Sometimes a company sets up an arrangement in good faith, then finds even the reduced amount is too much. That is disappointing, but it is not a disaster, and it is far better dealt with by telling us than by letting the plan quietly lapse.
Why a silent break is the worst outcome
If you stop making the agreed payments without warning, the arrangement is treated as broken and your account can move back towards arrears and the consequences that follow. None of that helps your company, and all of it is avoidable with a phone call or message.
- Tell us before you miss the next agreed payment, not after.
- Explain what has changed since the plan was set up.
- Be honest about what your company can now manage.
How we can adjust
An arrangement is a plan, not a one-time chance. We can often extend it, lower it further, switch to a different option such as a short pause, or reschedule the balance across your agreed term. The goal is always a plan that holds rather than one that breaks again in a month.
We will set out any effect on your balance and the rate shown in your offer before we change anything. As a business lender to limited companies and LLPs, these are commercial arrangements, but the door to revising them stays open as long as you stay in contact.
See also: What an HMRC Time to Pay arrangement means for my Credicorp payments, What happens to my arrangement if my circumstances change again? and Can a company in a CVA or with a repayment plan apply?.