A settlement figure is the precise amount your company needs to pay to close a Credicorp facility completely on a specific date. It is different from the outstanding balance shown on your statement, which assumes you continue to the end of the agreed term.
Why the settlement figure differs from your balance
Your statement balance reflects the total remaining under your contract if you pay to schedule. A settlement figure is calculated to a specific date and takes into account only the interest that has actually accrued up to that point. On a Business Loan it may also include an early-settlement charge of up to 28 days' interest if you are repaying before the end of the term. The figure is generated in real time, so it is always accurate for the date you specify.
How to request one
- Sign in to your account at clients.credicorp.co.uk.
- Open the facility you want to settle.
- Use the settlement or early repayment option in the account menu.
- Select the date you intend to pay — the figure is shown to you before you confirm anything.
- If you need the figure in writing for your accountant or solicitor, download or print the confirmation screen.
What happens after you receive the figure
The settlement figure is valid for the date specified. If you do not pay on that date, you will need to request a fresh figure, since daily interest continues to accrue on Flex balances and some loans. Once you make the full settlement payment and it is confirmed, your account is closed and no further charges apply. You will receive a closure confirmation you can retain for your records.
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: What do the charges on my statement mean?, How do I raise a query or correct an error on my statement?.