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Payment difficulty
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Struggling to repay a UK business loan — what should I do?
If you are finding it hard to keep up with payments, the most important thing is to tell us early. We would much rather help than see an account fall behind.
Depending on your situation we may be able to offer:
- a payment arrangement spreading what you owe over a manageable schedule;
- a short payment extension to give you breathing space;
- a hardship variation if your difficulty is longer term.
You can start any of these with our online forms, and we will always treat your situation sensitively.
Can I get a payment extension on my UK business loan?
A payment extension gives you a little extra time on a single payment when a one-off event — an unexpected bill, a delayed wage — means the due date is difficult.
An extension is best suited to a short, temporary gap rather than an ongoing shortfall. If your business is likely to find several payments difficult, a longer-term arrangement is usually the better route, and we can talk that through with you.
Please request an extension before the payment is due, using the Payment Extension form. We will confirm the new date and any effect on your schedule in writing. If money is tight more broadly, see what to do if you are struggling to pay and our hardship and forbearance process.
What is a hardship variation on a UK business loan?
A hardship variation is a change to the terms of the loan to reflect a genuine, often longer-term, change in the company's circumstances — for example a lost contract, a major customer going under, a seasonal downturn or an unexpected cost.
To consider a variation we will ask about the company's income and essential outgoings so any new arrangement is realistic and sustainable. Apply with the Hardship Variation Request form. Free, independent business debt advice is also available from Business Debtline (businessdebtline.org, 0800 197 6026).
I need extra support from a UK business lender — how do I tell you?
We want every customer to be able to deal with us comfortably. If you have a health condition, a disability, a recent bereavement, caring responsibilities, or anything else that affects how you would like us to communicate or what you can manage, please tell us.
Use the Additional Support Needs form. We will record your needs, handle them sensitively, and take them into account in everything we do — including pausing contact where appropriate.
What is a Debt Management Plan and how does it affect a UK business loan?
A Debt Management Plan, or DMP, is an informal arrangement covering an individual's personal debts. The person makes a single reduced monthly payment to a debt-advice provider, who shares it across their creditors.
Your loan is the company's, not yours personally
Your Credit Corp loan is to the company, for a business purpose. A director's personal DMP covers the director's own debts (a personal card, a personal loan, a phone bill) — it does not cover, and is not affected by, the company's loan with us. The two are separate.
If you, the director, are personally struggling
If your own finances are under pressure, a DMP through a free provider may help with your personal debts. The largest free, regulated providers in the UK are StepChange, PayPlan, Citizens Advice and National Debtline — none charges a fee. That is a personal matter and you do not need to tell us about it.
If the company is struggling to pay us
If it is the company that is finding the repayments hard, please tell us early — that is what makes the difference. The quickest way is the Hardship Variation Request form on our Forms & Requests page. Once we know, we will:
- pause normal collection contact while we agree a way forward;
- look at a payment arrangement, a short freeze, or a restructure of the remaining term;
- never apply a charge that is not in your Business Loan Agreement.
For free, independent help with business money worries, Business Debtline (businessdebtline.org, 0800 197 6026) advises the self-employed and small businesses at no charge, and the Federation of Small Businesses offers member support. If the company's position is serious, a licensed insolvency practitioner can explain formal options such as a Company Voluntary Arrangement. You are welcome to contact us at any time to talk it through.
Where can I get free independent debt advice in the UK for my business?
If money is tight, independent advice is often worth more than trying to work each creditor's process out one at a time. The right service depends on whether it is the business or you personally that is under pressure — and all the services below are free and confidential.
For the business
- Business Debtline — free, independent advice for the self-employed and small businesses, run by the Money Advice Trust and available by phone and online (businessdebtline.org, 0800 197 6026).
- Federation of Small Businesses (FSB) — business support and advice for members (fsb.org.uk).
- A licensed insolvency practitioner — if the company's position is serious, an IP can explain formal options such as a Company Voluntary Arrangement, administration or, as a last resort, liquidation. You can find a licensed IP through the Insolvency Service or R3 (r3.org.uk).
- HMRC Time to Pay — if the pressure is a tax bill, HMRC can sometimes agree a payment plan (gov.uk).
For you personally
If it is your own finances rather than the company's, the leading free personal-debt services are StepChange (stepchange.org), Citizens Advice (citizensadvice.org.uk), National Debtline (nationaldebtline.org), PayPlan (payplan.com) and the government-backed MoneyHelper (moneyhelper.org.uk). None of them charges for advice.
What "free" really means
Every service above is funded so the advice is genuinely free to you — they do not take a slice of your payments. Paid-for debt firms exist, but a paid service will not get you a better outcome than a free one. If anyone asks for an upfront fee to set up a plan, treat that as a reason to switch to a free provider instead.
What we do at our end
If it is the company's loan with us that is the worry, you do not need our permission to seek advice — but a heads-up helps. Use the Hardship Variation Request form on our Forms & Requests page and we will hold collection contact while a plan is worked out. We would always rather agree something sustainable than see an account fall behind.