A failed Direct Debit is one of the few loan costs that is almost entirely avoidable. It can trigger a fee from your own bank and our missed-payment charge, so the few minutes it takes to prevent one are well spent.
The habits that stop a failed payment
- Know your collection dates. Keep every due date from your schedule in the same place you track other bills. See when is my payment due.
- Keep cleared funds in the account. Make sure the money is settled in the collection account a couple of days before each date — not in transit from elsewhere. See keeping enough funds in your account for collection.
- Hold a small buffer. A reserve of even a couple of instalments' worth means one late-paying customer does not turn into a failed collection. See paying ahead to build a buffer.
- Flag a tight month early. If you can see a collection might not clear, tell us before the date rather than letting it fail — a payment you warn us about is far cheaper and easier to handle. See my business cash flow is tight this month.
If one fails anyway
Act fast — pay the missed amount by transfer and make sure the next one can clear. See how to catch up after one missed collection and what a missed Direct Debit costs.
Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.
See also: Keeping enough funds in your account for collection, What happens if my Direct Debit fails?, Will you retry a failed Direct Debit?.