It is a fair question and one worth answering plainly. The general principle is that your agreement continues to apply while the account is in arrears, including how interest is charged.
The general position
Interest is calculated according to the terms of your agreement at the rate shown in your offer. Falling behind does not switch that off. The outstanding balance continues to be subject to the terms you signed up to, which is one reason resolving arrears sooner usually costs the company less overall.
What an arrangement can change
- An agreed arrangement gives the company a clear path back, rather than letting the gap drift.
- We can explain exactly how interest applies during any pause or reduced-payment period.
- In some hardship situations we can look at how charges are handled, depending on your circumstances.
Why speed matters
The longer an account stays behind without an arrangement, the more the balance can grow and the fewer options remain. Getting something agreed quickly keeps the cost contained and the situation manageable.
Get the specifics for your account
The exact figures depend on your agreement and your product, whether that is Credicorp Flex or Credicorp Slice. Contact us and we will set out precisely how interest is being applied to your company's account so you can plan with full information.
For planning the next step, see making a partial payment if you cannot pay in full, how we decide on a payment arrangement and what happens when your company falls into 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?.