A late-payment charge is a conditional cost. It does not form part of your normal repayment cost and only arises if a scheduled payment is not made on time, where your agreement provides for such a charge.
What triggers it
- A scheduled payment is not received by the due date.
- The grace conditions in your agreement, if any, have passed.
- The charge is then applied on the basis stated in your agreement — we do not improvise the amount.
Where it is defined
The exact basis for any late-payment charge is in the costs and default section of your signed agreement. We avoid stating a figure here on purpose, because the basis can differ between Credicorp Flex and Credicorp Slice and depends on the offer you accepted. Your agreement is the accurate reference.
How to avoid it
Keep your nominated payment method funded ahead of each due date, and if a problem is coming, contact us before the date. We would far rather agree a short arrangement than apply a charge. A single conversation early often prevents any charge at all.
Good to know
The charge applies to your company, not to you personally — no director guarantee is involved. This is exempt business lending, so the Financial Ombudsman Service does not apply, but we apply any charge proportionately and only as your agreement allows.
See also: What is a late payment charge?, What happens if my company pays late?, The £5 establishment fee, explained.