If money is tight and a repayment is coming up that your company cannot meet, the single most useful thing you can do is tell us early. Get in touch before the due date, not after it. Reaching out is not a black mark against your company, and it does not make things worse. It gives us the time and the information we need to help, and it usually means more options are open than if a payment has already been missed.
We know this can feel difficult to raise. Cash flow gaps happen to good, well-run businesses, often through no fault of their own. Our job is to work with you, calmly and practically, to find a way through.
Tell us before the due date
The quickest way to start is through our online forms. Use the form that fits your situation so the right team picks it up, and tell us briefly what has changed: a late-paying client, a quiet trading month, an unexpected bill. You do not need to have all the answers worked out. You just need to start the conversation.
When you contact us, it helps to have a rough picture of your company’s income and outgoings for the coming weeks, and an idea of what your business could realistically afford to pay and when. That lets us move faster.
What we can do
What we can offer depends on your circumstances, but the usual routes are:
- A short payment arrangement that spreads what is owed over a manageable period.
- A short freeze on payments to give your company breathing space to recover.
- A hardship variation where your situation is more serious or longer-lasting, which changes the terms of the loan to make it affordable.
We will never apply a charge that is not set out in your Business Loan Agreement, and we will explain any change clearly before it takes effect. If you want to understand the full range of help first, read I am struggling to pay, what should I do? and our hardship and forbearance process.
If a direct debit has already failed
A failed direct debit is not a crisis, and it is not the end of the conversation. Contact us as soon as you can so we can stop the situation drifting. The sooner we hear from you, the sooner we can agree a plan and put any further collection activity on hold while we sort it out.
Get free, independent advice
You do not have to face money worries on your own, and good advice costs nothing. For your business, Business Debtline offers free, confidential and independent debt advice for the self-employed and small businesses. You can reach them at businessdebtline.org or on 0800 197 6026. They can help you understand your options, prioritise your debts and prepare for a conversation with us or any other creditor.
For a wider list of free organisations that can help, see where can I get free independent debt advice in the UK?.
A note on how we work
We lend to your company for business purposes, and we do not take a personal guarantee from you as its director. We will always treat you fairly and with respect, and we will be honest about what we can and cannot do. If your circumstances include health, bereavement, caring responsibilities or anything else making this harder, tell us, and we will adjust how we support you. The most important step is the first one: contact us early, and let us help you find a way forward.
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.