A Direct Debit is the simplest way to keep your repayments on track: once it is set up, each scheduled payment is collected automatically from your business bank account on the due date, so there is nothing to remember and nothing to miss. You stay in control throughout — the amount and date of every collection are shown in your repayment schedule first, and you are covered by the Direct Debit Guarantee, the protection your bank gives to everyone who pays by Direct Debit.
The Guarantee is offered by all banks and building societies that accept Direct Debits. If we ever change the amount or date of a collection, you receive advance notice. If an error is ever made in the payment of a Direct Debit, you are entitled to an immediate refund from your bank. And you can cancel a Direct Debit at any time by contacting your bank.
How to set up a Direct Debit
You set up a Direct Debit from inside your account, where the instruction is tied securely to your loan. Because it authorises us to collect from the company's bank account, we keep the process simple but careful.
- Sign in to the portal. Go to the Payments area of your account. This is where your live schedule, balance and collection dates are held — exact figures always live in the portal after you sign in, never in this help centre.
- Choose to set up a Direct Debit. Select the option to pay by Direct Debit and confirm the business bank account you want collections taken from.
- Enter the company's bank details. You will need the account name (the name on the business bank account), the sort code, and the account number. The account should be one the business is authorised to set up Direct Debits on.
- Confirm. Once the instruction is in place, future scheduled payments are collected automatically on each due date. Your schedule will show every upcoming collection before it happens.
Prefer not to do it online? You can also use the Direct Debit request form and we will set it up for you. For a full walkthrough of this process, see how to set up or change a Direct Debit. Either way, the amount and date of each collection are confirmed in your schedule before anything is taken.
The business bank account name, the sort code, and the account number. That is all — we do not need a card number for a Direct Debit, and we will never ask for online-banking passwords or one-time codes.
How much notice you get before a collection
You are never taken by surprise. Every collection appears in your repayment schedule in advance, with the exact amount and date shown there first. If the amount or date of a collection ever changes, you receive advance notice in line with the Direct Debit Guarantee, so you always have time to make sure the funds are in place or to get in touch if something needs to change. To see when your next collection is due, sign in and open your schedule in the Payments area.
How to change the account a Direct Debit is collected from
If the company switches business banks or opens a new account, you can move the Direct Debit to the new account. Because this touches the company's money, every change is verified before it takes effect. The full steps — and how we keep the change safe — are in updating your bank details. As a rule, set up the new instruction before the next collection date so there is no gap, and check your schedule afterwards to confirm the next payment will come from the right account.
How to cancel or pause a Direct Debit
You can cancel a Direct Debit at any time, either through your bank or by telling us. There is one important thing to do first: tell us before you cancel or pause. A scheduled payment is still due even if the Direct Debit is no longer in place, so cancelling on its own does not pause your repayments — it simply removes the automatic collection, which can lead to a missed payment if nothing replaces it.
If you cancel a Direct Debit without arranging how the next payment will be made, the collection will not happen and the payment is treated as missed. Get in touch before you cancel and we will either set up a replacement instruction, agree another way for you to pay, or — if money is tight — look at adjusting the schedule with you. A cancelled Direct Debit is one of the common reasons a collection does not go through; see what happens if my Direct Debit fails.
If you need to cancel or pause because the business is finding repayments difficult, please do not just stop the Direct Debit — talk to us early. There is no penalty for asking, and we would always rather agree something sensible than see a payment missed. See help if you are struggling to make a payment for the support available, including short payment freezes and repayment arrangements.
Where your exact figures live
This page explains how Direct Debits work in general terms only. The specific amounts, dates and the account a Direct Debit is set up on are held in your portal — sign in to the Payments area to see or change them. We keep this help centre figure-free on purpose, so nothing here ever contradicts what you see in your live account.
A note on how we are regulated: Credicorp lends to limited companies and LLPs, and a Business Loan is exempt from FCA consumer-credit regulation under Article 60B of the FSMA Regulated Activities Order 2001. The company is the borrower, there is no personal guarantee, and the Direct Debit is set up on the company's business bank account. The Direct Debit Guarantee described above is provided by your bank and applies to your Direct Debits in the normal way.
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?.