If your company has spare cash in a given month, you can pay more than the scheduled amount towards a Credicorp Flex or Credicorp Slice facility. A partial overpayment is any amount above your due payment that does not fully close the balance.
How an overpayment is applied
An overpayment is credited to your facility and reduces the outstanding balance. How that affects future payments depends on your product and agreement: in some cases the remaining term shortens, in others the scheduled payments themselves reduce. Ask your account team to confirm the effect before you pay so there are no surprises.
Before you overpay
- Tell us the amount and that it is intended as an overpayment, not an early settlement.
- Use the correct payment reference so the funds are matched to your facility.
- Keep your scheduled Direct Debit running unless we confirm otherwise.
Overpayment versus settlement
An overpayment reduces the balance but leaves the facility open. To close it entirely you need a settlement figure, which is calculated to a specific date. If you intend to clear everything, request a settlement figure rather than estimating.
Facilities are available only to UK limited companies and LLPs for business purposes and fall outside the FCA consumer-credit regime.
See also: Making an extra or overpayment on your loan, How are overpayments applied to my account? and Can my company make a partial payment if it cannot pay in full?.