If your company misses a Flex repayment, the most important thing is to act early. Cash-flow pressure is common in business, and we would far rather hear from you before a payment is missed than discover it afterwards.
What may follow a missed payment
- We will contact you to let you know and to understand what is happening.
- Charges may continue to apply to the outstanding balance under the terms in your agreement.
- Your ability to draw further may be paused while the balance is brought back in order.
- Persistent non-payment can affect how the company's borrowing is viewed.
What to do
Contact our support team as soon as you see a problem coming. If your business is under genuine financial strain, tell us, and we will talk through the options available for your situation. The earlier we know, the more room there is to find a workable path.
The protection position
Because Flex is business lending to a limited company or LLP, it falls outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. That makes open, early communication with us all the more valuable when something goes wrong.
See also: How to plan Flex repayments around your cash flow, When does Flex suit a business?, Who in my company can manage the Flex facility?.