Sometimes a company's cash position improves suddenly, perhaps a big invoice finally lands or an asset is sold. If that happens, a lump sum can be a powerful way to deal with arrears. The key is to apply it deliberately rather than just sending money and hoping.
What a lump sum can do
- Bring the account fully up to date, clearing the arrears in one move.
- Reduce the outstanding balance and ease future payments.
- Close the account early, where your agreement allows.
Confirm how it will be applied
Before sending a lump sum, talk to us so it is allocated the way you intend. Without that, a payment might be split across the schedule differently from what you expect. A quick conversation makes sure the money does exactly the job you want it to.
Ask about early repayment
If you are thinking of settling the whole balance, ask us for the figure to do so and how interest at the rate shown in your offer is handled on early repayment. We will set this out clearly for your specific agreement.
Same for both products
This applies to both Credicorp Flex and Credicorp Slice. A lump sum used well can take real pressure off the company, so it is worth a short call to get it right.
Related difficulty articles cover what happens when your company falls into arrears, how we decide on a payment arrangement and getting back on track after arrears.
See also: A debt collection agency has contacted me - is it genuine?, Can my accountant or another representative deal with you on our behalf?, Can I get a payment extension?.