A settlement figure is the precise amount your company would need to pay to clear a facility completely on a specific date. Because interest keeps accruing, the figure is tied to the date it is calculated for.
What it includes
A settlement figure is more than the principal still outstanding. It brings together everything required to bring the loan to zero as at the settlement date.
- The remaining principal not yet repaid.
- Interest accrued up to the chosen settlement date.
- Any early repayment charge or fees that apply under your agreement.
How to use it
If you intend to repay everything at once, always ask for a settlement figure rather than relying on your current balance, because the balance shown today may not include interest right up to the payment date. Settlement figures are usually valid only until a stated date, after which they need refreshing.
Credicorp lends only to UK limited companies and LLPs for business purposes. We never publish a settlement amount here, since it is specific to your facility and the date you choose. Request a current figure from our team or your account before making a full repayment.
See also: What does outstanding balance mean?, What is a repayment schedule?, What is an overpayment?.