Credicorp Flex works as a revolving business credit facility you draw against and pay down. When you are struggling to bring a Flex balance down, the forbearance principles are the same but the mechanics differ a little.
Stop drawing, start reducing
The first step is usually to pause new drawdowns and focus on reducing the outstanding balance. We can agree a structured reduction over a period the company can manage rather than expecting the balance cleared at once.
How cost works on Flex
Interest accrues on the balance you are actually using, so keeping the drawn amount falling directly reduces the cost. The same responsible-lending and cost protections apply, and there is no personal guarantee behind the facility.
Talk to us early
As with any facility, the earlier you flag difficulty the more room there is. We can lower or freeze the limit, agree a reduction plan, or move to a formal arrangement depending on the situation.
Read more on the product at what we offer, then contact us to arrange support.
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: Managing difficulty on Credicorp Flex versus Credicorp Slice, What forbearance options are available for business borrowers?, How do I tell Credicorp my business is struggling?.