You can change the business bank account your repayments are taken from — for example if your company has moved banks or restructured its accounts. The key rule is that the paying account must be in the name of the company that holds the facility.
Why it has to be a company account
Credicorp lends only to UK limited companies and LLPs for business purposes. The loan is to the company, and we do not take personal guarantees from directors. Repayments should therefore come from the company's own funds and its own business account, not from a personal account or a third party.
How to switch the account
- Set up a new Direct Debit instruction using the new business account details through your online account, or contact support for help.
- Do not cancel the old Direct Debit until the new one is confirmed as active, so no collection is missed in between.
- Check the next scheduled collection to confirm it will be taken from the new account.
Timing
Allow enough time for the new instruction to be set up before your next due date. If a collection is imminent, it may still be taken from the old account, with the new account used from the following cycle. If you are mid-switch and unsure which account a collection will hit, contact us and we will confirm before the date.
For related payment setup guidance, see how to set up or change a Direct Debit, paying by bank transfer and what happens if a Direct Debit fails.
See also: Can I change the date my payment is taken?, Can I make a one-off extra payment without changing my Direct Debit?, Can I pay a Flex drawing from a different card or account?.