A missed payment is a scheduled repayment that is not made by its due date. Even a single missed payment can have consequences, so it is worth understanding what it means and acting quickly.
What it can lead to
Depending on your agreement, a missed payment may attract a charge, be recorded against the company, and, if it continues, push the account into arrears. The detail is set out in your facility terms.
The most important step
The single best thing you can do is talk to your lender as early as possible, ideally before the payment is missed. Lenders generally have far more options when they know in advance.
- A missed payment is a payment not made on time.
- Consequences depend on your specific agreement.
- Early contact opens up more options.
If you expect to miss a Credicorp payment, contact us straight away. We would much rather work through it with you than find out after the event.
See also: What does it mean to be in arrears?, What does 'arrears' mean and will it affect my credit file? and What happens if my company misses a payment?.