Companies switch business bank accounts for all sorts of reasons — better terms, a merger, closing a legacy account. When you do, the Direct Debit that collects your Credicorp repayments has to move with it, and the safe way is to set the new instruction up before you close the old account.
Moving the instruction cleanly
- Set up the new Direct Debit first. Contact our support team through your signed-in account and give us the new account's sort code and account number. We will prepare a new Direct Debit instruction and confirm the date it takes effect.
- Keep the old account funded until we confirm the switch. Do not close the old account or cancel its Direct Debit until we have confirmed the next collection will come from the new one. If a collection is already in progress it may still draw from the old account.
- Check the first collection from the new account. Watch the new account around the first due date after the switch to confirm the collection lands cleanly, then you can safely close the old one.
If your bank runs the formal Current Account Switch Service, it will usually redirect the Direct Debit automatically — but tell us anyway so our records match, and confirm the first collection yourself. See how to set up or change a Direct Debit.
If a payment is due during the move
Timing the switch away from a due date avoids any risk. If a collection falls in the changeover window and you are worried it might slip, contact us first — a failed Direct Debit can cost a bank fee and triggers our missed-payment charge, so a quick call beforehand is always cheaper than sorting out a miss afterwards. See what happens if my Direct Debit fails.
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: Can I pay from a different business account?, Who can authorise payment changes?, Keeping enough funds in your account for collection.