# Missed a repayment? Here is what happens next. Missing a scheduled repayment on a Credicorp product does not trigger immediate legal action, but it does have consequences — a late fee, continued interest accrual, and a mark on the company's credit record. The single most important step is to contact the lender as soon as you know a payment is at risk. On every Credicorp product, **the company is the borrower, never you personally**. No personal guarantee. Creditcorp is the growing name for the Credicorp group, and Credicorp Limited is the lender behind it. It does one thing: short-term working capital for incorporated UK businesses. This page is a guide, not an application; account management and repayment questions are handled at [credicorp.co.uk](https://credicorp.co.uk/). ## What happens immediately after a missed payment When a scheduled repayment is missed, the following typically apply: **A late fee is charged.** A fixed late payment fee applies per missed instalment, capped as set out in the agreement. For Slice, this is £12 per missed instalment. For the Bridging Loan and Flex, the agreement sets out the applicable fee. **Interest continues to accrue.** On Flex and Bridging Loan accounts, daily interest continues on the outstanding balance. The cost does not pause because a payment was missed. **The lender contacts the company.** Credicorp will attempt to contact the company — usually by email first, then by phone — to understand the position and agree a resolution. **The default may be registered at the business credit bureau.** If the account remains unpaid and unresolved for a material period, the default is likely to be registered at the business credit bureaux that Credicorp reports to. This affects the company's credit record, not any director's personal credit file. ## Personal liability — what it is and what it is not Because Credicorp requires no personal guarantee, a missed repayment is the company's liability, not the director's personal liability. The lender's recourse is against the company. No director's personal assets, home or personal credit file are at risk as a result of a missed payment. There is an important exception: if a director has given false information in the application, they may face personal liability under general fraud law. Honest, accurate applications do not create this risk. ## How it affects the company's credit record Credicorp reports to the business credit bureaux. A missed payment that is not resolved quickly is likely to be registered as a default on the company's business credit record. This can affect the company's ability to borrow from Credicorp or other lenders in the future. A default stays on the company's record at the bureau for a number of years, even after it is settled. The sooner a payment difficulty is resolved — through a payment plan agreed with the lender — the less severe the eventual record entry is likely to be. ## What to do if your company is struggling to repay The single most important step is the first one. Everything else follows from it. **Contact Credicorp before the missed payment if possible.** If the company knows a payment is at risk before the due date, contacting the lender gives the best chance of agreeing an arrangement before a fee or default is triggered. The lender's team is at [credicorp.co.uk](https://credicorp.co.uk/). **Explain the position honestly.** The lender's team can work with a real situation. What they cannot work with is no communication. A company that explains its position has far more options than one that goes silent. **Explore a payment arrangement.** In some cases, the lender can agree a revised repayment schedule. This is discussed directly with the lender; there is no automatic arrangement programme. **Get independent advice if the company is in financial difficulty.** If the missed payment reflects a wider financial difficulty, consider speaking to a licensed insolvency practitioner or a free debt advice service. The company's interests and the director's personal interests are separate — independent advice helps protect both. ## Repayment difficulty questions **Is there a grace period after a missed payment?** The agreement sets out the terms. Contact the lender immediately if a payment is at risk — acting early gives the best options. **Will a missed payment affect my personal credit record?** No. Credicorp lends to the company, not the director, and reports to business credit bureaux only. A missed payment on a Credicorp facility does not affect any director's personal credit file. **Can we agree a payment plan?** Speak to the lender directly. In appropriate cases, a revised repayment arrangement can be agreed. There is no automatic plan; it is discussed case by case. **What if the company cannot repay at all?** If the company is insolvent, the standard insolvency process applies. Credicorp is an unsecured creditor. Because there is no personal guarantee, the director is not personally liable for the debt in insolvency — though other duties as a director in an insolvent company apply under UK law. Independent advice from an insolvency practitioner is recommended. **Does a default close future borrowing permanently?** Not automatically. Lenders assess applications on their current merits. A resolved default that is several years old carries less weight than a recent, unresolved one. The lender's team can advise on the current position. ## Related guides - [Is short-term borrowing right for you?](/learn/is-short-term-borrowing-right-for-you/) — an honest decision aid, including when not to borrow. - [Early repayment explained](/learn/early-repayment-explained/) — how repaying early affects the cost and the facility. - [No personal guarantee — what it means](/learn/no-personal-guarantee-what-it-means/) — the boundary of the company's obligations. - [The application process, step by step](/learn/the-application-process-step-by-step/) — what you agreed to when you borrowed. ## If you are worried about a payment, talk to the lender first Every account question, including difficulty with a repayment, is handled at [credicorp.co.uk](https://credicorp.co.uk/).