For most borrowers the Direct Debit mandate is collected and confirmed as part of the drawdown process — you will have signed a BACS Direct Debit instruction authorising us to collect monthly instalments from your nominated business bank account. Once confirmed, collections happen automatically on your agreed payment date.
If you need to set up or replace a mandate
If you are switching your business current account, or the original mandate was not completed, log in to clients.credicorp.co.uk and go to Payment settings > Bank account. You can submit new sort code and account number details and a fresh mandate will be sent to your bank electronically via the BACS scheme. Allow at least ten business days before the next collection date for the new mandate to clear; if the gap is shorter, we may ask you to make that instalment manually by bank transfer.
What the mandate covers
- Regular monthly instalments only — amounts are fixed to your schedule and cannot vary without your confirmation.
- Any one-off arrears collections will be notified to you in advance and require separate agreement.
- You can cancel the mandate directly with your bank at any time, though this does not cancel the loan obligation; please contact us first so we can agree an alternative collection method.
BACS Direct Debit guarantee
Although this is a business loan and not a consumer product, the standard BACS Direct Debit guarantee still applies to the mandate itself. Your bank must refund any collection that is shown to be in error, and we must give advance notice of any change in amount or date.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How do I change my loan repayment date?, Can I pay by bank transfer instead of Direct Debit?.