A payment arrangement lets you replace your existing repayment schedule with one that reflects what your business can realistically afford right now. This guide explains when to use one, how to request it, and what to expect.
What is a payment arrangement?
A payment arrangement is a formal agreement between you and Credicorp to accept reduced or restructured payments for a period of time. Instead of your original schedule, you pay an agreed amount at an agreed frequency — for example, £500 each month instead of £1,200 — until your situation improves or the arrangement is reviewed.
Entering into a payment arrangement is not a default. It is a practical solution for businesses experiencing a genuine short-term difficulty. Engaging with us early is always the right move.
When should I request one?
Consider a payment arrangement if:
- You have missed a payment or know an upcoming payment is at risk
- Your cash flow has changed significantly since you took the loan
- You have lost a key customer or contract
- You are dealing with a seasonal dip or unexpected business cost
- Your repayment schedule simply no longer fits your trading pattern
The sooner you ask, the more flexibility we have. Waiting until you are already in arrears limits the options available to both sides.
How to submit a payment arrangement request
- Open the form. Open the Payment arrangement form and sign in when prompted
- Enter your proposal. Enter the amount you can pay each time and how often (weekly, fortnightly, monthly)
- Add context (optional). Optionally include a brief reason — this helps us understand your situation quickly, but you do not have to go into detail
- Submit. Submit the form
Our payments team will review your request and respond by email, usually within two working days. We may ask for a little more information if the request covers a longer period or a significant reduction.
What happens while my request is being reviewed?
Your existing schedule remains in place until a new arrangement is formally agreed. If a collection falls due while we are reviewing your request, contact us directly so we can note it and avoid any automated follow-up in the meantime.
What if I need help urgently?
If a payment has already failed or will fail within the next 24 hours, call or email us directly rather than using the form — this is faster. Our contact details are on the contact page.
If your company is under serious financial pressure, you can also get free specialist advice from Business Debtline (0800 197 6026, Mon–Fri 9am–8pm). Their advisers work specifically with small businesses and their service is completely free and confidential.
Will a payment arrangement affect my account status?
A formal arrangement is noted on your account and may be reflected in any business credit data reported by Credicorp. However, an agreed arrangement always looks better than unresolved arrears — it demonstrates that you engaged with the problem and found a workable solution. Once your trading position recovers and you resume normal payments, your account returns to good standing.
More information
For a wider view of what options are available when repayments become difficult, see the Payment difficulty section of the help centre, or read What to do if you miss a payment.
See also: How to download your loan documents, How to get a business loan: a step-by-step guide, How to raise a complaint with Credicorp.