When you confirm a loan or flex drawdown, we attempt to set up a direct debit mandate on your business bank account. If your bank declines this, your agreement cannot proceed until the mandate is in place. Here is how to resolve it.
Why banks decline a direct debit setup
The account is not authorised for direct debits
Some business accounts — particularly basic accounts or accounts held with certain challenger banks — do not support direct debit instructions. Check with your bank whether your account type accepts direct debits from third parties.
The sort code and account number did not match
The bank details you provided during application must match exactly. A transposed digit or incorrect sort code will cause the mandate to fail. Check your bank's online portal or a recent statement to confirm the exact details.
The account requires dual authorisation
Some business accounts require two or more signatories to approve direct debit mandates. The mandate request will sit pending until all required approvals are given in your bank's app or portal.
Your bank flagged the request
Occasionally a bank's fraud prevention system will hold a new mandate pending a call-back or in-app confirmation. Check your bank app for any pending requests or contact your bank's business team.
What to do
- Check the account details you gave us are correct — use the General Support Enquiry form to ask us to verify what we hold and update if needed.
- Contact your bank and ask whether a direct debit mandate from Credicorp Limited is held as pending, declined, or blocked, and why.
- Once your bank confirms it can accept the mandate, contact us so we can resubmit the instruction.
If you need to use a different account
If your primary account cannot accept direct debits, you may be able to nominate an alternative business account to collect from. Contact us to discuss whether this is possible for your agreement — we will need to verify ownership of the new account.
See also: My direct debit was not collected, How to update your bank details, My direct debit amount has changed unexpectedly.