Forbearance is the umbrella term for temporary changes we can make to help a company that is finding repayments hard. It is not a fixed product but a set of tools we draw on depending on your circumstances and which Credicorp product you hold.
Common forms of forbearance
- A short payment holiday where one or more scheduled payments are paused, with the balance picked up later.
- Reduced payments for a set period while your company's cash flow recovers.
- Rescheduling the remaining balance over your agreed term so each payment is more manageable.
- A formal arrangement to clear arrears in instalments alongside your normal payments.
How we decide what fits
We look at what caused the difficulty, whether it is short-term or likely to last, and what your company can realistically afford. The goal is a plan that is sustainable rather than one that simply postpones the pressure. We will be clear about any effect on your balance, the rate shown in your offer, and your term before anything is agreed.
Forbearance is available on both Credicorp Flex and Credicorp Slice, though the mechanics differ between the two. As we lend only to limited companies and LLPs for business purposes, these are commercial arrangements and the consumer protections of the Financial Ombudsman Service and FSCS do not apply.
See also: Glossary: forbearance, What forbearance support is available if my business is struggling?, Managing payment difficulty on Credicorp Flex versus Credicorp Slice.