gives both sides more options and reduces the risk of additional charges accumulating.
Why timing matters
Once a repayment collection attempt fails, your account enters arrears. At that point the options available to your company may be narrower, and your business credit profile may be affected sooner. Contacting us in advance — even if you are not yet certain a payment will be missed — allows our team to review your company's position and discuss what support is available.
We do not operate a rigid script for these conversations. We treat each situation on its own facts. A company experiencing a one-off short-term cash squeeze is in a very different position from one with a sustained trading difficulty, and we take that into account.
What to have ready when you contact us
- Your company name and account number (shown on your agreement and in the portal)
- A clear description of why the payment cannot be made on the scheduled date
- Your best current estimate of when the company will be in a position to resume normal payments
- Any supporting information — for example, an invoice you are waiting on, or a record of a client payment that has been delayed
Formal payment arrangements
If your company's difficulty is likely to persist for more than one repayment, our team can discuss a formal payment arrangement. This is a written variation to your repayment schedule that sets out revised dates and amounts. A payment arrangement does not remove the underlying obligation, but it provides a structured way to manage it without continued failed collections. If your company is in sustained financial difficulty, independent free advice is available from Business Debtline (0800 197 6026). For the process of repaying the loan early if your company's position improves, see how the Credicorp early repayment process works.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How the Credicorp early repayment process works, What happens after you accept a Credicorp loan offer?.