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What it means
Arrears are missed or partial payments that have built up — you owe more than the schedule says you should have paid by now. It's a step before formal default, which is a more serious breach that can trigger the whole balance becoming due. Being in arrears is a warning stage, and how you respond to it matters.
What to do
Contact the lender immediately — openly and with a plan. Options include catching up over time, a short payment holiday, or restructuring. A responsible lender works with you at this stage rather than escalating. Ignoring arrears is what turns them into default and damages your credit, so early contact is the key move.
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
Is being in arrears the same as defaulting?
No. Arrears means you've fallen behind but the loan isn't yet in formal default. Default is a more serious breach that can make the whole balance due. Arrears is the earlier stage where prompt action can still put things right.
What should I do if I'm in arrears?
Contact the lender straight away with an honest picture and a realistic proposal. Catching up, a payment holiday or restructuring may all be possible. Acting early keeps it from becoming a default and limits credit-file damage.
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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.