Missing one payment is not the disaster it can feel like. It sets off a defined, proportionate sequence, and at every stage there is a way to put things right.
The sequence, step by step
- Day of the missed collection. The payment is recorded as missed and we let you know. No charge is invented for this — any fee that applies is already set out in your Business Loan Agreement.
- The days after. A short window to make the payment or get in touch. Interest continues at 0.25% per day on the outstanding balance during this time.
- If we do not hear from you. Our business support team will reach out to understand what has happened and talk through the options.
The single most useful thing you can do is contact us before or on the day, rather than waiting for us to call. It turns a missed payment into a managed one and opens up every forbearance option.
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 happens, step by step, if a payment is missed, What to do the day a payment bounces, What happens if my company misses a loan payment?.