A good habit for any director is to satisfy yourself that what appears on the statement matches what you agreed to. Every charge should trace back to a term in your Business Loan Agreement — nothing on the statement should be a surprise.
Checking a charge against your agreement
- Identify the charge on the statement. Note the date, description and amount from the transaction list. See understanding the charges shown on your statement.
- Find the matching term. Interest should match the rate in your offer; any fee should match a fee named in the agreement — the establishment fee, a late-payment fee, and so on. See how charges are disclosed before signing.
- Query anything that does not tie up. If a charge does not correspond to a term you agreed, raise it with us. See I think a charge is wrong, how do I query it.
Where the figures come from
Your Key Information Sheet and offer set out the cost of borrowing before you sign, and the statement then shows it in practice — the two should reconcile. See what the Key Information Sheet shows and where to find the cost of credit before you sign.
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: Understanding the charges shown on your statement, What the Key Information Sheet shows, I think there is an error on my statement.