When your company settles a Credicorp facility, it should pay the exact settlement figure quoted for the payment date. If the amount received turns out to be slightly more than needed to close the facility, the surplus becomes a credit and can be returned to you.
How a post-settlement refund works
Once the facility is closed and the incoming payment has cleared, we identify any surplus over the settlement figure and refund it to the business bank account the payment came from. Returning funds to the originating account is a standard safeguard.
Why a small surplus can happen
- The payment was based on a figure quoted to a later date than it actually arrived.
- A scheduled Direct Debit and a manual settlement crossed over.
- Rounding when the transfer was set up.
Avoiding it
Pay the exact settlement figure on or before its expiry date, and if you have an active Direct Debit, check with us whether to pause the next collection so it does not overlap with your settlement payment. If a surplus does arise, contact us and we will arrange the refund.
Facilities are provided only to UK limited companies and LLPs for business purposes and sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
For the wider settlement flow, see requesting a settlement figure, how refunds of overpayments work and how to pay off your facility in full.
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?.