2 min read
Reach out first
The moment you foresee a shortfall, tell the lender. A payment holiday, a temporary interest-only period or a restructured term may be possible. Coming forward early signals good faith and keeps options open.
Come with a plan
Bring cash-flow forecasts and a specific proposal — a reduced payment for three months, say. Explore whether refinancing or a longer term lowers the monthly figure. Test it against your affordability first.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Should I just miss the payment quietly?
No. A missed payment with no contact triggers charges and a default marker. A proactive call almost always opens up a workable arrangement instead.
What can a lender offer if I struggle?
Options can include a payment holiday, interest-only period, or a restructured, longer term. What is available depends on the lender and your position, so ask early.
Related reading
What actually happens if my company defaults on a business loan?
On default the lender contacts you, may add default interest, reports it to the credit bureaux and can…
Read →
Will a past default stop me borrowing again?
A previous default on a business loan is a significant adverse entry but does not permanently prevent future…
Read →
Covenant Breach on a Business Loan: What a UK Company Should Do
A covenant breach triggers a default event under the facility agreement, but most agreements provide a cure…
Read →
What happens if I miss a repayment?
Missing a scheduled repayment triggers a default notice process and may result in late fees, credit file…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.