Payments

Most customers find that paying a little more, even occasionally, makes a real difference. Interest is calculated on the balance still outstanding, so the sooner that balance comes down, the less interest accrues. You are welcome to pay extra towards your Credicorp loan at any time, and there is no penalty for doing so.

Ways to overpay

• One-off card payment. Use the Make a Payment page to pay any amount you choose, in addition to or in place of your usual schedule.
• Bank transfer. Send a transfer using the account details on your statement, and quote your account or reference number.
• Increase a Direct Debit. If you would like your monthly Direct Debit collection to be a higher fixed amount going forward, use the Set up or change a Direct Debit form on our Forms & Requests page. We will confirm the new amount in writing and the date of the first revised collection.

How it is applied

Unless you tell us otherwise, an overpayment is applied to the outstanding balance of your loan straight away. That means interest from the next interest calculation is worked out on the lower balance — so a £100 overpayment now saves more than a £100 overpayment closer to the end of the term.

If you would prefer an overpayment to be held against your next scheduled instalment rather than reducing the balance immediately, please tell us when you pay. We will apply it as you have asked.

Settling the loan early

If you are thinking of clearing the loan in full rather than just paying extra, ask for a settlement figure using the form of the same name. That gives you the exact figure for a chosen date, including any rebate of interest that applies. The dedicated article How do I get a settlement figure? walks through how this works.

If you are not sure which approach is right for you, please contact us — we are happy to talk it through.

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You can make a payment to your Credicorp account in several ways:

• Online — use the secure card payment option on our Make a Payment page.
• By phone — call our team and pay by debit card during office hours.
• Direct Debit — set up an automatic payment so you never miss a due date.

Always quote your account or reference number so we can apply the payment correctly. If you are not sure which method suits you, contact us and we will talk it through.

You can also pay more than your scheduled amount whenever you like — see paying extra towards your balance, which reduces the interest that accrues on what is left. If you are clearing the loan in full, request a settlement figure first. Timing close to a due date? Check how long a payment takes to clear.

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Most customers can confirm a payment by checking their next statement, or by asking us for an up-to-date statement of account. Here is how to be sure a payment has been applied correctly.

Same-day visibility

Debit card payments made through our Make a Payment page are normally posted to your account the same working day. You should see them on your next statement, or on a request for an up-to-date statement at any time using the Request a Statement of Account form on the Forms & Requests page.

Bank transfers and Direct Debits

Direct Debits and standard bank transfers (Bacs) take up to three working days to settle. If a payment was sent on a Friday or just before a bank holiday, allow for the next working day before assuming there is a problem.

If a payment is missing

If three working days have passed and a payment is still not showing, send us the following so we can trace it:

• your account or reference number;
• the date the payment was sent;
• the amount;
• the method (card, Direct Debit, bank transfer) and the reference you used.

The fastest way to send these details is the Payment Dispute form on our Forms & Requests page. We will look at the records on both sides and confirm where the payment is. If the payment did not reach us at all (for example a transfer to an out-of-date account number), we will tell you what to do next.

If you are ever asked to send a payment to an account number that is different from the one on your statement, do not do so — contact us first to confirm. Our public details are on the Contact Us page; payment-account details are issued only through our official correspondence.

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Debit card payments are normally applied to your account the same working day. Direct Debit collections and standard bank transfers can take up to three working days to clear.

Timing matters most around a due date: if you are paying close to the deadline, a same-day debit card payment is the surest way to have it applied in time, since transfers and Direct Debit can take longer to settle.

If a payment has not appeared after three working days, contact us with the date, amount and method used and we will trace it for you. You can also see the ways to make a payment or check whether a payment has reached us.

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A Direct Debit can fail for several reasons — insufficient funds on the day, a recently cancelled mandate, a change at your bank, or a fraud-prevention block. Whatever the cause, a failed Direct Debit is treated as a missed payment until the amount is settled.

What we will do

When a Direct Debit fails, our payments team is notified the next working day. We will normally:

• send you a notification by email and/or letter;
• attempt to contact you by phone during office hours so we can agree a way to clear the missed payment quickly;
• hold off on any further collection attempts until we have spoken to you, where reasonable.

Any fees or charges that may apply are set out in your Business Loan Agreement — we will never apply a charge that is not in your agreement. We would always rather agree something sensible with you than apply a charge.

What you should do

If you know in advance that a Direct Debit will fail — for example a customer payment to the company has been delayed — please use the Payment Extension form on our Forms & Requests page before the due date. We can usually agree a short extension or move the collection date so the Direct Debit does not fail in the first place.

If a Direct Debit has already failed:

1. Check with your bank in case the cause was at their end (a card replacement, a fraud block, or a paused mandate).
2. Pay the missed amount as soon as you reasonably can — by debit card on the Make a Payment page, or by bank transfer using the details on your statement.
3. If you cannot clear it in one go, ask for a Payment Arrangement using the form on our Forms & Requests page.

Repeated missed payments can have a knock-on effect on the company's business credit file — another reason to keep us in the loop early. Free, independent advice for businesses is available from Business Debtline (businessdebtline.org, 0800 197 6026) if you would like to discuss the company's wider position.

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Your payment schedule is set out in your Business Loan Agreement and repeated on every statement we send you. Payments are due on the dates shown, regardless of weekends or bank holidays.

If a due date falls on a weekend or bank holiday, make sure cleared funds reach us on or before that date. Because some payment methods take longer to settle than others, it is worth checking how long a payment takes to clear before you rely on a transfer landing on the day.

If you think you may miss a due date, please tell us before it passes — we can often help if we hear from you early. You can request a payment extension or a payment arrangement using our online forms.

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