When a new facility is drawn down, setting up the Direct Debit that will collect the repayments is part of getting started. Doing it at the outset means the first and every collection runs automatically on the dates in your schedule.
Setting it up
- Provide the collection account details. Give the sort code and account number of the company account you want repayments taken from — ideally the account your customer receipts land in.
- Confirm the mandate. You authorise the Direct Debit instruction. You will receive confirmation and advance notice of the first collection date and amount under the Direct Debit Guarantee.
- Check the first collection lands. Make sure cleared funds are in the account for the first due date, and confirm it is taken. See when will my first payment be taken.
If the scheduled date does not suit your cash flow, ask to move it — ideally before you sign. See can I change my payment date and how to set up or change a Direct Debit.
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: When will my first payment be taken?, How to set up or change a Direct Debit, How to check whether a payment has reached us.