Most customers find that paying a little more, even occasionally, makes a real difference. Interest is calculated on the balance still outstanding, so the sooner that balance comes down, the less interest accrues. You are welcome to pay extra towards your Credicorp loan at any time, and there is no penalty for doing so.
Ways to overpay
- One-off card payment. Use the Make a Payment page to pay any amount you choose, in addition to or in place of your usual schedule.
- Bank transfer. Send a transfer using the account details on your statement, and quote your account or reference number.
- Increase a Direct Debit. If you would like your monthly Direct Debit collection to be a higher fixed amount going forward, use the Set up or change a Direct Debit form on our Forms & Requests page. We will confirm the new amount in writing and the date of the first revised collection.
How it is applied
Unless you tell us otherwise, an overpayment is applied to the outstanding balance of your loan straight away. That means interest from the next interest calculation is worked out on the lower balance — so a £100 overpayment now saves more than a £100 overpayment closer to the end of the term.
If you would prefer an overpayment to be held against your next scheduled instalment rather than reducing the balance immediately, please tell us when you pay. We will apply it as you have asked.
Settling the loan early
If you are thinking of clearing the loan in full rather than just paying extra, ask for a settlement figure using the form of the same name. That gives you the exact figure for a chosen date, including any rebate of interest that applies. The dedicated article How do I get a settlement figure? walks through how this works.
If you are not sure which approach is right for you, please contact us — we are happy to talk it through.
Still need help with this?
If this article has not answered your question, you can send us a request using one of our online forms, visit the Support page, or email us at support@credicorp.co.uk.